Maintaining proper inventories to meet demand, having a robust logistics system and an electronic sales channel that protects your customers when they make a purchase, are part of the challenges that businesses face in this new reality.
With "Black Friday" and Christmas approaching, commercial establishments in the region are beginning to apply their sales and promotion strategies, with which they will try to recover part of their income.
Selecting products with limited sales potential because of price, defining the group of clients that will be reached by the promotion and quantifying the profits that the company will receive after offering discounts are factors that must be evaluated when applying strategies of this type.
In order to avoid carrying out promotions in an intuitive way, without an integral evaluation of the action, both in terms of costs and benefits, Ariel Banos, founder of Fijaciondeprecios.com, proposes seven steps to correctly define a Profitable Promotion.
Offering low prices, promotions and discounts similar to those found in U.S. stores, is part of the bet that AR Retail seeks to attract customers, especially millennial, in the Costa Rican clothing market.
At the beginning of 2019, AR Retail, a company dedicated to the marketing of the brands GAP, Banana Republic and Old Navy, reported that it plans to invest $6.2 million over the next few years in the start-up of nine stores in the Greater Metropolitan Area.
Properly establishing the criteria for the application of discounts or special conditions helps to wisely manage price reductions without compromising the company's profitability.
Price management specialist and Fijciondeprecios.com founder, Ariel Baños, explains how through the "strainer strategy" discounts to customers can be managed intelligently.
Tips to prevent promotions, discounts and special offers from leading to profitability problems.
By Ariel Banos, President and Founder of Fijaciondeprecios.com
5 Keys to implementing profitable promotions
When sales start to slow, promotions and special offers look like a great lifesaver.However, these measures do not always improve business performance.
As the nation with the greatest potential visitors, the U.S. has chosen Costa Rica as the site of an Advisory Council to promote the northern country as a tourist destination throughout Central America.
After receiving complaints about the amount of paperwork that has to be filled out and visa requirements needed in order to visit the country for tourism as well as the slow speed of processing, the government has decided to implement the Brand USA Act, to streamline procedures and facilitate the promotion of the country as a tourist destination.
The country will be promoted as a destination for congresses during the AIBTM fair which will take place between Tuesday and Thursday in Chicago, United States.
According to the chief of Tourism, Allan Flores, AIBTM's presence of 14 companies operating in the country, is part of a strategy to position Costa Rica in the conference and meetings market.
Without neglecting the country that has always provided the bulk of its visitors, Central American countries are now focusing their marketing efforts on the old continent.
"Central America has landed in the International Tourism Exchange (ITB), world leader of the sector, as a thriving market and is pointing towards Europe as its future target, even though at the moment the country sending the most tourists is America", noted an article in Prensa.com.
Having hotel guests take home a product marked with your name or brand is the best way to differentiate yourself from competitors.
Competition is very tough and the internet has made global hotel deals transparent, so positively differentiating yourself and making clients remember you is vital for getting a return stay at your hotel.
Julie Weed's article (The New York Times), published in Elnuevodiario.com.ni, remarks that it is no longer enough to have bathrobes, bedding and pillows monogrammed if you want to secure the hotel brand in the customer's mind and make them decide to return.
Taking advantage of the potential of sporting events to generate revenue for the tourism industry requires joint planning between the sectors involved.
Sporting events move people within and across borders. And usually the power of the consumption of those who travel to see their favorite team or athlete, is not exploited by anyone except street vendors that beset the stadium’s gates.
Most investment promotion agencies are not responding to national enquiries by investors in the key sectors of agribusiness and tourism.
From a press release from the World Bank
According to Best Practices Study of Global Investment Promotion (Global Investment Promotion Best Practices) 2012 World Bank, 80 percent of investment promotion agencies are not responding to enquiries by investors in the key sectors of agribusiness and tourism, despite the fact that countries are competing to attract investment.
The airline TACA will provide Central American passenger with some 26,000 seats at a lower price in order to promote tourism in the region.
The promotional packages include tickets, transportation, lodging, meals and tours for all countries on the isthmus, said Juan Carlos Ramos, president of the National Chamber of Tourism (Canatur) in Costa Rica.
At the moment detailed information is not available, but discounts will range up to 40% of the original value. Information will be available from Friday 20th April 2021 on the site www.descubrecentroamerica.com, reported Elfinancierocr.com.
Attending to foreign journalists and running an online campaign are to be the subjects of a tender. The deadline for submission of offers is Thursday February 9th.
The Costa Rican Tourism Institute (ICT) plans to award two projects to promote tourism in the country in major markets, with an outlay of 140 million colones ($280 thousand), reported Elfinancierocr.com.
The Central American region is attempting to become more integrated in the way it promotes itself.
Although each Central American country has its own unique characteristics, their geographic proximity and similarities, among other things, are elements that can be used to raise the region’s profile as a worldwide tourist destination.
These were the conclusions reached at the VIII Central American Travel Market, CATM 2011, one of the isthmus’s more relevant tourism industry promotion events, which recently took place in Panama.