Yawn, stretch, toss and turn... what's going on with you and your agency this month? What's keeping you awake at night these days? The business does not seem to have slowed down too much. Suppliers are back into some of the recent traumatized areas... so there will be an up-tick in business to the Middle East and Japan, New Zealand and Chile. Corporations appear to be flying again and the meetings industry is set to increase as is the incentive business and the cruise lines are expecting their share of both the meetings and the incentive segments in 2011.
If nothing is keeping you awake at night let me give you something to think on and it has everything to do with planning how you will attract new customers to do business with you. Perhaps they will come from the segments experiencing growth.
The first question is: how many new customers do you need in order to sustain your business for the balance of 2011? You may already have calculated the number of bookings you need in order to break even on your expenses so it's the profit segment that you need to factor in now. Where will your profit come from and will it be an all out war to achieve your goals or will be a well planned exercise? I'm hoping for the latter.
If you are vacation biased you can still take a hard look at the meetings and incentive segments and through your generic knowledge of all things vacation oriented, you would know very quickly the best resorts and safest destinations where a business group could relax, have their meetings and enjoy their surroundings. So that's one thing to keep you awake at night - plotting how you can get your share of this extremely lucrative segment. The cruise segment is on a continuous growth curve at the moment so that's another possible. Chances are you are already selling cruises, but are you really selling cruises? Are you selling thirty per month? Are you blocking 50 staterooms to sell? Are you packaging a cruise into an FIT you have designed? So many ways to build that profit segment you need.
Everyone talks about a niche market and how, if they had one, they could get away from the daily grind of selling typical travel to the average touristy type of client. I suppose it would be nice to have all Smithsonian adventure level customers versus those old mundane customers who keep wanting to book the cheapest to wherever. Moving up a notch or two can happen as long as you are committed to giving up those old customers who never book anything exciting or expensive. It's not easy giving up regular business - and you could experience a dive in business as you make the transition, and don't forget, once you cut off those regular customers you'll never win them back. So perhaps your plan should be to stay with those regular customers and develop your niche at the same time eventually out growing your regular customers as the more lucrative segment takes over. Now there's something to keep you awake at night!!
What's keeping other travel agency owners and managers awake at night? Well one thing for sure is most owners and managers are wondering about where the next sale is coming from. Also where are all those talented young travel counselors the trade needs to hire and then there's service fees and commission cuts and suppliers going direct - and oh yes, is a social media plan really necessary?
If you get the chance to post a comment below, let me know what is actually keeping you awake at night and perhaps I can create a webinar on the topic and help everyone sleep a little better.
Best regards,
Steve
If nothing is keeping you awake at night let me give you something to think on and it has everything to do with planning how you will attract new customers to do business with you. Perhaps they will come from the segments experiencing growth.
The first question is: how many new customers do you need in order to sustain your business for the balance of 2011? You may already have calculated the number of bookings you need in order to break even on your expenses so it's the profit segment that you need to factor in now. Where will your profit come from and will it be an all out war to achieve your goals or will be a well planned exercise? I'm hoping for the latter.
If you are vacation biased you can still take a hard look at the meetings and incentive segments and through your generic knowledge of all things vacation oriented, you would know very quickly the best resorts and safest destinations where a business group could relax, have their meetings and enjoy their surroundings. So that's one thing to keep you awake at night - plotting how you can get your share of this extremely lucrative segment. The cruise segment is on a continuous growth curve at the moment so that's another possible. Chances are you are already selling cruises, but are you really selling cruises? Are you selling thirty per month? Are you blocking 50 staterooms to sell? Are you packaging a cruise into an FIT you have designed? So many ways to build that profit segment you need.
Everyone talks about a niche market and how, if they had one, they could get away from the daily grind of selling typical travel to the average touristy type of client. I suppose it would be nice to have all Smithsonian adventure level customers versus those old mundane customers who keep wanting to book the cheapest to wherever. Moving up a notch or two can happen as long as you are committed to giving up those old customers who never book anything exciting or expensive. It's not easy giving up regular business - and you could experience a dive in business as you make the transition, and don't forget, once you cut off those regular customers you'll never win them back. So perhaps your plan should be to stay with those regular customers and develop your niche at the same time eventually out growing your regular customers as the more lucrative segment takes over. Now there's something to keep you awake at night!!
What's keeping other travel agency owners and managers awake at night? Well one thing for sure is most owners and managers are wondering about where the next sale is coming from. Also where are all those talented young travel counselors the trade needs to hire and then there's service fees and commission cuts and suppliers going direct - and oh yes, is a social media plan really necessary?
If you get the chance to post a comment below, let me know what is actually keeping you awake at night and perhaps I can create a webinar on the topic and help everyone sleep a little better.
Best regards,
Steve
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