Connect with us

AFFILIATE MARKETING

How Maria Ivanova Earns Up To $9k/Month Running a Small Cleaning Business in Toronto

Published

on

How Maria Ivanova Earns Up To $9k/Month Running a Small Cleaning Business in Toronto

When Maria Ivanova immigrated from Ukraine to Canada, she wasn’t planning on being a successful entrepreneur. But her work ethic, professionalism, and drive to succeed led her there.

One of her first jobs was cleaning. She did such a great job that she started to get offers for work, so she created her own cleaning company and started working for herself. 

One thing led to another, and her business grew so much that she couldn’t keep up with demand. She started to hire additional cleaners, and MasterMaid was born. Now she runs the business and earns up to $9k/month.

Maria offers great advice in this interview by talking about the important lessons she has learned during her entrepreneurial journey.

Keep reading to learn more about:

  • How she started out in the cleaning industry
  • Her business took off
  • The net income she’s making and why it varies
  • Who her clients and employees are
  • How she uses SEO to grow MasterMaid
  • What makes or breaks her business
  • How she used Google Ads
  • Her keyword research strategy
  • The resources and tools she recommends
  • Her biggest challenge
  • Her greatest accomplishment
  • What she wishes she knew when she started
  • Her main mistake
  • The advice she would give other entrepreneurs

Meet Maria Ivanova

I was born in western Ukraine in the beautiful town of Uzhgorod. I completed a university

degree and worked as a school teacher there. I moved to Canada in 2011, partly because my

grown children were already studying and working here. 

I think, as is the case for many new immigrants, some parts of the adaptation process were challenging. But luckily, Canada is a very welcoming country with many opportunities for people with varying backgrounds. 

As much as I miss Ukraine and my hometown, I am happy to live in this great country and be able to support my fellow Ukrainians through these difficult times as much as I possibly can.

Why She Created MasterMaid

When I arrived in Canada, one of my first jobs was a cleaning lady. After working for about a year as a cleaner, I started getting recommendations and customers, so I opened up my own cleaning company and worked as a cleaning lady. 

I always treated my work with utmost professionalism and integrity, and saw a great response from my clients.

Within a relatively short period of time, I developed a regular client base. Seeing the need for honest and hardworking cleaning services, in 2013 I started to hire professional cleaning ladies with a similar attitude to work as myself.

It gave me a strong foundation to grow and continue to provide top-notch services. I think that my joy in seeing people happy with the results they get from our work is partly why I was able to maintain a high work ethic and sustain a challenging undertaking of growing a reputable business.

How Much Money She’s Currently Making

The income from MasterMaid fluctuates on a monthly (and annual) basis. It often depends on the time of year and general economic conditions. 

Covid 19 greatly impacted the performance of MasterMaid and staff availability and ability to work. 

Luckily, people always have their reasons for needing to hire a cleaning service. On average, the net income of MasterMaid ranges from $7,000 to $9,000 a month.

Every month we service about 200 clients, and most of the jobs are residential house/condo cleanings (60%). We also service Airbnbs (20%) and offices (20%). At any given time, we have about 10 to 12 people working, some of them part-time. 

Maria’s Top Marketing Strategies

Aside from referrals we often get, which help tremendously with sustaining our client base, SEO has been a local business’s most effective and efficient marketing strategy. 

We mostly use local SEO, and while we have a few blog posts ranking in Canada and US, we don’t get clients from them, as we service only Toronto and the surrounding areas. 

Another strategy we use is to focus on customer satisfaction, as this makes or breaks repeat business. We offer money-back guarantees and refunds if someone is unhappy with MasterMaid. Over the long haul, focusing on the service has been the best way to promote repeat business. 

We don’t get a lot of business from referrals (less than 10% probably), but if the work we do is good, we notice that customers order us again and again. As much as 60% of all revenue now comes from repeat customers who are happy with the service. 

The Importance of SEO

SEO is a cornerstone of getting new customers. 

Before Mastermaid.ca, we had a different domain for our business. We outsourced SEO to an agency that completely destroyed our rankings, and we decided it was easier to start fresh. 

So when we started Mastermaid.ca in 2019, we spent $5,000 – $7,000 a month on Google Ads. Our customer acquisition costs were fairly high, and while the ads were bringing in revenue, the business was barely breaking even. 

1674544359 402 How Maria Ivanova Earns Up To 9kMonth Running a Small
1674544359 441 How Maria Ivanova Earns Up To 9kMonth Running a Small

As we began to focus on SEO and long-tail keywords, it became much easier for us to grow organically. 

We started with the ads fairly heavy in the first year of the website (2019), some months paying as much as $6-7k per month. We optimized and reduced the spending as we progressed. 

