A few steps for revival of tourism industry!

The sudden change that arrived at the starting of this year had shaken some pillars of the tourism industry, the impact of the period is yet to be received in the coming few months. The Forecasts are not that great, experts from all over the world are hopeful and trying their level best to strengthen weak areas, revive, and smooth functioning of the entire system.

Analytics insert a ray of hope into our lives every single day, it carries a vision that is intangible but achievable in different phases, it compels different minds to work together and to move towards the betterment of a vision. Graphs always visualize trends, and it also pushes everyone to see minute details that have positive forecasts and can bring valuable outcomes. Great products, great thinkers, great proactive approaches, excellent forecasting abilities, dedication, excellent idea creators on marketing, a strong sales force, hard-working individuals, visionaries, excellent guidance, patience, wisdom, and 360-degree planners always keep the graphs moving. A flat line for a few months of the year can't stop these forces to overcome an unforeseen situation.         

Prayers of many households and individuals are with the analytics. Analytics will do some magic and will brighten the spectrum.

As a basic exercise and recollecting some experiences from previous slowdown situations. I am looking at some steps which could come out to be beneficial for small to medium business establishments.
The pandemic has shaken the whole concept of tourism and travel trends. Every product needs to follow new norms. Whether it is hygiene, SOP (standard operating procedure), new gadgets (electronic as well as manual), amenities, etc, basically every product is experiencing a change under the new normal situations. Many management or product owners understand changes and demands related to the new normal scenario and bear the cost and supply to revive them-self in the long run. Maybe, most of them treat these as an additional cost not considered in any budget prepared before the year 2020, so hard to accommodate that at an extensive level. But the whole situation is such that they are bearing the cost to run and sustain their products in their existing markets. 

Planning and working on the right data. Will the right data help?

New situations are surely affecting the seasonal pricing of most products in the tourism Industry. Whether it is mid-range establishments or a small business. A price that gives a customer to rethink a decision or investment is vital at this point.  At any stage of the week, month, and year pricing strategies will play a crucial role to revive. Good revenue management is the backbone of an organization and the operating system. Understanding the correct sentiments and trends of the core customer base is a key component of revenue management policies and implementations. Whether offers, promotions, packages, customer benefits, reward programs all need to be re-exercised understanding the current customer focus and the ongoing situation in the phase.

Every pricing activity needs to be designed according to geographic depth as some of the existing markets are not performing during this period. A detailed exercise is needed for establishments to set up pricing as per the brand value with valuable input on demographic details. A revamp on the backend strategies and reworking on data to plan and decide new road maps could be an important exercise that most of the setups are looking at.

Creating product demand at the initial stage of inception is far more different from an existing and aged product. Promotion strategies cannot stick to only fixed patterns and schedules. Everything needs to be robust and dynamic. A 360-degree promotional activity calendar is needed to get the right campaign done at the right time. Whether it is digital or offline. Will offline promotions help? That is a big thing to review and monitor, specifically operating channels.

Traditional distribution channels cannot be ignored which are prominently associated with sales. At any change or circumstances, few channels will struggle to survive at their capacity (that is the emotional strength of the entire system which encourages them to survive) and those channels cannot be missed out for quickly channelizing distribution plans in place. In B2B channels, the distribution experiences have certain benefits, such as channelizing products into a larger sales circle and quick approaches to reach targeted customers with less expenditure. B2B channels always work when long-term benefits are given to channels such as good commission, incentives, and discounts on targeted sales. So many exercises can be performed within calls or email exchanges or on chats, approaches through B2B platforms are fast and cost-effective.

Consumer-centric activities generate awareness and better penetration of the market on their capacity. Consumers' tastes, understanding, interests, and behavior of procurement vary from time to time. Working on large data which can be divided further to generate and use in different product concepts is important for this segment. On direct sales consumer data plays a big role, the genuine and quality (fresh, up-to-date, old but quality data) also have the potential for productivity and larger benefits. At some point in time the data may look small, but channelizing that data with many valuable sales techniques can bring larger and regular potential customers. 

Many tips and suggestions work depending on a close study of the data that has been identified and collected from different source points.