Timing is the Secret to Success in Your Travel Business
Human nature is to seek the best of all possible options.
Whenever I buy theatre tickets online, I scan all of the evidence to ensure I buy seats according to what is available and what our budget will allow. Those two seats in the lower orchestra at the extreme left-hand side are not as appealing as those in the center, slightly higher up and $150 less per person.
When we get to the theatre, I immediately scan the lower orchestra, relieved to see they are too far to the side to enjoy the full show.
Your customers are the same way. They scan all the evidence they can find, looking for that sweet spot between options and price.
Consider this chart as it represents the relationship between timing and customer options.
If clients start shopping early, options are abundant. We pay the most when we get exactly what we want! For example, I might have considered a much higher-priced theatre ticket if they were front row and center.
Prices go up if customers wait until the last minute and availability is scarce. They pay far more than those who had the insight to book early. If options are still available at the last minute, the value is likely not there because no one else wants that product.
The secret is all in the timing.
“The earlier customers book,
the more options they have, the more they are willing to pay
to buy something they really want.”
Clients can be the best judge of value if they are given more options.
The more options they have, the more attractive the value proposition.
Timing is a secret because we keep it to ourselves! We assume that clients know far more than they do about how travel pricing and availability work.
Clients are not exposed daily to the rise and fall of travel demand. You are.
Consider the value you can share with your customers when you share insights regarding:
New deployment releases of their favourite cruise line
A one-of a kind experience from tour operators, too exclusive to list on their website
Airfare price sensitivity and when to book it
If you become a master in travel demand, you will always drive more sales.
Here are five tips on how to leverage timing in your travel business.
Know the peak demand periods for the products you sell. If you don’t know, ask your travel partners—they have the 30,000-foot view.
Be the first to market. Start talking about your promotions and special products before the peak demand arrives. It is like putting your bait into the water before all the other Anglers arrive to start fishing.
Understand the mindset of planners and wingers among your customers.
A planner responds to the idea of getting things organized early. Ticking off all the boxes so nothing left to do but enjoy the trip.
Wingers respond to the last chance to get the best options and look like a hero. The last chance is never last minute!
Look at your data to understand your key customers' booking trends. This will help you decide which products to promote and when.
Personalize timing for your customers. For example, consider upcoming milestones. Demand increases when the meaning of the trip increases.
Map out and communicate a plan. How can you expect your customers to book early if you do not plan and promote early? Is this the nudge you need?
Let's gooooo!!! :-)
Enjoy the Journey!
Are you ready to Elevate Your Travel Business?
I help business owners get faster, better, and more fulfilling results growing their travel business.
Working with a strategic business coach can save you hours and pinpoint the critical areas of opportunity for growth in your business. What is unique about working with me is that I have walked a mile in your shoes. I have over four decades of experience, perspective and a proven system to support you.
Here is what we are up to in our programs!
Elevate Coaching - One year private mentorship for a customized approach to growth.
Recruitment Intensive - 10 week group workshop to solidify your recruiting roadmap.
Business Builders (Waitlisted) - One year, group mentorship for elevated peer learning (coming soon!)
Not sure which program is right for you?
I am offering a complimentary Strategy Call to clarify your BEST path forward!
PS. Is this your year to grow your team? I am passionate about helping travel agency owners recruit and engage top talent.
Two options to choose from:
1. FREE Build your Team Webinar March 28th. Register HERE
2. Join our Recruitment Intensive Program April 18 to June 13th (4 spots left!)
Why is this course important?
Streamline your Recruitment process for instant and long-term results! The entire industry is short-handed, and travel is on the rise! Investing in a better recruiting method has never been more critical.
Grow Your Business with a Bigger Team! Business is thriving, and you cannot keep up with the demand. More and better advisors is the best way to reach new markets and sustain growth.
Personalized Mentorship and Support! I have walked a mile in your shoes and have firsthand experience bringing thousands of advisors into the travel industry.
