We may be headed into a recession. Or not! The so-called experts are all over the place so it is anyone’s guess. However, the resumption of payments on student loans is suspected to be a factor. While I certainly can’t say if we will or won’t slide into a recession, I can say that it is always better to be prepared.
As a travel agency owner, the pressure is especially high given that people are always looking for ways to save money and budget more carefully during uncertain economic times. But while it might seem tempting to pull back on your marketing efforts, this is one of the worst things you can do for a business.
The truth is that no matter how bad the economy might be, people will still take vacations. And while they may not have as much money to spend or be looking for more economical options than usual, there’s no reason why you can’t take advantage of the situation by shifting your marketing strategy accordingly. That means highlighting the cost-effectiveness and value of your services and vetting out attractive options to your clients. Yesterday, I read an article in The Street saying that a weekend in Wichita will set a couple back $519, yet that same weekend in Boston would be $1401. Granted, Wichita ain’t Boston, but it’s perfect for someone looking just to get away and explore an area likely not explored before.
In addition to shifting your destination focus, you must realize that many people will stop traveling during a recession. Over the past 50 years (FYI, there have been 11), no recession has lasted more than 18 months, and the average has been just under 11 months. And when consumers come out of it, there will be a thirst for travel—just like COVID. Ensure they know that you exist and are there to help. I suggest pulling back (not out) some of your marketing channels but also—looking for more innovative methods, such as sponsoring a local event or ramping up your social media marketing (a great value).
Remembering that marketing is one of the best ways to keep your business afloat during an economic downturn is essential. People will always need a reliable travel agency. If you position yourself as the ideal solution for their needs, they’ll be more likely to choose you over the competition—who they may think was a casualty of the recession. So don’t hesitate—now is the perfect time to show your customers you care about them by offering competitive rates, different destinations, and creative promotions that will keep them returning.
Finally, never underestimate the power of good customer service during a recession. When people are nervous about their finances or uncertain about what the future holds, providing excellent customer service can make all the difference in keeping customers satisfied and returning for more.
