Business Plan
Giveaways are a marketing strategy. Giveaways sometimes contribute more to sales than even advertising if used in the right method. Giveaways are usually the same products or services that the company providing the giveaway sells. Many types of giveaways exist, from home products to consumables to fashion clothes. For my business plan, I use exotic destination giveaways as an example case study to discuss giveaways. The destination is to islands such as Maldives, Bahamas, or Hawaii.
Executive summary
Giveaways to Maldives, Hawaii and Bahamas are ongoing, and the winner of the giveaway will stay in a specified resort in these islands without any charge. The giveaways are for couples and will take place next summer.
The market
Giveaways have their primary targets. For instance, most giveaways to romantic destinations such as Maldives and Hawaii target couples.
Objectives.
- To determine who pays for the giveaways. With social media platforms showing us pictures of expensive and exotic places, who pays for all the expenses of the trips, the cars and jets?
- To determine the cost of the giveaways. Are giveaways costly to the financier and by how much?
- To determine the value or the reason for the giveaways. Why would the financier give giveaways to people at his/her expense?
- To determine the ROI of giveaways. With giving giveaways to people at personal/organizational expense, what it the return on investments (ROI) on the giveaways?
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Offer
Giveaways for romantic destinations give couples free air ticket and stay to resorts and high-end hotels in exotic destinations in Maldives, Hawaii and Bahamas. The couple spends at most a week in the resort, and take pictures of their stay in the hotels. They then give their experience of their stay in the resort.
Goals
- The main goal of giveaways is to market the organization or company that is giving the giveaways. For our case, the main goal is to sell the resort/destination the winners of the giveaway will travel.
- Another goal for the giveaway it to publicize the resort/destination to people who have never had of the resort and were planning to travel to the said destination. This makes them consider the resort, doing additional research on the resort online on their own.
- To have a social conversation about the destination/resort in social media. Such discussion will attract interest in people who likes the experience of others.
- Have people visit the main website of the resort.
Keys to success
The use of social media. Social media have become the best marketing tool to use, with billions of users spending hours each day updating their status. Social media builds up interest and opens up destinations to people. Also, social media makes people give feedback about their experience with a product or service. If it is positive, the product/service gets attention and sales that it was aiming
Good photography. Since this is about a luxury destination, photos will serve the.biggest part of marketing the destination. Investing in photography will pay off.
Use of travel magazines to promote the giveaway. Magazines such as Leisure and Travel, Conde Nast Travel and Robb Report give the destination resort an excellent platform to promote the giveaway. By using such magazines and letting the readers access the giveaway on social platforms, the destination resort gets the target audience since all the people who buy and read such magazines are travel enthusiasts.
A lot of marketing before and after the giveaway will go a long way in the success of the giveaway marketing strategy.
Market analysis summary
Market segment
The main market segment is people who have savings to go on vacations to island destinations located far from home. The cost of the destination includes flight to the destination and holiday cost. Such costs make the target segment people in above thirty since they already have a stable career.
Target market segment strategy
With the maturity of the target group, the giveaways have to include other methods apart from social media. Such group of people read magazines and newspapers. Since the target market is for people who are looking for a destination for their next summer vacation, these group read travel magazines, and this is the best place to start the giveaway.
Business analysis
The travel business is at its peak during summer, and the giveaways are meant to be taken during the first days of summer.
Competition and patterns in choosing resorts
When people are going on vacation to such destinations, they rely on the internet and travel magazines only, since the destination are far from home. With giveaways, the resort makes people aware of the resort.
There are many resorts in these islands, and they also have their strategies of attracting travellers. The competition cannot be quantified since each resort and hotel keeps its affairs to itself.
Strategy and implementation summary
For a copy of travel magazines that include Conde Nast, Robb Report, Travel and Leisure include a code to use in entering the giveaway.
Let the people who want to enter the competition for the giveaway enter the code to the resort’s website with their names and email address.
Advertise when the finals about the giveaways will take place in social media platforms. Beautiful pictures of the destination resort should follow such an advertisement. And what the winners will probably be doing while in the resort.
Advertise the winners of the giveaway some weeks or months before their planned trip. This will remind people of the destination resort.
When the winners are arriving at their destination, they should be given the best services in terms of road transport, by transporting them in luxury cars or seaplanes to the resort. A post of such photos in social media platforms makes people wish of having such experiences.
Show the destination resort and what other services it provides. For example, make the resort offer scuba diving, snookering, deep-sea diving, surfing lessons and gears, windsurfing gears? If they do advertise them during such events.
Regularly update the resort’s website to show services offered. Also add other services such as massage, sauna, a view of a beautiful sunset. This plays with people longings and needs.
Competitive edge
Such giveaways usually end up exposing the resort to the world. Since many people do not know such resorts and destinations, letting the world have an image of your resort gives you a competitive advantage by being the first resort that people will first seek information about when they are planning for a vacation.
forecast of changes in the number of tourists
Hopefully, the giveaway will make more tourists visit the resort during summer since this is the best time that most people enjoy being here. Data will be collected on any variances in the number of tourists to resort as compared to previous years.
Management of the giveaway
Since the main core business of the resort is vacation services, the best way to deal with the giveaway is by using a PR company to do the advertising in magazines for us and advise us on how to use social media platforms. This requires having an external contract with a reputable PR company.
Funding
Since the giveaway is on a resort, most of the costs associated with the winners of the giveaways will be incurred in the regular daily expenses of the resort. For instance, food, services such as massage, boarding them are costs that are not affected by giving the giveaway. Even without the giveaway, the charges will be incurred, obviously with a slight reduction. The highest expense will be on paying for their flights, but with the exposure, they will give the resort, addition of guest due to the publicity will pay for the flights. Addition services that the winners will use in the hotel such as massage, the worker are probably on monthly salaries; thus, it will not have any adverse effect on the balance sheet.
Financial projections.
Plans are for two couple to take trips to two different destinations in different islands but to same resort chain. One couple travels to the Maldives and the other couple to the Bahamas.
The costs associated are flight costs, and they are not much for a resort.