Yes Marketing Survey Finds Price Is the Most Influential Factor When Selecting a Travel Brand
Gen Zers and Millennials are twice as likely as their older counterparts to consider perks as the most significant factor when selecting a new travel and hospitality brand (10% compared to 5%), according to a new study by Yes Marketing.
For their “Understanding the Traveler’s Journey” report, Yes Marketing surveyed more than 1,000 travelers on their priorities as they engage with travel and hospitality brands. While more than half of consumers (58%) say price is the most significant factor when selecting a new travel and hospitality brand, almost 1 in 5 (19%) cite quality and 9% identify perks as most influential in their decision, indicating an opportunity for marketers to compete on more than price alone, especially with younger travelers.
When it comes to marketing factors that influence travelers’ purchasing decisions, 40% of consumers identified relevant messaging as most important. A brand’s perceived value compared to its competitors is the second most influential factor with 18% of consumers saying that’s their top consideration when booking travel with a new brand. The findings demonstrate an opportunity for travel companies to win over customers by highlighting competitive pricing, quality and perks.
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“Today’s travelers are looking for value above all else. Whether value means the lowest price, the most seamless experience or the most exclusive perks, today’s travel and hospitality brands must ensure their customers feel like they’re getting special treatment through every interaction,” said Jim Sturm, president of Yes Marketing.
“The travel and hospitality landscape is highly commoditized, and even a small advantage in a brand’s data quality, technology, or execution can make a world of difference when it comes to new customer acquisition,” said Michael Iaccarino, CEO and chairman of Infogroup, parent company of Yes Marketing. “Travel and hospitality can win over the competition by selecting a partner who can help them glean a deeper understanding of the customer through technology-enabled services and a data-driven marketing strategy.”
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Additional findings from the report include:
- Seventy-one percent of Gen Zers say they are influenced by negative reviews about brands they’ve used in the past, compared to 56% of Gen X and 47% of Baby Boomers.
- Almost a third of consumers (32%) say they rarely or never receive relevant communications from travel and hospitality brands they’ve used before.
- Forty-four percent of customers say brands can improve the relevance of their messaging by sending communications informed by past behavior, while 29% say they’d like to see more messaging based on demographic information.
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