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WHAT TRAVEL BRANDS CAN LEARN FROM BEHAVIORAL ECONOMICS
BOXEVER + SKIFT
BOXEVER + SKIFT PRESENT
THE HABITS OF TRAVEL BOOK...
2
WHAT TRAVEL BRANDS CAN LEARN FROM BEHAVIORAL ECONOMICS
BOXEVER + SKIFT www.boxever.com
TRAVEL BUYERS
CAN BE
UNPREDICTABL...
3
WHAT TRAVEL BRANDS CAN LEARN FROM BEHAVIORAL ECONOMICS
BOXEVER + SKIFT
ABOUT BOXEVER
Boxever’s predictive marketing plat...
4
WHAT TRAVEL BRANDS CAN LEARN FROM BEHAVIORAL ECONOMICS
BOXEVER + SKIFT
About Boxever 3
What is Behavioral Economics and ...
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WHAT TRAVEL BRANDS CAN LEARN FROM BEHAVIORAL ECONOMICS
BOXEVER + SKIFT
WHAT IS BEHAVIORAL
ECONOMICS AND WHY
TRAVEL BRAND...
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Preview: Boxever + Skift Trend Report

In the digital age of limitless choices, consumer decision making has become even more difficult. Behavioral economics, the study of how and why we make choices, can teach travel marketers new ways to understand travel bookers and new tactics to guide them towards making purchasing decisions.

Preview: Boxever + Skift Trend Report

  1. 1. 1 WHAT TRAVEL BRANDS CAN LEARN FROM BEHAVIORAL ECONOMICS BOXEVER + SKIFT BOXEVER + SKIFT PRESENT THE HABITS OF TRAVEL BOOKERS: WHAT TRAVEL BRANDS CAN LEARN FROM BEHAVIORAL ECONOMICS By Skift Team + Boxever In the digital age of limitless choices, consumer decision making has become even more difficult. Behavioral economics, the study of how and why we make choices, can teach travel marketers new ways to understand travel bookers and new tactics to guide them towards making purchasing decisions. special report
  2. 2. 2 WHAT TRAVEL BRANDS CAN LEARN FROM BEHAVIORAL ECONOMICS BOXEVER + SKIFT www.boxever.com TRAVEL BUYERS CAN BE UNPREDICTABLE & IRRATIONAL. HOW YOU ENGAGE DOESN'T HAVE TO BE. Boxever - predictive marketing & customer intelligence platform. Built specifically for travel. For better customer engagement, higher conversion, and more revenue.
  3. 3. 3 WHAT TRAVEL BRANDS CAN LEARN FROM BEHAVIORAL ECONOMICS BOXEVER + SKIFT ABOUT BOXEVER Boxever’s predictive marketing platform helps airlines and online travel agents (OTAs) deliver personalized, 1:1 marketing experiences to their customers across all channels and at all stages of the cus- tomer lifecycle. The company, founded in 2011 in Dublin, provides a cloud-based customer intelligence and personalized marketing platform specifically tailored for the needs of the travel industry. It combines big data and predictive analytics into a tightly integrated marketing solution that provides a 360-degree view of the customer. With it travel companies can develop insights into each customer, customer segments, products, and channels, and then take action on those insights in the form of personalized communications, including email, mobile, web, display, and more. The solution enables travel retailers to deliver better customer ex- periences in real time, improve conversions, and drive revenue. The Boxever platform is a multi-tenant platform built in the cloud. Given the SaaS architecture, it takes only weeks – not months or years as with legacy “big data” solutions – for a customer to be up and running and experiencing benefits. Companies like Ryanair, Air New Zealand, TigerAir, Wideroe, and more achieve higher conversion rates, increased revenue, and improved loyalty using Boxever’s platform. Learn more at boxever.com or follow us on Twitter @Boxever.
  4. 4. 4 WHAT TRAVEL BRANDS CAN LEARN FROM BEHAVIORAL ECONOMICS BOXEVER + SKIFT About Boxever 3 What is Behavioral Economics and Why Travel Brands Should Care 5 Consumers Are Irrational: How We Perceive Choice 7 What Cognitive Tactics Should Travel Brands be Using? 8 Contextual Pricing 8 Decoy Pricing 9 Anchor Pricing 10 Social Proof 10 Scarcity and FOMO 11 Further Reading 12 What Makes Customers Click? 13 About Skift 15 About Skift Skift is a travel intelligence company that offers news, data, and services to professionals in travel and profes- sional travelers, to help them make smart decisions about travel. Skift is the business of travel. Visit skift.com for more. The Habits of Travel Bookers is a quarterly series focused on the driving factors behind travel purchasing behavior. Missed the first report? Check out Battling Shopping Cart Abandonment here.
  5. 5. 5 WHAT TRAVEL BRANDS CAN LEARN FROM BEHAVIORAL ECONOMICS BOXEVER + SKIFT WHAT IS BEHAVIORAL ECONOMICS AND WHY TRAVEL BRANDS SHOULD CARE If you ask a travel marketer about the tactics they use to drive online bookings, what do you expect to hear? It’s likely you’ll get a rundown of the usual suspects—email marketing, programmatic advertising, improved search function- ality—all of which are perfectly acceptable answers, but fail to address the root of the purchase journey: the consumer and the decision to actually book with you. We can’t predict customer behavior with absolute certainty, but we can help form their decisions by understanding how choices are made and designing solutions around them. This is where behavioral economics, the study of how and why we make choices, becomes an advantageous tool for marketers. Source: Ken Danieli / photo on Flickr

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