Quickly back to cash flow: the most important measures before and after the reopening

Tricks  Frank Scheibe

For all providers of tours, activities & attractions, there is basically only one real and urgent goal in the course of an upcoming opening: the quick restoration of a steady income stream / cash flow. While this is obvious and easy to say, it does require some systematics and prioritization from our perspective. Therefore, we have not only compiled the most important building blocks for the return to a positive cash flow, but also put them in the right order. Further down below you will also find a 10-point checklist that makes the whole thing a little more practical. Of course, you can also ask questions about the reopening of your offer in the area of tours, activities & attractions during our free product presentation / demo.

bookingkit-reopening-rebound-cash-flow
Security first, then become pre-bookable. Then contact previous customers, activate partners and optimize utilization.

Meet the requirements for reopening

No cash flow will start without at least the prospect of reopening soon. Therefore, first of all, make an effort to comply with official requirements, hygiene concepts and maximum capacities. However, with a booking system like bookingkit this is very easy. Therefore, keep an eye on the official announcements especially in your state.

Bookings in advance & voucher sales

By accepting pre-bookings, you can generate revenue in advance of the opening. Through an online booking calendar, you should publish dates for the quarter ahead now and actively promote them. The situation is similar with voucher sales, as these do not require any fixed dates at all and many vouchers are not even redeemed. Especially shortly after the lockdown there will be a high demand for vouchers, as gifts and a sign of the return to normality. Details on vouchers can be found here.

Contact previous customers

If you have regular customers, now is the right time to let them know about your reopening – preferably via a happy and friendly email campaign. After all, they, too, are looking forward to a break from their routine and will bring you sales without much persuasion. Maybe you had to cancel pre-bookings made just before the last lockdown. Contact these buyers as well and reward them for their patience with a nice gimmick or discount.

More reach and higher cash flow through additional sales channels & partners

You should take care to grow your reach and consistently pursue this even after the opening. Local partnerships are a good place to start, e.g. with hotels or tourism offices and complementary offers, e.g. a city tour followed by a wine tasting. Marketing partners connected to your booking system give you the opportunity to be directly present on the most important platforms and to reach new target groups. You can find out more about this in the blog article.

Intelligently manage demand, optimize utilization & cash flow

By intelligently managing demand for your offer, you can further optimize your cash flow. For example, lower prices for less attractive days or times of day can help make sure you’re using your maximum allowed capacity. So if you expect high demand at certain peak times, but this exceeds your allowed capacity, implement flexible pricing structures now, for example with the corresponding bookingkit function.

 


 

Action Checklist:

Get cash flow fast – 10 things you should implement right now to reopen quickly

  1. Decide on an online booking system of your choice
  2. Start selling time slot tickets for current / future dates
  3. Start selling vouchers
  4. Establish more lenient cancellation policies and new automated processes
  5. Implement regulatory hygiene and safety requirements
  6. Adjust group size and user experience of your offer to the new situation
  7. Train your staff to enforce guidelines in a friendly manner
  8. Create incentives to fill low-traffic times
  9. Establish local/regional partnerships with potential resellers
  10. Expand your marketing reach through additional sales channels

For more helpful information, check out our Ultimate Guide to Reopening Tours, Activities & Attractions 2021, which takes a closer look at topics including visitor routing and capacity management, pricing strategy, cancellation costs, conversion, and the bookingkit Channel Manager to expand your marketing reach. The e-book is available for free.

 

Download eBook

Frank Scheibe
Frank is a tours and activities industry expert. He reports on the latest facts, figures and trends in the bookingkit blog and the bookingkit newsletter. In his free time, he enjoys spending time with his kids and family, playing sports and eating good food.

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