Secrets Of Travel Agency Success
New research by Virtuoso has revealed five factors that are shared by its top-producing agencies and which can serve as a model for others to improve profitability.
Virtuoso identified the 25 agencies with the highest production per advisor – a metric that established a baseline that can be applied to all agency members regardless of size – then examined the characteristics they have in common with each other.
The common qualities of Virtuoso’s top 25 agencies included the following:
- Experience counts — They have 40 years of travel industry experience on average. The newest among them has been in business 20 years, and an impressive eight percent have been in business for more than 70 years.
- They are Virtuoso veterans — 88% of these top agencies have been with the network for more than a decade. On average, they have been Virtuoso members for 20 years.
- They come in all sizes — Top-performing agencies range from small to large and have a median of 19 advisors. Midsize members compose the majority — 56% of the top agencies.
- They are everywhere — Although 72% have one office location, nearly all have independent contractors in other cities.
After Virtuoso delved deeper by interviewing executives at the top 25 agencies, an important pattern of behavior emerged.
Although a collection of great advisors is key, agency excellence extends beyond that.
What transports an agency from good to great is creating a specific strategy and ensuring that it is reflected in all its actions.
As for the five secrets of success, they include: engaging in the luxury travel industry; hiring the right people and prioritize training; being savvy marketers; having a strong digital presence; and selling Virtuoso preferred partners.
For more, go to http://www.virtuoso.com .
