The MICE (Meetings, Incentives, Conferences & Exhibitions) tourism business is picking up pace amidst many companies’ push to have in-person events now that covid has declined and restrictions have eased.
Hospitality, events, and travel companies confirmed a substantial rise in MICE tourism inquiries and bookings over the last month. Also, according to Allied Market research, the Global MICE tourism industry is predicted to reach $1337.4 Billion by 2028.
This blog is for you if you are a travel agency interested in taking up MICE tourism opportunities. Here, we will look at how travel agencies can embrace MICE tourism to boost their revenue.
Before we get started, let’s first understand who MICE travelers are and what they are looking for.
Who are MICE travelers
Typically, MICE tourism is undertaken by corporations. It is also something that people with similar causes undertake. Examples include crypto conventions, movie screenings, and company retreats. It is worth mentioning that MICE events can be formal and informal, depending on the group and their cause.
As a result, a MICE traveler can be just about anyone. It can be high-ranking CEOs, movie reviewers flown out to a special screening, business people on stay-cations, or people who share a similar interest, such as a political cause, cryptocurrency, marketing trends, etc.
Why travel agents need MICE travel
Since many companies and organizations view holding Meetings, Incentives, Conferences & Exhibitions as a means of earning credibility, engaging their employees, and generating interest in their projects, they will be willing to pay for premium experiences for their MICE travelers, which is a distinguishing aspect of the sector.
Besides getting travel agents high revenue yielding customers, the MICE segment also provides excellent customer retention opportunities. Once travelers get a memorable experience, they are likely to return yearly or with higher frequency.
Apart from that, travel agents can increase revenue per traveler by offering various upsells, ranging from travel insurance to in-flight meals and airport pickup to checked baggage.
Crucially, MICE allows travel agents to attract a global customer base.
How travel agents can tap into MICE travel potential to increase their revenue
One of the essential things travel agents can do to incentivize this kind of group travel is to assure the travelers about the safety precautions. Ensure that the travelers know thoroughly about the protections they get, such as travel insurance, flights that follow covid protocol, etc.
You also need to offer highly personalized packages for each MICE group. Depending on the type of people on the trip and their reason for travel, make sure that your package reflects their budget and travel needs, including the class of flight, car rental, etc. If you can satisfy these requirements, you can even pitch ancillaries to individual travelers, offering the ultimate level of personalization while adding to your bottom line. Note that you can do all this only if you have a well-defined target market.
Another way you can increase your MICE customer base is by partnering with sub-agents worldwide who can distribute your inventory. Doing so opens new opportunities for you to boost your revenue.
It is further worth mentioning that you need to offer substantial discounts on group travel to retain your customers. In the long run, you will benefit from this because, typically, MICE customers end up being high-value ones who appreciate good service.
Most importantly, you need the right software to offer your MICE customers a single platform to book whatever services they want. Software like AgencyAuto will help you manage your inventory effectively and automate tedious manual processes, like invoice generation, booking/cancellation policy enforcement, report generation, etc., allowing you to be super productive and focus on negotiating better deals with corporate MICE customers.
In the coming years, MICE groups will only increase, and you need to be prepared for your travel agency’s sustained relevance. Using the right software, you can provide customized experiences for your MICE travelers and convert them into repeat customers, which will go a long way in bolstering your revenue. Also, with travel agency software like AgencyAuto, you can automate all the tedious work that goes into running a travel agency that takes on vast volumes of MICE travelers.