Our goal: To aid cruise lines and travel retailers in driving profitable growth
DataPrime leverages proven AI and Machine Learning to enhance consumer value, enrich the customer experience, and drive profitable growth for cruise lines. Our predictive ACMs (Analytical Components and Methods) provide immediate impact, while Artificial Intelligence and Machine Learning embedded in our models make adjustments to price and availability based on real-time updates in the market and from your own internal analytics.
Industry Differentiators
Cruiseline CMO
- Maximize profitability with technology and analytics that enable greater prediction of total cruise spend and total customer lifetime value
- Identify and track ROI on marketing efforts to ensure marketing dollars are having desired reach and impact
- Leverage behavioral segmentation to target marketing at needed demographics to drive future growth and profitability
Sailing Revenue Manager
- Optimize pricing decisions at the sailing/class/cabin-level based on forecasted demand, customer price sensitivity, and competitive price position
- Effectively manage available inventory using pricing and inventory controls with advanced analytics into the impact these tools will have on demand
- Drive profitability with incrementally-better revenue decisions on every sailing
Marketing Manager
- Ensure packaging and promotion efforts drive incremental demand and profitability
- Leverage customer preference data to drive engagement, purchase, and follow-on business
- Enable advanced bundling of products to create unique customer offers and a competitive advantage
Context-Based Dynamic Offers
Traditional revenue management and pricing approaches and systems cannot meet the dynamic and variable nature of today's cruise industry. Cruise lines and travel retailers are looking for capabilities that optimize across the customer experience. Increasingly, cruise product providers are focused on the benefits of a holistic approach across three key areas: Offer Generation, Ancillary Bundling, and Dynamic Pricing.
Our Context-Based Dynamic Offers capability uses AI and Machine-Learning enabled analytics to present the traveler with a bundle of products and services, tailored to their known preferences and the context of their trip, at the right time in the customer journey, and at a price that balances profitability with probability of purchase.
Price Optimization
DataPrime's Price Optimization ACM brings together Machine Learning-enabled demand forecasting, price sensitivity measurement at the customer/segment level, and market rate intelligence to determine optimal pricing based on the current realities and forecasted state of the market, accounting for incremental costs and cross-elasticity between cruise products.
Implementations of this approach in the travel and transportation industry have driven revenue improvements of 3-4% and more than $100M annually in individual customer benefit.
Machine Learning-enabled Forecasting
DataPrime forecasting solutions provide improved visibility into expected demand utilizing a suite of forecasting algorithms to halve your current forecast error. Our predictive ACMs isolate the factors that drive behavior through data-driven customer segmentation and accurately predict final demand across each segment.
Forecasting is never easy, but our modular approach allows us to have models up and running and providing improved visibility (and up to 50% reduction in forecast error) in weeks, not months.
Case Study:
Leading Industry Company
The Challenge
Global Cruise Line struggles to maintain a competitive advantage using aging Revenue Management and Pricing systems with dated analytics and no Machine Learning capability-
Cruise line's legacy systems are built around business assumptions and analytics that are dated
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Without ML and learning capabilities built in, the systems can't adjust to the challenges of the current cruise market
The Solution
Our team is brought on to design, develop, and deploy an industry-leading Cruise RM and Pricing System-
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System horizon recommends price and availability 24 months in the future, covering the entire booking horizon
- Predicts group/tour materialization and incorporates into pricing and inventory recommendations
- Includes air, hotel and other package/ancillary components
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The Outcome
Project team delivers Industry-first joint cabin availability and fare optimization capability that optimizes across price and availability simultaneously-
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In addition to joint optimization, system includes real-time competitive fares where available and a price sensitive demand function, so as price changes expected demand is adjusted
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