DATA ANALYSIS APPLICATIONS IN TOURISM AND HOSPITALITY MARKETING
Abstract
The hospitality industry is highly competitive today, and many companies have a customer focus. Successful marketing starts with recognizing and tracking patterns within customer data. For each hospitality company it is essential to determine which customer segment it wants to serve. Marketing segmentation is often performed by using cluster analysis which is presented in this paper. It is a known fact that it costs more to acquire a new customer than to retain an existing one. Thus, a special attention is given to retention models. Models which predict who and why is likely to churn are discussed in the paper. Sentiment analysis becomes especially important with the development of social networks, since it identifies the sentiments and opinions in a text. Data analysis can also be used for predicting next best offers (NBOs). NBOs can boost revenues with cross-selling and up-selling, and improve customer relationships as well.
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