7 Revenue-Boosting Strategies for Your Travel Business

7 Revenue-Boosting Strategies for Your Travel Business

The travel industry is one of the largest in the world, with a wide variety of business types and customer needs.

This makes the travel industry easy to break into, as there are plenty of niches to fill. However, it is difficult to stand out as large players dominate the market.

To help your travel business stand out and bring in more revenue, here are seven research-driven, data-backed strategies you can implement today—or plan for once you’ve got your business up and running.

1. Ask for referrals

Customer referral programs can be an effective way to increase revenue, if implemented correctly.

Referral Saasquatch found that 65 percent of new business comes from referrals, and 92 percent of respondents trust referrals from people they know.

Sami Belbase, President of Encore Jets, listed asking for referrals as number one in his list of most effective strategies for improving revenue. Sami says, “If you don’t ask, you don’t get.”

Implementing a referral program can be a bit tricky, but Hubspot has useful tips and templates to help with the process.

2. Establish a strong social media presence

Pick and commit to a few social media profiles at the very least.

Deloitte found that over a third of people use online booking for vacations, and most travelers discuss their trip on social media sites as soon as the day they return.

Sami Belbase recommends a “multi-channel strategy” and suggests harnessing the benefits of each platform while keeping an integrated campaign in mind.

3. Motivate your team members with great incentives

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Sales incentive programs can increase employee performance by up to 44 percent. Annual revenue increase is three times higher among companies that use tangible sales incentives.

Emmelie De La Cruz, Digital Marketing Manager for Shofur, says that personalized incentives are a much better motivator than commission and help to build team morale.

4. Encourage customers to leave reviews

90 percent of consumers are influenced by reviews when making buying decisions. 87 percent of potential customers will not consider a business with a low rating on review sites.

Natasha Malinsky, Shopping and Lifestyle Consolidator for ShopNYC Tours, says that real customer reviews are the answer to more business.

5. Establish a personal connection with customers

The likelihood of selling again to an existing customer is 60 to 70 percent, while selling to a new customer is only five to 20 percent.

Simon Harding from Theatre Breaks recommends reaching out personally to establish a relationship with customers. This can increase customer reviews and word of mouth, benefiting your business.

6. Go where your customers are

While online marketing is effective, speaking to potential customers in person is powerful. Word-of-mouth marketing generates an estimated 500,000 conversations for every 1,000 customers. 92 percent of customers trust word-of-mouth recommendations over advertising.

David Feldsott, founder, and CEO of PanTrek, recommends finding potential customers in the real world. They targeted hostels, hotels, local universities, and travel forums.

7. Establish strategic partnerships

Couple up with another business for an arrangement that benefits both parties.

One business experienced a 1,983 percent increase in revenue through their partner network.

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Sami Belbase suggests leading with the interest of a client when establishing partnerships. By discussing a client’s interest in another company’s property, a level of trust and mutual interest can be stimulated.

Ready to get started?

Check out the article "How to Start a Travel Agency" for advice from entrepreneurs who have started successful travel businesses. Also, explore ’ free travel and tourism sample business plans for a framework and inspiration.

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