Advertising and Sales Strategy for Travel Agent Franchise
Before embarking on any business opportunity it is necessary to consider the viability of the business, including the way that the new venture may be marketed and the products sold. If a new business is a franchise, then it may be argued some aspects of the have already been developed and proof of concept exists. If a franchise has been chosen, for example Cruise Planners; An American Express Representative, the potential franchise will still need to consider the way in which the business will be advertised and sales made. This franchise opportunity has been chosen as it requires a low initial investment.
Advertising Plan
The first consideration is the advertising plan, looking to assess what types of media may be used, and the best way of optimizing the budget available.
Budget
The budget for advertising is typically between 3% and 5% of the firms' sales (Visa, 2007). In the case of a travel company, where the revenue is generated by commissions that are earned in the travel products sold, the advertising budget should be based on commission that will come into the firm, which will be the firms' revenues, rather than the total value of the travel services sold. It may be estimated that in the first year this business will earn a modest $70,000 in the first year, based of the average of 14% commission of sales worth $500,000 in the first year. If the advertising budget is 5%, this gives an annual advertising budget of $3,500. This modest budget can be used effectively is the right strategies are used.
2.2
Media Used by Industry & Competitors
Media used by travel agents and the cruise industry varies greatly. Large cruise companies will utilize the mainstream mass media, including television, radio, and national magazines, as well as the internet. Cruise companies use very visible media to attract a mass market, which supports their own sales as well as their brand for the sales to be made by agents.
Travel agents have web sites,...
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