You’ve got the rates, the marketing and the staff but as a travel money provider the success of the vital summer season will rest on whether you can get customers through the door in the coming weeks before they go on holiday.
Results from Consumer Intelligence's travel money survey shows that customers aren’t loyal when it comes to buying currency, and that they are swayed by everything from easy branch access to short queues. So follow the tips below, from our travel money expert Andy Buller to ensure that you convert all of your hard work into sales this summer.
Strengthen your online summer presence
Just for the summer, ensure that your clients keep travel money front of mind, even if that’s not all you sell. When potential clients click on your site, make sure that you advertise travel money on the front page, in a prominent position. Pop up windows with the latest rates and deals will help to drive home the message.
Be a destination expert
Consumer Intelligence research shows that most leisure travellers still pick the US or Europe for an overseas holiday, so highlight your expertise in these destinations. How much money do people need? What’s the average spend? Do people take prepaid cards or do they need cash? Reassuring customers that you can provide the right solution because you know the situation where they are going will go a long way towards securing a sale.
Keep it local
If you’ve got branches in different areas, it pays to pay attention to the demographic. Where do they usually holiday, and how much cash do they take? You can vary your offer depending on what’s popular, while local advertising will highlight your position as an expert in the midst of the community.
Do something different every day
Whether it’s a cheaper rate on krone, or a free suntan lotion with every purchase, a different deal every day will keep customers coming back — especially if you publicise them in advance as a ‘teaser’. If you can link your deals to specific events — eg cheap rates for World Cup winning currencies, you’ll get even more traction.
Train your staff
Just because many customers aren’t loyal, doesn’t mean you can’t build up a loyal fan base. Buying holiday currency is a part of the ‘holiday build up’ for many, and if your staff can echo the excitement of the purchaser, that will leave a sweet taste in the mouth, leading to personal recommendations and returning customers.
Add a sprinkling of destination expertise to this, and you’ve got a winning formula. Get more experienced staff to produce a ‘cheat sheet’ of the tips that drive sales, so everyone can share.
Keep the queue moving
Consumer Intelligence customers regularly cite huge queues as a reason not to return to a provider, and just seeing a queue in store can be off-putting and lose you a sale. Be aware of when your busy times are and staff yourselves accordingly. To make the process simpler, have someone walk up/down the queue and start capturing the clients’ requests prior to them arriving at the desk. For example, if they want to take 800 euro they might be better off having a card so the staff member can give them the form to complete prior to arriving at the desk. All of this will reduce frustration and speed things up.
Be first with the news
With sterling hitting ten-month lows before the holiday season, getting the best rates is on everyone’s minds. If rates rise a little, be ready to inform the customers on your database asap — it formalises your position as an expert and may drive them to your stores.
Be ready to follow up
Post-GDPR, it is harder than ever to ensure you keep in contact with customers, so ensure your staff are trained in getting the relevant permissions to contact this summer’s clients again. You’ll want to be in the best possible position for next year’s summer season, building on the relationships you’ve made this year.
Travel money: how Britain buys travel money
Consumer Intelligence’s biannual travel money survey reveals a detailed picture of the UK travel money market. Our last survey involved 1,096 online interviews in October 2017. Here are some highlights.
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