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The Benefits of Marketplace Optimization MPO for Travel Businesses
The Benefits of Marketplace Optimization MPO for Travel Businesses
The Benefits of Marketplace Optimization MPO for Travel Businesses
The way we purchase goods and services has changed considerably in the last decade. A new study shows that online marketplaces are the preferred way to shop for 70% of consumers worldwide, and 66% prefer sites with online marketplaces to those without. Travel businesses benefit from this trend as more and more people book flights, accommodations, restaurants, and tours through online services. Compared to big brands, small and medium businesses have a more challenging time reaching the right audience, which is often necessary to increase sales. What is MPO, and how can it benefit travel businesses?
Market Place Optimization (MPO) works similarly to Search Engine Optimization (SEO), which ranks sellers or their products to relevant buyers in marketplace searches based on a set of signals.
Among the signals that can be considered are the following:
Product or Service title
Product or Service Description
Product or service review and ratings
Product or service Products features
Products or services Picture and Videos
Search Keywords
Product or service category
Seller order cancellation rate
Seller History and Experience
One of our clients recently increased its online sales from $3k to $20k using Marketplace optimization techniques. What steps did we take to increase sales for this client?
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Hotel Le Mont Joli
Increase Reviews and ratings
Review and rating information is often overlooked, especially when you can get them for free through a business website or Google My Business. Our first step was to develop, test, and launch the business' website and create its first "Google My Business" account. This process was followed up by developing a CRM system, segmenting the business audience, and contacting almost 80% of its recent consumers for reviews. We have received more than 150 reviews in the first week, with some amazing feedback, which we then leverage for the next step.
Video and Photographs focus on Key Service and Product Features.
A first visual impression of a product or service grows trust among business audiences and stimulates quicker buying action. Our campaign integrated compelling videos and pictures to promote the business's products and services, and we yelled excellent organic results through engagement and impressions.
We Stay consistent across Marketplace listings and Advertise away.
Often I see businesses that look different on different marketplaces. It may not be very clear to consumers, so we made sure product and service title, description, and brand color stay consistent across marketplaces. The final step was to create a small budget to pay to play.
To conclude, for businesses looking to succeed on online marketplaces, Marketplace Optimization (MPO) can be an invaluable tool. However, this technique receives far less attention than it merits. PPC, SEO, and social media marketing are some of the more common services digital marketing professionals and agencies offer. Many online sellers are unaware that a product or service can be optimized to rank higher on specific marketplaces, just like a website.
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