5 New Revenue Stream Ideas In The Tourism Industry
Covid-19 has forced many tourism business' to adjust and look at new marketing strategies to generate sufficient revenue to survive until travel opportunities resume. A key objective now is to build awareness, loyalty and desire for customers to return. Here are 5 tips to build a new revenue stream in the tourism industry using promotional merchandise.
(1) Design and Produce Your Own Products;
(2) Build a Package Deal;
(3) Giveaways Versus Incentives;
(4) Quality Over Quantity;
(5) Supporting Community Groups;
1. One great way that you can build a new revenue stream in the tourism industry is to produce your own range of promotional products. People are buying more and more items online so why not get involved in the market. Produce a range of custom clothing, a stationary package, reusable coffee cups, branded headwear or other items that not only promote your service but that people actually want to buy. Get your range online with selling platforms like eBay and Facebook Marketplace and get your product range out there.
2. Generate a packaged product range that you can offer as a special deal. Get back in touch with existing customers (through social media or email) and offer them a new deal. Use local suppliers of products (e.g. gift stores/retail stores/food suppliers/travel suppliers) and package up a “special” deal that gives people not only value for many but more importantly, a reminder of your services and what you can offer.
3. Another thing you could look at is to give an incentive to your customers. Too many businesses focus on discounts which is negative to cash flow. For example, rather than giving a 10% discount - which is lost money why not give them a $10 cash back offer on their next spend within your business.
4. When it comes to promotional merchandise, why not build a new revenue stream in the tourism industry by offering a quality promotional item. A high quality hoodie or premium cap that generates increased brand awareness, while also providing a functional item the customer uses and loves. Look at ways to improve the design or overall feel of the product to increase perceived value. At Sim Crawcour we can help you with sourcing and creating high quality products to promote your brand.
5. The final way that you can build a new revenue stream in the tourism industry is to look for local community groups that you pay a small percentage to for every customer that uses your product or service. People are happy to spend a little bit more for a service or product if they know a small percentage goes back to a local sporting club or charity. It also gives an incentive to the people in those clubs and charities to use and promote your product or service.
At Sim Crawcour (www.simcrawcour.com.au) we produce a huge range of quality products that can help to generate a new revenue stream for your tourism business. No matter what your needs may be, we offer obligation-free quotes as well as custom artwork from our in-house design team. Get in touch today by calling us on on (03) 6343 3755 or email email@example.com