There are currently 2 quintillion bytes of data created every day. That’s a 2 with 18 zeros attached. It’s a mind-boggling statistic. The reality is, our uptake of internet-connected devices and preference for online interactions means that the number of data sources is growing exponentially.
More data is a positive thing. It allows much more detailed business intelligence and promotes customer satisfaction. However, for digital marketers, the sheer volume of data can also present challenges.
Research from the Economist Intelligence Unit and global sales and marketing firm ZS revealed that there are still obstacles in data processing. While 70% of business executives agree on the importance of sales and marketing analytics, only 2% believe they have achieved broad, positive results from their customer data.
With so much data available, the question is, how can you use data and analytics most effectively to provide the insights your airport needs?
Reporting and analytics: Two very different animals
Marketers need reports. Of course it’s necessary to track and measure campaigns and customer profiling in order to assign resources and target customers with relevant messages. But the function of reports is to present data, and this on its own is not enough. In order to produce value for your airport you need insights from that data, and that’s where analytics can help. Only with quality data analytics is it possible to see what action you should take to improve your most important metrics.
Turning data into actionable insight
This may sound like a straightforward process, but many businesses struggle with the task of making their data work for them. Data collection, once you have secure, compliant processes in order, is not difficult, but in order to make the data useful, you need to think differently.
A study by Online Metrics data expert Paul Koks of 49 analytics experts offers valuable strategies to turn data into actionable insights.
Let’s look at the top ten ideas from the study and how Rezcomm can help your airport to implement them…
Ten strategies for actionable insights
1. Measure the right things
First off, you can’t optimise something you haven’t measured. If you think about it, that’s obvious, because if you don’t know how well or badly a campaign went, you have no way of knowing how to make it better.
It’s also important to look at analytics in the context of your specific operations. If, for example, your airport runs an ecommerce site for bookings and parking, you probably want to know the following:
- Which channels drive the most conversion?
- Where are the main points at which customers leave your website?
- What are the look-to-buy ratios for each of your products and product categories?
- Do customers use multiple devices during their purchase journey?
- Which of your landing pages need to be better, and on which channel?
- Are there points in the booking journey where it would add value to the customer to up-sell and cross-sell other products?
- Where are the biggest customer pain points when it comes to booking online?
- How can you take steps to make the customer journey frictionless?
In order to clarify which things you need to measure, it’s important to first think about what is important for your airport and your customers. By starting with a clear picture of what you want to achieve and a strong set of key performance indicators, you will quickly see where your focus should be.
Rezcomm has many years of experience working with airport clients to optimise customer-centric marketing, increase revenue and retain passengers. We partner with airports that serve a quarter of a billion passengers worldwide. As industry specialists Rezcomm is best placed to help you devise a business strategy for your airport.
2. Ask the right questions
One reliable way to work out what your customers really want is to ask them. By asking for feedback you not only gain clear insight into customer experience, you engage customers and stakeholders, making them feel valued and important.
The vital thing here is to formulate the right question, so you have a starting point from which to analyse the data that comes back.
The automated email marketing tools in Rezcomm’s systems make it easy to communicate with your passengers and associates, and to ask for information about their needs and aspirations.
3. Drive positive action with segmentation
When it comes to getting the most from your data, segmentation is a powerful tool. For both B2B and B2C interactions, grouping customers, subscribers, prospects and site visitors who have attributes in common will allow you to build more detailed insights.
By identifying and studying segments, you will get a much deeper understanding of how your customers behave. This will allow you to answer very specific business questions, and to develop a clear optimisation plan.
Rezcomm’s combined ecommerce platform for airport sales, marketing and customer-centric analytics allows you to get to know your customers inside out. The reporting and analytics functions are fully customisable so you can really look at your data in a way that is very specific to your airport’s needs. The software also comes with a comprehensive ecommerce data layer and a number of fully supported Google Analytics integrations, so you can see where your visitors come from and how they found you.
4. Use clear visualisations to show your results
It is really important that your data analytics are presented in a way that promotes clarity and cognition and not confusion. This means data must be shown in a visual, user-friendly manner. Rezcomm’s dashboard features visualisation as a priority, so that insights can be understood at a glance and profitable, timely business decisions can be made.
5. Develop a future-proof optimisation plan
Use the acronym DMAIC to improve your business strategies. ‘Define, Measure, Analyse, Improve, Control’ is a process that can be applied to any situation or problem.
- Define the problem or question and the range of analysis
- Measure relevant data and analyse it to uncover anomalies
- Analyse relationships, patterns and pain points by looking at the visualisations in your Rezcomm report dashboard
- Look for where improvements can be made based on insights
- Put a control element in place by using A/B testing and monitoring key performance indicators
6. Understand the context surrounding your data
Make sure that you establish context for the data you are studying. What do the figures mean, why are they important and how do they affect your airport business? Without this context the data may point to decisions that have no grounding in your overall strategy. When you understand the context in which your data exists, you will make stronger business decisions. Without this focus, your decisions may be based on preconceptions or opinions rather than fact, and data can be misinterpreted.
7. Use a clear hypothesis to formulate strategy
Develop a clear statement as the starting point of any analysis. Make sure that this ‘hypothesis’ has the potential to drive action.
SmartInsights suggests that you can decide on a hypothesis by completing these two statements:
- I believe xxxxxxx. (this is the hypothesis), and
- If I am right, we will xxxxxxx. (this is the qualification).
This can be a challenging task. It’s not always easy to come up with a really clear statement. But if you can do it, you will find you save a lot of time and produce more focused actionable insights to drive business decisions.
8. Break down organisational silos
There must be a flow of good communication within the team that produces and actions the data and insights. Without this channel, information that could be really valuable to your business decisions can get stuck in the system. Develop a culture of inspiration, motivation and curiosity where the whole team is excited by the potential that data offers to your airport. Make it a priority to solve any problems in communication between analytics and business staff.
9. Integrate your data sources
Rezcomm’s ecommerce solutions ensure the integration of data from all sources and platforms, meaning that no data is ever seen out of context. This allows your airport to make better business decisions, faster because it delivers clear insights and deepens understanding of the customer.
10. Hire the right team
Software tools can collect, store, segment and analyse data. But people who understand the industry are invaluable in translating that data into actionable insights. This requires a strong team ethic. By partnering with Rezcomm, you will find expert help and advice, and technology designed specifically for the airport industry.
Each of these ten strategies can help you finalise your action plan for turning data into actionable insight and revenue for your airport. Find out what works best for you, and find the right technology partner to really give you that competitive advantage.
Rezcomm is the partner of choice for airports worldwide. Our team are experts in accelerating airport revenue through smart, intuitive tech. If you have any questions about how you can use our ecommerce and CRM technology to capture data and turn it into actionable, profitable insights, contact us for a chat.
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