1. Creating Stable Revenue Generation via a Diverse Product Offering

In the tourism industry, diverse business types including accommodation providers, visitor attractions, activity providers and festivals/events create diverse products to bring to market. These products are known as saleable experiences.

A saleable experience defines a product, experience, or service that has a robust, crystal clear offering with

• a clear retail price point
• clear price inclusions
• and clear parameters

The following table summarises diverse sample saleable experiences in the tourism industry:

Many tourism businesses begin by bringing to market a standard saleable experience offering and then expand into diverse offerings including premium offerings as highlighted:

During Covid-19, many tourism businesses are proving to be innovative by also creating compelling virtual experiences that are generating new sources of income in a way that will remain permanent for the future.

The tourism business thereby has the potential to create a saleable experience catalogue across the following product development categories:

Through a diverse product range that includes standard, premium and, potentially, virtual product offerings, a tourism business can appeal to a wider range of customers with diverse

• interests
• needs
• budgets

In this way, the business can generate revenue via diverse customer profiles and segments to include revenue growth that is comprised of

• base revenue: “bread and butter” revenue generated via standard/general product offerings
• high-margin revenue: lucrative, or “cream” revenue generated via premium products

Once a tourism business defines the products that it wishes to sell, it can then make strategic choices to ensure it generates a sustained income via diverse sales channels, markets and customer segments according to the principles of stable revenue generation.