According to the latest estimates, 328.77 million terabytes of data are created each day. In fact, it is estimated that 90% of the world’s data was generated in the last two years alone. And By 2025, this figure is expected to skyrocket to a staggering 181 zettabytes. To put it into perspective, a zettabyte equals a billion terabytes. This mind-boggling number will continue to grow as digital devices, services and online interactions become more extensive.
While having more data is undoubtedly beneficial, it also presents challenges for airport managers and marketers. The sheer volume of available data can be overwhelming. So, the question arises: How can you transform this data into actionable insights for your airport? Let’s delve deeper into this topic.
First and foremost, it’s crucial to distinguish between reports and analytics.
Reports play a vital role for airport marketers. They serve various purposes, from tracking and measuring campaigns to customer profiling, enabling marketers to allocate resources and target customers with relevant messages. Reports excel at presenting data, but they have limitations when it comes to generating actionable insights.
To truly unlock actionable insights for your airport, you need high-quality data analytics. It is through data analytics that you will discover the specific actions necessary to improve your key metrics.
It may seem like extracting insights from data is a straightforward process, but many airports can struggle to make their data work for them. Data collection, assuming you have a secure and compliant process in place, is relatively straightforward. However, transforming the collected data into something useful requires careful considerations which we outlined below.
You cannot optimize what you haven’t measured. To determine the success or failure of your campaigns and improve them, it’s essential to examine your analytics in the context of specific operations. For instance, if your airport operates an ecommerce site for bookings and parking, you’ll want to understand which channels drive the most conversions, where customers tend to drop off your website, and other relevant metrics. By identifying what’s important to your airport and customers, you can establish key performance indicators and narrow your focus.
To truly understand what your customers want, ask them. Gathering feedback provides valuable insights into the customer experience and makes customers and stakeholders feel valued. However, it’s crucial to ask the right questions, ensuring you have a solid starting point for analyzing the data. Consider using methods such as gathering feedback after online purchases, email surveys, or QR code scanning at your airport.
Segmentation is a powerful tool when it comes to maximizing the potential of your data analytics. By grouping customers, subscribers, prospects, and site visitors with similar attributes, you can gain a deeper understanding of their behaviour and develop more detailed insights. This allows you to answer specific business questions and formulate a clear optimization plan.
The easier it is to understand your data analytics, the better. User-friendly, visualized data reports enable anyone on your team to grasp the insights and make timely and profitable business decisions. Promote clarity and cognitive understanding through effective data visualization.
At Rezcomm, we employ the DMAIC process (Define, Measure, Analyze, Improve, Control) to improve business strategies. This process can be applied to any business situation or problem. It involves defining the problem, measuring relevant data, analyzing it to uncover anomalies and patterns, identifying areas for improvement, and implementing control measures through A/B testing and monitoring key performance indicators.
It’s crucial to establish the context of the data you are studying. What do the figures mean, and why are they important? How do they affect your airport business? Without context, decisions based on data may rely on preconceptions, opinions, or misinterpretations, hindering your overall strategy. Context ensures solid business decisions based on factual insights.
A clear hypothesis is the foundation of effective analysis and subsequent action. Creating a hypothesis involves making statements such as “I believe [insert what you think will happen],” and “If I am right, we will [this is the qualification of what will happen if the hypothesis is correct].” By formulating a clear hypothesis, you save time and generate focused actionable insights to drive your business decisions.
To generate actionable insights from airport data analytics, effective communication within your team is essential. Without it, valuable information can become trapped within the system, impeding crucial decision-making. Foster a culture of inspiration, motivation, and curiosity where the entire team recognizes the potential of data to transform your airport. Make sure to solve any communication problems within your business to facilitate knowledge sharing.
Collect data from all sources and platforms you can, storing it in a secure, centralized location for streamlined analysis. Integrating data from various sources provides clear insights and a deeper understanding of your customers, enabling your airport to make better and faster decisions.
Software that collects, stores, segments, and analyzes data is essential for your airport. Equally important is having a team that understands the industry and can create tailored strategies based on your unique data. Rezcomm’s team consists of experts experienced in accelerating airport revenue with smart, intuitive technology, available as the Marketplace Solution.
Support your team with Rezcomm’s Business modules, offering single administration, centralized customer information management, business intelligence and analytics, reporting, and forecasting. These modules simplify your data management, providing increased visibility into your operations. Enjoy easy-to-use dashboards and visual reports that enable your team to quickly extract actionable insights. Centralize all your business intelligence for more meaningful and valuable decision-making.
More than a platform, experience the power of Rezcomm as your partner offering years of industry experience, specialized knowledge, and intuitive tech tailored to airports. We can help you to transform your data analytics into actionable insights and drive your airport forward. Download our Business Brochure, watch our video or contact one of our expert team today.