Need help reading on this site?

Text-to-speech reader:

Business Guidance

3. The importance of knowing how to engage with diverse sales channels, customer segments and markets when creating a stable revenue generation model

Contents

Contents

3. The importance of knowing how to engage with diverse sales channels, customer segments and markets when creating a stable revenue generation model

For tourism businesses that wish to invest in a stable revenue generation model, it is important to understand that diverse sales channels, customer segments and markets behave differently. To build a successful stable revenue generation model, the tourism business must firstly commit to learning and catering for these diverse behaviours so it can maximise revenue generation opportunities.  

Sales Channels 

The tourism business can engage in multiple diverse sales channels including the following: 

Sales Channels.PNG

To ensure a successful engagement, it is crucial for the tourism business to intimately understand how each sales channel functions: 

Sales Channel table.PNG

Customer Segments 

Similar to sales channels, there are multiple diverse customer segments. These can include families, couples, corporates, language students, special interest and active retired customers. Each segment has diverse expectations and presents different opportunities for the tourism business as outline below: 

Customer segments table.PNG

Markets 

Clearly, diverse markets present the tourism business with diverse opportunities. While there are 5 million people on the island of Ireland, there are approximately 67 million in France and 328 million in the United States. 

While each new global market offers immense potential for the tourism business, each market presents a unique set of obstacles, behaviours and expectations for the business to understand and address.  

For example, a tourism business that wishes to engage in a non-English speaking market such as France, Italy, Spain, Germany and China must prepare communication solutions to facilitate customers from these markets.  

Similarly, a tourism business must understand the different needs, interests, behaviours and expectations of diverse international markets to ensure that customers from these markets  

  • Choose to engage with the business 
  • Have a positive experience 
  • Spread positive word of mouth and 
  • Repeat book 

The below chart illustrates some of diverse perspectives of diverse markets: 

Markets Table.PNG