Pricing Strategies Travel Agencies Can Use!

Mark-ups can give you great business and increase your revenue. Mark-up strategies play a major role in the travel business.

A great business starts with having a powerful inventory by associating with the best suppliers, directly contracted hotels, activities, etc.

Once you secure these, you can add a markup on them through a markup profile.

Here are a few strategies you can use to build a business based on smart ideas with OTRAMS.

Pricing strategies for business: Mark up lets you create and utilize pricing strategies for your business profit. You can have pricing strategies that allow you to sell your services at special rates when there is a possibility of high demand. You can have discounts for the agents, customers, etc to ensure maximum sales. You can tweak your markup to create a price bracket that is good enough for the sales to work out.

Pricing strategy for Agents: All of your agents have varying success ratios. You can have different pricing strategies for each of these agents depending upon their performance. This way you can add a lower mark-up for agents performing well and add a higher mark-up for a travel agent whose performance is average to compensate for your cost.

Pricing strategy for inventory: You can add a markup or markdown to push the sales and boost your revenue through sales. If you wish to sell a particular type of inventory you can reduce your mark up and bring down the price to attract more customers and push up the volume of sales.

Mark up strategy by currency: You can add a markup to the conversion rate if there are different currencies involved. If your customer makes a payment in a currency different from yours, the price that is displayed will have a markup added to it.

Mark up strategy to avoid conflict: You can avoid conflict of pricing as it is not possible to add markup for both country and city together. Both the city and the country can bear different mark-up rates, this is done to avoid conflict and confusion.

Mark up for branch: You can add markup for any branch or agents that work with you. You can also add a markup to any sales they make. You can also add a markup to the sales your agents have. This is based on the category of your agents.

Boosting your profit with markup strategies is made easier by a great technology provider.

OTRAMS by Qtech Software is the world’s leading travel ERP platform that can help you leverage the power of technology to grow your business and your profits.

You may also read: Benefits of Smart Mark-up Strategies for Travel Agencies