Analyzing the Online Travel Industry in India
This document summarizes a market research project conducted for an online travel booking company. The research had three phases: conducting secondary research to identify key factors; gathering primary data through a questionnaire; and analyzing the data to identify consumer behaviors and formulate strategies. The findings showed that customers were dissatisfied with problem resolution, found hotel ratings misleading, and felt booking end-to-end services was complicated. Most customers looked for offers and were referred by friends. The strategies focused on retention, like convenient support, and acquisition, such as points for first purchases or referrals. The strategies targeted different consumer segments like frequent travelers and occasional travelers based on demographics, behaviors and other characteristics. The results were
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Analyzing the Online Travel Industry in India
- 1. Presented by: Sugyan Panda (110) SIOM 1
- 2. Travel & Tourism All who Travel by Air Target Customers (Book Online) 2 $95 billion $12 billion $9 billion Client Industry Analysis Key Players: Makemytrip.com Cleartrip.com Goibibo.com Expedia.co.in Travelocity.com
- 3. 3 RevenueperCustomer CustomerRetention CompetitivePressure Alternative Options Easy to switch No differentiation Almost same cost Only few services Not reliable Pain Area Approach Findings Strategies Results
- 4. Approach Conducting Market Research to get customer insights Analyzing the data using statistical techniques Formulating Strategies 4 Pain Area Approach Findings Strategies Results Customers’ mind???
- 5. Phase-1 Secondary Research • Kick-off meeting with client • Secondary Research – factor identification Questionnaire • Preparing Questionnaire • Validating Questionnaire Response collection • Reliability test with sample responses • Go live 5 Pain Area Approach Findings Strategies Results
- 6. Phase-2 6 Data Gathering • Response Collection • Data Cleansing Data Analysis • Univariate and Bivariate Analysis • Statistical relationships between various factors Consumer Behaviour • Finding out the crucial factors • Segmentation of customers Pain Area Approach Findings Strategies Results
- 7. Phase-3 7 Strategy Formulation • Promotional strategies for different target segments • Getting new customers • Retaining existing customers Project Closure • Wrap up meeting with Client • Knowledge Sharing with Colleagues Pain Area Approach Findings Strategies Results
- 8. 8 83% are not satisfied with their problem resolution process 72% feel misguided with hotel ratings 76% find it complicated in booking end to end services 88% look out for offers while booking 60% go to websites referred by friends Pain Area Approach Findings Strategies Results
- 9. Right Value for Right Customer 9 Pain Area Approach Findings Strategies Results Illiberal Globe Trotter Conserver Wanderer Income Low High Low HighExpenditure Target Segment Globe Trotter Wanderer Illiberal Beaches and foreign trip Religious Places Entertainme nt& adventurous destination Occasion al Traveller Frequent Traveller Target Market Demographic Socio-graphic Behavioral Psychographic Geographic
- 10. 10 Retention Convenient help services Focusing more on fan base not just loyalty Loyalty points on specific credit cards Cross-sell End to End service Offerings Suggestions as per your requirements Hotel Ratings by customers Acquisition First time login gets 100 points 50 points on referral Free Cab drop service when fare exceeds 15000 rupees Pain Area Approach Findings Strategies Results
- 11. 11 Pain Area Approach Findings Strategies Results 18% 21% Market share May 2014 Average Revenue per Customer – 5% 31% 53% One call resolution May 2014 Dec 2014 Dec 2014 Learnings: • Analysis Coupled with Intuition • Knowing where to compete and how to win • Should be no paralysis due to Analysis
- 12. 12