Pricing your tourism products or services is not an easy task, and often pricing mistakes in the tourism industry can result (i.e. Pricing too low or too high)
Watch this video below to find out the problem that I see all the time with hotels, tours, transport companies, attractions, event owners and operators[tcb-script src=”https://travellifemedia.cdn.vooplayer.com/assets/vooplayer.js”][/tcb-script]
Do tourism brands need to resort to price discounting their products and services or matching their competitor’s price points on a regular basis?
It doesn’t have to be that way.
Setting prices for tourism services can feel uncomfortable. And sometimes our own personal beliefs about money can impact whether we set prices emotionally or set prices objectively.
Maybe these businesses haven’t given guests anything else to think about other than their price.
Pricing is all about perception. It requires looking at your ideal guests and several factors beyond what your competition is doing.
In fact, you’d be surprised to know that if you price the same as your competitor but you seem a bit better than them (in your marketing, and in their overall first impression) often this leaves an impression in their minds whether you are a trustworthy brand and these potential guests wonder what they are missiing. Again pricing is a perception – and in this case you just left money on the table
Are you setting your price emotionally (based on your view of money) or objectively by looking at all the quantitative factors? Factors such as:
As you can see there is alot that goes into pricing that needs to be thought through and considered instead of matching or dropping your price.
If this problem resonates with you, we have a community of tourism business owners, operators, and managers that want to discuss and solve tourism marketing problems like this and many more.
We would love you to join us by using this link here.
For more tourism marketing resources click here.
Dorene Wharton is a tourism strategist, marketer, coach 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, live their brand with a purpose and make money.