Wednesday, January 25, 2023
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Revenue-Boosting Strategies for Your Travel Business

Tourism is an active source of revenue for several countries, with all the attractions and breathtaking destinations to visit around the world.  For over two years, travel restrictions across the globe made increasing revenue and sustaining operations almost impossible for most travel agencies.

Over 62 million jobs globally were lost in 2020. More than 217 destinations were affected by suspended flights, border closures, and the need for visitors to undergo quarantine and follow safety protocols. 

Fortunately, since the rollout of COVID-19 vaccines, travel and border restrictions were gradually revised and lifted to accommodate fully vaccinated travelers.

Traveling in the new normal will mean prevailing over factors that affect the revenue of the tourism and travel industry. Being quarantined at home for several months had a significant psychological impact on people. It left them pondering on canceled travel plans. People began regretting all the wasted opportunities to visit the places they want to cross out on their bucket lists.

Now, what can you do to ensure your business stays on par with the expected surge in travel bookings while trying to recover and increase revenue post-pandemic?

7 Ways to Stay Resilient & Generate Steady ROI

It is always best to adopt new techniques and modify existing strategies to ensure a balanced approach in generating more income for the business. Here are eight ways to ensure you don’t fall behind in increasing revenue, engaging more new customers, and stabilizing your operations:

1. Create social media presence and maximize it

Social media has become quite a multifaceted platform for businesses and customers alike. Securing a consistent and enticing online presence through social media helps secure stable expansion for your business. Customers no longer limit their queries and research to search engines. When they are curious about a product or need a specific service, they crowdsource it on Facebook, Twitter, and Instagram. 

Hence, being on any of these online communities allows you to bolster your marketing efforts. You have the opportunity to listen in on crowdsourcing posts related to your services so that you can seize an opening to present what you have to offer. Social media is also an excellent channel to spread more information and build awareness about your company.

2. Build unique products and packages

Simply following the footsteps of established agencies will not do your business any justice. Take a step back and review your services. What’s a unique selling point that you can emphasize to stand out? What will set your company apart from more established businesses in the market?

Next, interact with your customers. Check out the features and perks that attract potential customers to check out your business. Which characteristics serve as the common denominator for your repeat customers?

Your unique selling point(s), along with the distinct details that comprise your target market all contribute to producing a combination of promos and features that meet customer demands. 

3. Cross-sell and upsell

Cross-selling involves offering additional services to bundle with the travel package or accommodations picked or booked by your customer. You typically cross-sell items or services significant to what they have had reserved.  Selling travel insurance is a go-to strategy of most agencies for cross-selling. Simply following the footsteps of established agencies will not do your business any justice.

Meanwhile, upselling entails convincing the customer to shell out a few more money to upgrade into more exclusive and expensive deals. For instance, you may offer customers an additional one day or night in their itinerary. In exchange, they get discounts on the services coupled with what they have booked.

4. Encourage customer reviews

The secret to a thriving travel business lies in understanding the importance of customer feedback All the negative and positive things that people have to say about your services make excellent pointers for improvement. Listening in on what people have to say about your business and services, in general, can be scary. Still, it is a rewarding and thought-provoking undertaking worth giving a try. 

The presence of a review page increases the chances of site visitors and page viewers converting into loyal customers. Their experiences and overall satisfaction with your services mold people’s perception of your services, thereby helping them decide whether to choose your agency or not.

5. Personalized customer support

You can bring personalized assistance by “accompanying” customers throughout their journey. Help them select travel and accommodation packages. Ensure that they are comfortable and satisfied with your services by making customers feel included and valued.  Offer omnichannel assistance to make it easier for customers to send their queries and get updates on their accommodations.

Take the time to get to know what customers’ interests are, and offer additional services based on their preferences. Don’t rely on spiels when addressing customer concerns. Train your agents to build rapport with each customer and exude genuine assistance above all else.

6. Take advantage of automation and technology

Speedy service is often associated with reliability and competence. Whether it’s through enabling online booking service, using QR Codes to fill out health declaration forms and receive safety protocols in their destination, providing cashless transactions, or even partnering with innovative language translation devices to bridge communication gaps, technology proves extremely useful in the travel industry.

7. B2B Marketing

Strengthen your B2B network to expand the breadth of what your services can do. Attend affiliate conferences with fellow travel companies and take advantage of networking and skills-sharing opportunities with experts and budding entrepreneurs in your field. The goal is to find professionals who share your vision and are willing to build a solid partnership in producing more efficient travel services to your target audience. B2B partnerships also help you secure referrals from renowned thought leaders and respected brands in the business.

The travel industry is reemerging and recovering little by little. Incorporate the tips in this blog in your sales and marketing strategy to keep up with the upcoming changes and trends in the market and generate steady revenue in the years to come.

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Disclaimer: The information in this article is provided for general education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. It is not intended to be and does not constitute financial, legal, tax or any other advice specific to you the user or anyone else. TurtleVerse does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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