Defining, Diversifying & Expanding your Business Product Offering - Overview
Contents
- Defining, Diversifying and Expanding Your Product Offering via Seasons
- Summary Check List
- Diversifying and Expanding Your Product Offering via Communications and Diverse Sales Channels
- Diversifying and Expanding Your Product Offering via Collaborations
- Expanding Your Product Offering in light of Covid-19 via Virtual Experiences
- Diversifying, Expanding and Cataloguing Your Offering according to Themes
- Diversifying, Expanding and Cataloguing Your Offering according to Core & Premium Products
- Defining, Diversifying & Expanding your Business Product Offering - Overview
- Clearly Define Your Product Offering
Contents
- Defining, Diversifying and Expanding Your Product Offering via Seasons
- Summary Check List
- Diversifying and Expanding Your Product Offering via Communications and Diverse Sales Channels
- Diversifying and Expanding Your Product Offering via Collaborations
- Expanding Your Product Offering in light of Covid-19 via Virtual Experiences
- Diversifying, Expanding and Cataloguing Your Offering according to Themes
- Diversifying, Expanding and Cataloguing Your Offering according to Core & Premium Products
- Defining, Diversifying & Expanding your Business Product Offering - Overview
- Clearly Define Your Product Offering
Defining, Diversifying & Expanding your Business Product Offering
Overview
The purpose of this guide is to show how tourism businesses can define, diversify and expand their product offerings by using the key principles of:
- clarity of product offering and
- cataloguing of product offering to attract diverse customer segments
In the tourism industry, a vast array of products is sold across diverse business types including accommodation providers, visitor attractions, activity providers, festivals and events.
When creating products for tourism businesses, it is useful to consider how retail businesses sell. Think about it? Would you buy a product in a supermarket if the packaging, contents, or pricing were misrepresented or unclear? A similar principle applies for the sale of tourism experiences.
A tourism business must ensure to present products with absolute clarity as this enables the customer to easily determine if the product is a match for their interests, budgets and needs. Once this is established, the customer can swiftly move to making a booking.
Clarity + Connection = Conversion |
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NOTE: Before bringing a service or experience to market to generate paying customers, a business must be able to present its offering/s with complete clarity.
Think about how a supermarkets’ diverse offerings from essentials and value-priced products to luxury products are displayed on shelves to encourage sales from diverse customer segments. Tourism businesses can also learn from this by carefully cataloguing products into diverse categories such as general, premium and virtual products, or other specific themes that are relevant to the tourism business.
Ultimately, all tourism products must be saleable before they are brought to market. Saleable means that the product must be clear, fully priced and ready to be purchased by a customer. Once the tourism business has successfully created and sold at least one saleable product, it can then proceed to diversifying and expanding the product range it offers.
The process for defining, diversifying and expanding saleable products by tourism businesses is explained further in the following sections according to this model:
- Clearly define your product offering: including price and associated parameter via a simple grid format.
- Diversifing, Expanding and Cataloguing your Products into Core & Premium Categories.
- Diversifying, Expanding and Cataloging your Products according to Themes.
- Expanding your product offering in light of Covid-19 via Live and Virtual Experiences.
- Defining, diversifying and expanding your tourism product across seasons
- Defining, diversifying and expanding your tourism product via collaborations