How to Set Price Objectives

ONE  Way to accelerate your Tourism Marketing and create a successful brand is: 

Don’t let pricing boss you around in your tourism business. 

In order to set pricing for  your tourism product or service, it involves objective pricing instead of emotional pricing.

This is one of the big problems in the tourism industry

Let’s face it –   We all have our own views and perspectives about what we think about money. It often comes from how we were brought up. 

And these views affect what we charge for our products or services. 

Sometimes we set prices for our services too low or too high for emotional reasons: 

  •   It could be because of the time and effort we put into it,
  • What we feel it’s worth or what we feel we are worth
  • We feel pressured by how our competitor has priced theirs or 
  • Generally we’re worried that a guest will complain because that has happened to us before. 

– It may often feel that everyone is looking for and asking for the best deal, but chances are you haven’t given them enough VALUE to base their decision on anything other than price.   

Value is a perception, not a calculation   – Simon Sinek

 How you get your guests to see the value in your offering (beyond price) is to build a strong brand over time, — a brand that they are inspired by. Because of your purpose, what you stand for, how you do business your strong customer service, your reviews. — > and because of all this;  trust emerges 

To set price, it is most effective when you go through a list of steps

  1. It starts with writing down what your strategy in words based on the guest you want to attract to your business, who you are as a brand) and how you are seen/perceived in your industry. 
  2. Then, following steps to look at all the factors (like all your costs, your commissions) will allow you to think of your pricing more objectively instead of emotionally. 
  3. The last step is the communication part – because we want our guests to see the value they are getting from our room, or tour or attraction, not just a price point. 

This is where well-crafted – persuasive communication focuses on their needs. 

And getting feedback on why someone in your target market didn’t buy is a helpful way to gauge whether pricing is an issue or if you haven’t given them enough in your brand to support your price and value. 

The same process applies to promotions and discounting – by following a list of steps and creating price objectives in a smart and purposeful way, instead of an emotional way. 

When you can set your pricing in a more systematic and informed way, it gives you more confidence in it, and in general, it makes setting price less daunting. 

If you found this video helpful Join our Community at the bottom of this blog post and enjoy our many free marketing resources for tourism brands like yours. 

For more marketing tips and how to set objective pricing in the tourism industry you can find them all here. 

About the Author

Dorene Wharton is a tourism strategist, marketer, coach, copywriter and full-time traveler with a 25-year career working in all areas of marketing and sales. She left her corporate job with Fortune 500 hospitality brands to start Travel Life Media to help hotels, tour, attractions and event companies improve their marketing, and live their brand with purpose.
Dorene Wharton