3 Steps to Making More Money by Specializing
by Meredith HillThe following guest column is the first in a monthly series by business strategist Meredith Hill on how to make more money selling travel.
One of the most common questions travel advisors ask me is, “How do I pick my specialty?”
It’s great to be thinking about specializing, because it’s the No. 1 thing you can do to make more money. Not having a specialty is often the one thing that keeps agents from success.
But if you are going to specialize, do it correctly.
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Many travel agents erroneously think that specializing has to do with choosing a certain destination and then focusing on that. That is one way to specialize but by no means is it the only way.
Achieving success through specialization can be broken down into three simple steps.
Step #1. Claim your expert status.
Stop trying to be all things to all people and become an authority on something. Whether it’s gay travel, romantic travel, soft adventure travel for senior outdoor enthusiasts, travel for wine lovers, or Disney travel – be an expert!
Experts make more money, are sought for their opinion, and make more money. Yes, I said that twice.
What are you an expert at? It might be obvious or you may have to do some thinking. (See sidebar.) Don’t get overly worried that you have to know everything on your topic. Remember this: To a third grader, a fourth grader is wiser than words.
Step #2. Target a subset of the market.
Even if your expertise is something as general as luxury travel, you’ll do yourself a huge favor by picking a subset of the market. Don’t sell luxury travel to everyone. Sell luxury travel to investment bankers or interior designers.
It is so much easier to know where to market when you identify a specific part of the population.
Also, people will pay you more because you understand them. If you are having trouble deciding, ask yourself this question: Who needs me most?
3. Stop marketing products or your credentials. Start marketing solutions and experiences.
People could care less about what you do or what you offer until they know what’s in it for them.
If you are an expert on luxury travel and are focused on investment bankers, don’t tell them about your 22 years in the travel business or your credentials. They will be bored to tears.
Instead, tell them about that secret hideaway in the Caribbean, with a Michelin-Star chef, that’s just a three-hour plane ride from the office. Tell them that you will arrange every last detail so all they have to do is show up at the airport.
Top motivators
Marketing experiences and solutions starts with an awareness that people buy products or services for one of two reasons: They believe the product or service will help them either avoid pain or gain pleasure.
Travel agents help clients do both – avoid pain and gain pleasure – and these are some of the top motivators you can use to market your services.
So let potential customers know that you can help them avoid pain by:
• saving time
• saving effort
• saving money
And show how you’ll help them gain pleasure by:
• giving them once-in-a-lifetime experiences
• delivering exclusive experiences
• helping them attain better health.
Meredith Hill is the CEO and Founder for the Global Institute for Travel Entrepreneurs (GIFTE). GIFTE helps travel professionals monetize their passion for travel so they can go from surviving to thriving. Learn more at www.TravelBusinessU.com.
