Frank Belzer is Margaritaville at Sea's senior vice president of sales and partner relations, starting in December. He is a regular speaker and panelist at travel industry conferences.
“If you underestimate what you do, the world will underestimate who you are.”
When Oprah Winfrey made this comment, she wasn't speaking directly to travel advisors. But if you're a travel advisor, those words have never felt more true than they do now. At this time, your professional and personal values may be threatened in several ways.
There's no question that the entire market is changing and consumers are starting to ask questions that didn't exist before. People are also doing more research than ever before, and at the same time, consumers have more choices as distribution channels continue to expand. Chatbots, AI, and cryptocurrency conversations are on the rise and only confuse your mental booking path. We haven't even touched on the swirl surrounding tourism sustainability, dynamic pricing algorithms, and the apparent lack of credibility of travel influencers.
But as a travel advisor, how does all this impact your business? If you say “nothing”, think again. The best answer, and the one I'd like to hear more of, is that it helps drive your business. If you're providing real value, all of these market fluctuations will end up being a safe haven in a hurricane. People will look for you and feel relieved when they find you. But that's a big “what if”, isn't it? Please think introspectively and ask yourself these questions. “How do you know if you are providing real value?”
Many studies have been conducted to understand WTP, which stands for consumers' “willingness to pay.” These studies, like one published in the Journal of the Academy of Marketing Science in 2020, focused on understanding how consumers' intentions change based on their interpretation of their values. I have guessed. So, as travel advisors enter the virtual purchasing scene, does your presence add value or not?
Other forums by Frank Belzer:
• Travel advisors continue to grow. Here's why:
• artificial intelligence? Would you like to try “experiential intelligence”?
Most of the time, WTP analysis is used to look at prices only. Because WTP reflects the intrinsic value of a product in monetary terms, it begins by measuring the point at which consumers become indifferent about whether to buy or not. Additional analysis will try to determine how much the price needs to drop to attract interest. While this approach may be important for OTAs and companies selling travel as a product, we hope there is a better approach for qualified travel advisors. A study I read in the Review of Integrative Business and Economy Research in 2018 states that if there is real value to be provided to consumers, companies should never lose money based on pricing. I am. why?
Used in reverse, the WTP equation explains why and how much more consumers would pay to take advantage of what a trusted travel advisor has to offer.
Step 1: What exactly do you offer?
This element is not about travel, ships, planes, or hotels because it cannot be the same as what consumers can find elsewhere. It should be exclusive to you or, at worst, provided only by another advisor who works according to the same guidelines. It could be reassurance, expertise, pushback, or a challenge to their point of view (which is the right thing to do; consumers will see value in it).
Step 2: Find a way to communicate that value.
You could tell them these are your values, but that won't work. The secret is to show them the value your company brings to their purchasing and decision-making dilemmas. It happens in interactions with consumers. Remember, being able to interact with consumers is a huge advantage for travel advisors. It's important to use it wisely.
Here are some expressions that instantly add charm to an interaction.
“I probably speak to 50 families a week who are planning such an important trip.” Try saying this out loud and listen to how it sounds and what it says. As a mother or father who has taken on the burden of planning a trip for the people I love most, this comforts me and tells me that I am talking to someone who understands my family, the world, and my concerns. . WTP = +$596.00.
It looks like you've already researched this and the options described are good. Can you give me a suggestion to turn that good into something great? The last thing you want to do is make someone feel defensive about the work or research they've already done. That person should have already done the research. This shift recognizes this, but it also pushes back and makes them realize that you bring more insight than they can discover through search. WTP = +$399.00.
Quick disclaimer: WTP dollar amounts are completely hypothetical. You could also use percentages to make the same point. In both examples, consumers who perceive value will be willing to pay less even if they do not receive these benefits. If a consumer takes advantage of you to get this feeling and still feels that he will buy from a low-priced product seller, it is the result of one of three problems. (Warning: May sting a little)
1. You probably need to work with the right customers and it's time to upgrade and change the way you market yourself.
2. You don't believe these questions add value to yourself. This self-doubt will prevent you from carrying out your death sentence.
3. Delivery is not possible. You are not a professional advisor. You may be a holdover from the days when travel advisors were just order takers, not advisors.
In my current role, I am fortunate to work with Margaritaville at Sea, an organization that values the “advice” aspect that the travel industry community brings to our mutual consumers. You may have noticed that in most of my writings I refer to travel advisors rather than travel agents. This distinction is essential. We are more than just a travel agent. Consumers are very nervous about making these decisions because the market is too competitive. If a web interface can replace you, it can replace you. For me, partnerships within the travel community are built on interaction. I am looking for someone with sufficient advisory skills to ensure that guests have a more enriching experience through interaction. If it only provides an equivalent experience, then my personal WTP desire for her, just like the consumer's, would be significantly reduced.
