Many travel businesses have to navigate the ups and downs of seasonality. Even if you offer tours year-round, maximizing revenue generation throughout the seasons will help you see your business through times when there is a dip in bookings.
In this post, we will talk you through some ideas on how to put together a strategy that will keep your travel business profitable no matter the season. A bit of forethought and planning will go a long way in ensuring that your momentum doesn’t slow once you’re up and running.
Revenue Generation Tips To Maximize Profitability For Your Travel Business Year-Round
Offer Online Bookings
There’s no set rule to say when travelers start planning their holidays. Some might begin searching for a group trip or tour to join up to a year before their intended departure dates. Others might plan their experience last minute.
Either way, offering online bookings means that you sidestep both seasonality and office hours. If people can make a reservation at any time without having to rely on your input, you immediately open up the opportunity to fill more spaces, no matter the time of year.
Plan Your Budget
Working out a budget for your business is essential for revenue generation. If you don’t have a proper idea of what your monthly expenses versus income is, there is a greater risk of coming up short in the quieter months.
With a budget in place, you can identify how much money you need to operate monthly. In the off-season, you may find that you need to access funds taken during the peak months to pay the bills. Having an idea if this strategy is needed, will, of course, help you to continue running your business smoothly at all times.
Show Real-Time Tour Availability
Every travel business needs an intuitive platform to help them manage their travel bookings. Part of this is being able to show potential clients real-time availability of the experiences that you offer. If they glance at your booking page and can see that your tour or experience is already fully booked, it will save them a great deal of time.
The alternative would be to submit a query only to find out that you have no availability. In terms of managing expectations and streamlining how potential clients interact with you, the former will always put you in better standing.
A simple way to boost revenue generation for your travel business is to offer early bird discounts for your travel experience or product.
To boost sales for your travel business, offer up an early bird, or even a discount code, to interested clients. Allow a percentage off your full-price as an incentive for them to book and pay to secure a better rate. You’ll enjoy an improved cash flow, while they get to stretch the travel budget for their trip a little further. It’s a win all round.
Keep Active On Social
In travel, trust is everything. Travelers spend a great deal of time, and money, putting together bucket list trips. As a result, they will always select a travel business that they trust when it comes to making any reservations.
One of the ways for you to build trust and form long-lasting relationships with travelers is via your social media platforms. Most people are active on at least one and use it to do a number of things, including seek inspiration, ask for opinions, as well as establish the authenticity of a brand or supplier.
If you keep showing up on the platform, post regularly, and engage with your followers, you will gradually build trust with them. What this translates to is, the next time they want to plan or book a tour, holiday, or travel experience, your company will come to mind ahead of your competitors.
Network With Your Travel Peers
Another way to maximize revenue generation for your travel business is to network with your peers.
Connect with other travel businesses in your area to see if you can package a deal that incorporates all of your offerings. Clients will appreciate the extra value add they get access to, and the companies involved gain a wider pool of clients through referrals.
Doing this, you will build relationships within your community, as well as land up with several agencies who have a vested interest in selling your travel product.
Ask For Reviews and Referrals
Word of mouth referrals work wonders. When it comes to making important decisions, people look for validation, especially from those they know. In the case that they don’t have a personal connection to draw insights from, the next step is to read reviews.
The easiest way to get both of these is to ask for them. Once a client has been on your trip, connect afterward to ask for a review on one of your platforms. Also mention that they should feel free to share their amazing experience with their friends and family.
Stay In Touch With Email Marketing
Like social, email marketing is a means for you to keep in contact with your clients. With a direct line to travelers who have opted in to receive your latest offers, blog posts, or industry news, you have a better chance of increasing revenue generation for your business.
Explore New Revenue Streams
When it comes to revenue generation during your off-season, why not get creative? Perhaps you have gear or equipment that you can rent out to another business. Or maybe there’s another tour opportunity you can craft which works around the off-season conditions.
The Bottom Line
Working out a strategy for your travel business to maximize revenue generation throughout the year will see it through any quiet spells you may have. There are many avenues to explore all year round. As is always the case, you will have to try and test to see what works best for you and your business.