I welcome you to my new blog post.
Every young travel entrepreneur has a number of ideas for his venture and I am sure they are good. But, having an idea is not enough rather, standing by it, giving sleepless nights to build it, scale it and nurture it are what makes you different from others.
Remember idea belongs to no one, it’s an approach and confidence that an entrepreneur has in himself which makes the difference.
It is really important for young travel entrepreneurs to come up with unique or niche product which is not available to the customers and that gap can be filled in the market. This will differentiate them from others.
Young entrepreneurs with limited budget and funding focus majorly on product & traditional marketing because they see it as a gateway to success or sales, but it is not really the case! It is important to build a brand and position it in the mind of the targeted audience, followed by an aggressive remarketing strategy to seal the place of your brand.
Eg: Redbus marketing campaigns are solely focussed on bus tickets and it has succeeded in positioning itself as bus ticket consolidator the for the B2C market.
10 Things to implement in a travel startup
1) Point of Sale
It is imperative to perceive that product and service have different value proposition attached to it when we talk about the point of sale. Product and services of high ticket value need to have physical space, like retail space, if not then a big brand value or strong MLM channel for the same. In case of product or service of small ticket size, customers generally don’t look for the physical presence but still, brand presence should be there.
Eg: If you want to start temper glass business, you don’t need retail store presence, you can simply sell even if you have a tiny stall. On the other hand, if you are selling a mobile phone, the consumer will expect you to have a small store (at least if not big) or big online brand value.
Travel is a high ticket value business, therefore, it is recommended to have partners in order to divide the fixed cost of point of sale among all.
2) Unique & Nice Product
Finding a unique & niche product is a critical step and need to be done with great precision, wrong approach or research can jeopardize your business growth potential. Hence, young travel entrepreneurs should analyze the market before coming to any conclusion.
Eg: Oyo rooms started with the concept of Budget rooms with basic facilities.
3) Partners with Different Domain
People in metro cities usually tend to mingle with those who have a similar background, especially working class. They prefer to start a new venture with the like-minded people because with them they feel trust and being industry professional they feel that they will have best decision-making ability for the start-up.
But, it is always best to go with people from different industries, it helps to understand different views of people who can have a different opinion about your offering. Especially in the travel trade, people from different culture, area, language can be a great resource in scaling business.
Eg: An Assamese guy can help understanding the market in Assam, or even the neighboring north-eastern regions for that matter, in a better way than a person in Delhi.
4) Regional or Local Marketing
Start-up has its own change and benefits. It’s always good to scale up if you are blessed or backed up with funding but if that is not the case, no need to worry – just be street smart. If you have any spot of ego, self-respect or shame, just let it go because it takes all to become entrepreneurs and nothing is big or small. It’s your belief in your idea that matters. So, you should focus on local or regional marketing plans, focussing the local community. The plan should have details, regarding all aspects of how you will create your product or service as a brand for the local community. Once done, marketing will be on auto mode and leave the rest to product teams to evolve it as time passes.
Eg: You can start fresh cheese or fresh cow milk brand in the vicinity and offer the best quality at best price and offer until it becomes a brand and not just any cheese or milk. Remember it is important to evolve.
5) Local employment
Local’s are the best resource to understand the market for any aspect. Keep this simple thumb rule in mind. Offer employment to the locals as locals can help you reach the last corner of the area. Always remember they are empowered with confidence, full of energy and happiness and the simple fact ‘They are local’. Nothing is better than being close to your home and office, it’s a blessing in today’s time. Travel Entrepreneur will be benefitted with the cost-effective human resource.
Eg: Give full-time employment to the experienced ones and offer internships to the students on weekends. Students can be a strong source of marketing and branding.
6) Woman Engagement
In our culture, we respect and worship goddesses and women, and every business should understand the role of a woman in the Indian household. It is crucial to start woman empowerment engagement programs, this will help you to penetrate deeper into the market. Travel entrepreneurs can be a game changer if they can utilize the potential of the women in the travel trade.
Eg: Woman, especially those who are socially active, can be roped in to become a brand ambassador for the services and product for the designated area, and in turn, they can earn a royalty on every sale.
7) Adding value
Customers are the backbone of any business. They buy your product because they feel product and services are worth paying, and if it is backed up by some add-on value proposition it will help you to boost your sales and brand image because these value prepositions help you to differentiate your brand from others.
Eg: Some add-on value prepositions are 100% money back guarantee or free extra service. In travel trade, young entrepreneurs can give free domestic hotel stay with international holidays or an extra sightseeing or free upgrade in room category.
8) Post Sale Service
A service offered to the customer after the sale is called post-sale service. This is the most crucial stage because it comes with great expectation, and if you are successful here then your satisfied customer is the one who will do remarketing for you until he is using your service.
Remarketing is a clever way to connect with visitors to your website who may not have made an immediate purchase or inquiry. It allows you to position targeted ads in front of a defined audience that had previously visited your website or store – as they browse elsewhere around the internet or market. Always plan your remarketing strategy along with the marketing strategy.
Eg: A pop-up on the website is part of remarketing campaign.
10) Feedback or NPS
It is crucial to understand each and every customer and their expectation from you. Net promoter score is a scientific way of calculating the customer feedback and used by many organizations. Big companies like Maruti hardly gets a rating below 8, as 7 or below is an unsatisfied customer. This tool can help young travel entrepreneurs to understand expectations of customers & will be a great insight to drafting future strategies.
There is a saying, a satisfied customer will give you ten more customers, therefore, always be ready to improvise & evolve.