Virtual will never replace live travel experiences.
But how can tech enhance your current business models?
New technologies like Generative AI and custom Large Language Models (LLMs) can enhance current business models in the hospitality and travel industries to maximize both customer relationships AND revenue.
One example: AI-powered virtual reality experiences can offer immersive previews of destinations, enhancing the pre-travel excitement and decision-making process for potential tourists
This is happening. Fast.
By 2025, AI in the travel and tourism market is projected to reach $20.47 billion, growing at a compound annual growth rate (CAGR) of 30.5%, revolutionizing everything from customer service to operational efficiency
New Marketing Management Platforms are being deployed and perfected to improve loyalty programs and enable more personalized experiences. Marketing departments can now simply augment their existing systems with no-code mechanisms for Web3 solutions like AI, LLM Content Bots (like ChatGPT), and Blockchain’s distributed ledger.
By 2025, AI in the travel and tourism market is projected to reach $20.47 billion, growing at a compound annual growth rate (CAGR) of 30.5%, revolutionizing everything from customer service to operational efficiency
You've heard the Web 1,2,3 riff... but ... don't miss the huge flip to business models that actually support and inspire your customers and community to participate.
While Web 1.0 was simple web pages and Web 2.0 brought user-generated content and social media, Web 3.0 facilitates decentralized, blockchain-based business models that empower customers. AI and LLM bots can provide personalized recommendations and content for each user.
Marketers can increase everyone's value and revenue by managing and automating more accurate connections between people and the co-owned experiences they WANT to share...
Web3 Examples:
- AI-driven predictive analytics can optimize pricing and inventory management, forecasting demand and adjusting room availability to maximize revenue
- AI-powered chatbots and virtual assistants can provide 24/7 personalized customer service, handling inquiries, bookings, and recommendations with human-like interaction
- LLMs like ChatGPT generate customized travel content and recommendations.
- Automated Chatbots can enable customers to earn personalized digital collectibles and loyalty points across multiple services and partners.
- Easily onboard customers and flag "High-Performance Partners that match everyone's requirements across your entire supply chain.
- Smart contracts automate loyalty program rules and incentivize viral community sharing.
- Build market momentum for co-earned experiences!
Your New Tools Have Evolved:
These new Loyalty Engines are SaaS platforms for your business development teams to manage branded ecosystems for 360° customer engagement campaigns across content assets, incentives, access, partner requirements, and any of your business models.
Customers interact easily through your web/mobile site... but think of it more like a Digital Passport that automatically accumulates data preferences (that are 100% opt-in and GDPR-compliant) ... so your system can automatically re-engage with the most relevant content.
To fully leverage AI and Web3, companies should test and optimize more open, equitable business models.
Artificial Intelligence and your team's human intelligence can work together to transform customer relationships via decentralized booking systems, personalized loyalty programs, verified reviews, and coordinated partner networks.
Some Tech Talk
These technologies enable 360-degree customer engagement campaigns. LLMs can create personalized content. AI bots can optimize incentives and partner requirements based on customer data and preferences.
Blockchain's identity verification and distributed ledger facilitate efficient, secure transactions without middlemen. Customers can access a digital passport to share, earn, buy, sell, gift, reward, vote on, and co-earn experiences.
Your updated management platforms let you simply "tag" programmable utility and business models to any of your assets or touchpoints using self-executing Smart Contracts).
Faster, Better, Safer... The unique “identity verification” capabilities of blockchain facilitate more efficient and secure P2P transfers and B2C business transactions, removing the need for costly and time-consuming middlemen.
Your community can now take more valuable actions with each of your communications and assets.
AI can enhance security measures by utilizing facial recognition for seamless check-ins and detecting potential fraud, ensuring a safer travel experience for guests
Integrate Core Operations (image from this Blockchain Research Institute report)
New Models Need A New Mindset
Can your company's business models accommodate more open, equitable, and sharing relationships with customers AND between your community members?
More about "cooperative" business models that includes:
- Membership Services
- Loyalty Programs
- Affinity Groups
- Fan Networks
- Affiliate Channels
- Referral Agreements
- Royalty Systems
- Rewards
TOPICS FOR DISCUSSION:
- How company goals determine the best AI, LLM, and blockchain platform options for managing content, payments, reservations, identity, and supply chain data.
- Which business priorities are already solved by generative AI and Web3 capabilities.
- Adopting cooperative business models like membership services, affiliate programs, and royalty systems to fully utilize AI and decentralized technologies.
More?
- See a recent presentation for Events & Entertainment: https://bit.ly/Loyalty_Engines_PDF
- Watch a 40 second video (testing AI of course) for one of our platform partners: www.NuArcaLabs.com:
David
617-331-7852
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