Travel companies are not fully capitalising on the business opportunities presented by social media platforms, according to a new report.
The 'Digital Channels in Travel report' launched by Facebook and Deloitte asserts that travel companies must fully integrate digital channels into their overall business strategies in order to better engage with consumers.
The findings are based on Deloitte Global's review of data from a Facebook-commissioned global survey of 10,500 people who use social media.
The survey found that social media platforms (33 per cent) ranked second only to friends and family (50 per cent) as sources for travel ideas; followed by TV shows (32 per cent), travel brochures (31 per cent), and search engines (31 per cent).
Yet, a recent study conducted by Deloitte LLP in the US and MIT Sloan Management Review found that more than 50 per cent of travel executives believe their companies are behind the competition with respect to digital media presence.
These findings suggest that there is still more work to be done before travel companies can reap the rewards of a fully integrated digital strategy.
"Successful companies are investing in digital and adopting new technology and innovation faster than their competitors. Internally, these companies are altering their organisational structures to eliminate siloed departments and are making digital essential to all departments and teams," said Lee McCabe, Global Head of Travel, Education and Consumer Services at Facebook.
"The successful players in the travel industry aren't viewing 'social media' as a separate entity, but as a key asset to their business growth and success," Lee said.
To fully maximize the opportunity presented by digital channels, companies must hold their digital activities to the same standards of measurable return that they apply to traditional marketing tools (ie, television and print), the report said.
Measuring the number of 'likes' is not meaningful on its own unless it can be connected to a larger and measurable business goal, it added.
