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Topic for
discussion: Who is the independent international traveler?
Answer: A
person who will never take a group tour. This is the person who buys books and
maps and dreams about adventure and who is willing to face many obstacles on a
trip. They may not know for sure where they will sleep every night before they
get on the airplane. On their own they will learn how to handle currency
exchange, how to use public transportation and how to ask for help. This is not
the person who wants luxury and who expects to be pampered.
Bill said when they
first opened in Pacific Beach, their typical customer was about 24 years old
with an old Volkswagen van. Today that same person is between 50 and 55 years
old and is probably driving a Volvo. This older independent international
traveler probably has more money than they had in 1977 but they still want the
freedom to plan a trip and the adventure of making their own way in a strange
place.
Topic for
discussion: Is the independent international traveler a market niche?
Answer: Yes.
A niche is a narrowly defined group of potential customers, and there are many
niches in the travel business. The business traveler is a completely different
niche than is the person traveling for pleasure. Then there are families with
young children and families with teenagers and senior citizens that are afraid
to travel without a doctor. Yes, these are all unique customer types who are
being served by large and small businesses.
There is a great
deal of material about market niches on our site. Andy Murstein, Bill Tobin,
and so many others have said, "There are riches in niches."
Topic for
discussion: Why do Joan and Bill do so well serving the independent
international traveler?
Answer:
Because they are members of this niche. To sell and service customers requires
a great depth of understanding that can only be acquired from personal
experience. The expression in investing is, "You have to eat your own cooking."
This simply means, you should be your own best customer. Joan and Bill travel
regularly and they don't take tours. They always plan their own trips the same
way they teach their customers to plan.
You think about
it: Is the market you go after too big? Too small? Who exactly is your
target customer? Who is your competition and how do they go after this
target? |