Tag: Airline Revenue Management

The Importance of Sentiment Analysis in Airline Revenue Management Strategies

FareTrack

In the air travel industry, the adage “you’re only as good as your last review” holds a significant amount of truth. Customer sentiment, once relegated to the purview of customer service, has now become a critical factor in revenue management strategies. As airlines strive to protect revenue and gain market share, the integration of customer sentiment analysis into decision-making processes is no longer optional—it’s essential. Identifying Revenue Risks from Customer Frustration An angry customer is not a loyal customer. Negative reviews can lead to decreased customer retention as dissatisfied passengers…

The Importance of Effective NDC Strategies

FareTrack
FareTrack Blog

How to Deliver Effective NDC Strategies Over the last few years, New Distribution Capability (NDC) has caused excitement, and apprehension in equal measure for airlines. The opportunities for revenue generation are huge, but delivering the right NDC strategy has caused many to approach their strategies cautiously. Let’s look at the current state of play, and explore a few ways airlines can implement effective NDC strategies. The Promise of NDC NDC is designed to modernize airline distribution by enabling richer and more dynamic content and more personalized offers directly to consumers.…

You Don’t Know What You Don’t Know And That Can Hurt You

FareTrack
FareTrack Blog

The changing world of airline pricing and revenue management is presenting new data challenges to operators. Relying on traditional data sources could mean you are missing out on critical data to inform better decision-making. The highest selling statistics book in the second half of the 20th century was a book called ‘How To Lie with Statistics’ by Darrel Huff. One of the stories within the book was from World War II. In it, the Statistical Research Group of Columbia University had been tasked with analyzing damage patterns on fighter aircraft…

Product overview: FareTrack’s Revenue Management Business Intelligence Dashboards

FareTrack
FareTrack Blogs

Okay, we might be a little biased, but we think our revenue management business intelligence dashboards are pretty special. Not only are they powered by the most accurate, AI-driven data, they also feature market-leading visualization capabilities, plus all your data shops are easily managed through your Shop Manager. Let’s take a quick look at some of the key features of our library of Dashboards, and discover why more and more airline revenue managers are choosing FareTrack to help them boost their profitable decision-making. Fully Customizable Dashboards FareTrack’s dashboards are not…

Air travel data market set to see huge growth by 2030

FareTrack
Air travel data market set to see huge growth

Air Travel data intelligence plays a vital role in optimizing operations, improving passenger experiences, and driving profitability in the air travel industry. In a recent market report, it was revealed that the aviation analytics market, focused on leveraging data-driven insights, has experienced significant growth. Research indicates that this market was valued at USD 2.5 billion in 2021 and is projected to reach USD 6.92 billion by 2030, with a compound annual growth rate (CAGR) of 12.3%. It is perhaps not surprising that this growth is so substantial. Airline Revenue Managers, Distribution teams, and Network Operations professionals are increasingly turning to data to help them make more profitable, more efficient, and better…

Data Shopping – An Essential Tool for Airline Revenue Management, Distribution, and Network Operations

FareTrack
Data Shopping

When it comes to data, we believe flexibility is key; in fact, it’s a driving force behind pretty much everything FareTrack does. We offer flexible analysis; our Business Intelligence dashboards can be infinitely extended and customized with your own data. We offer flexible pricing, with no setup fee, that scales with your requirements, and now we offer flexible data management through our Shop Manager. Our Shop Manager is built around the concept of Data Shopping, i.e., the ability for air travel professionals to completely manage the build, scheduling, delivery, and…

Meet us at Aviation Festival Americas 2024

FareTrack
Meet us at Aviation Festival Americas 2024

We are proud to announce that FareTrack will be exhibiting in the upcoming Aviation Festival Americas, on May 15-16 at the Miami Beach Convention Center. As one of the significant trade shows in the aviation industry, the festival provides a great platform for industry leaders, innovators, and enthusiasts to come together and explore the latest trends and advancements shaping the future of aviation. At FareTrack, we are dedicated to revolutionizing the way airlines access and utilize fare data. Our mission is to empower businesses with actionable insights and intelligent solutions…

The Concept and Evolution of Open Pricing in the Airline Industry

FareTrack
Evolution of open pricing

In recent months, the FareTrack team have spoken to many airline revenue managers about their revenue management strategies, and one key area that has been a frequent topic of discussion is the concept of open pricing. Unlike traditional methods, Open Pricing allows airlines to adjust fares dynamically in response to market demand, competitor pricing, and individual customer profiles. This flexibility promises a more tailored and optimized pricing strategy for airlines, departing from the rigid approaches of the past. The Evolution of Pricing Strategies The journey towards Open Pricing began with…

Solar Eclipse: A New Airline Revenue Management Strategy?

FareTrack
Solar Eclipse

On April 8th, a total solar eclipse will take place. Not only is this an awe-inspiring natural phenomenon, but it is also causing quite a stir among air travel passengers, as many, desperate to get as close to the action as possible, look to air travel during it. This has, of course, led to a spike in demand for flights, and airlines have been quick to capitalize on this demand to optimize their pricing. So, it begs the question, is a natural phenomenon such as an eclipse, Aurora Borealis, or…

The Future of Airline Ancillary Revenue: A Personalized Journey

FareTrack
Future of airline

In recent industry gatherings attended by the FareTrack team, one topic has consistently stolen the spotlight: ancillary revenue. The discourse surrounding its remarkable growth, future trajectory, and, most importantly, the strategies for revenue managers to bolster their ancillary revenue has been fervent. In this article, we provide a panoramic overview of the anticipated evolution of ancillary revenue and delve into the fundamental concepts propelling this transformation. In the coming years, we can expect to see a significant shift towards a more personalized and data-driven approach to ancillary offerings. The concept…