Organic traffic started to trickle in in 2019, so we started slowing down ads in 2020, especially after the pandemic hit and there were many restrictions on our business. 

Up till this day we turn on the paid ads when we are running some promotions, but organic is now responsible for 75% of our traffic.

1674544359 844 How Maria Ivanova Earns Up To 9kMonth Running a Small
1674544359 693 How Maria Ivanova Earns Up To 9kMonth Running a Small

Link Building

Link building is somewhat important when it comes to ranking higher-traffic keywords. We used citations at the beginning, some guest posting, and a little HARO. 

Maria’s Email List

We create an email list of customers who have used our service. We stay in touch with them regularly and tell them about new content and promotions. 

Overall the email list is a great tool to boost revenue when running some specials. We currently have over 2,200 people on our list.

Maria’s Content Creation Process

Content creation is outsourced to a professional writer who is very familiar with our business and conduct. She has been providing this service since the company was founded. 

1674544359 169 How Maria Ivanova Earns Up To 9kMonth Running a Small

As a rule, she receives bare-bone instructions to match the SEO requirements and follows through with what she knows about the company, the industry, and the cleaning process.

How She Approaches Keyword Research

When we started, we concentrated on lower competition and lower volume keywords. Some of the suburbs of Toronto did not have good coverage with cleaning services, so we tried to rank for them. 

We found it’s much easier to rank for cleaning services North York (Toronto Suburb) than office cleaning service toronto. I recommend this ranking strategy to most local businesses.

We also target “cleaning services SUBURB of TORONTO”-type keywords. This is a more popular and effective long-tail strategy for local businesses. 

When ranking a small business, the aim is to rank both in Google search results as well as the local map pack. If you service different suburbs and want to rank well in those suburbs, you need to create specific website pages. This is one of the ways we get traffic from different areas of the city. 

Achieving Current Revenue Levels

As likely is the case with many other businesses, the beginning is the most challenging part. I learned quickly that you must spend money to make money. 

Funds were needed for advertising, good quality equipment, cleaning products, administrative and accounting support, etc. It took about 3 to 4 years to get to the revenue level it is now. 

Maria’s Favorite Resources

Reddit is a great source of people’s honest opinions, product reviews, recommendations, and experiences. The range of subjects there is so great that you can talk to people about anything, from how to remove a stain to how to best do your accounting.

Her Top Tools

A coach or mentor with a successful track record is probably the best tool any entrepreneur can use. Running a business can be a lonely journey. Having someone to talk to with more experience than you is priceless. 

I am a member of multiple business groups and I’ve tried various business coaches. Most of the work I have done was around mindset as opposed to hard business skills. It has been very effective for me. 

Her Greatest Challenge

Aside from Covid 19, which impacted market conditions, the biggest challenge I faced in growing the business was building a solid team. 

When you first meet someone, it’s difficult to gauge whether they are reliable, honest, and loyal. These things come with time. 

Once you have a loyal client base who sees that you know what you are doing, it’s half the battle. The other half of the battle is hiring your staff. 

1674544359 688 How Maria Ivanova Earns Up To 9kMonth Running a Small

It’s important to distinguish between things that can be acquired and people’s willingness to provide honest and quality work. In my case, this applies to cleaning staff and those I have hired to do my marketing, reception, accounting, etc.

Maria’s Most Important Accomplishment

Just to reiterate, some of the things I have already said—a loyal client base, a solid team, and people’s satisfaction with our services—I personally consider great accomplishments.

Another important accomplishment, in my opinion, is the financial stability of the business and its ability to self-sustain.

What She Wishes She Knew When She Started

While developing and growing my business, I worked a lot on self-improvement. It may not work for everyone (and you can definitely find those that work for you), but things like self-help sessions (virtual or in-person; one on one or in groups), books on emotional intelligence, and meetings for entrepreneurs who share their success stories all helped in both growing personally and professionally. 

I wish I had known from the start how important it is to be flexible in your conduct. I learned gradually that people skills and the ability to react to unexpected situations are all skills that can be acquired through varying resources.

Her Main Mistake

The biggest mistake, I guess, was learning many things ‘the hard way.” One can learn from trial and error—and it’s next to impossible to avoid this as an entrepreneur—but one can also learn from different resources and other people’s experiences and mistakes.

Her Advice for Other Entrepreneurs

First and foremost, my biggest recommendation is to get to know your craft or trade as much as possible. Aside from first-hand personal experience, I recommend getting honest feedback from people on both the receiving end of the services and those who provide it. 

It’s a good way to grow. I also strongly believe that you get what you project. If you are honest, loyal, and hardworking, you will surround yourself with similar people who, in the end, will help you tremendously along your journey.



Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address

AFFILIATE MARKETING

How I Hit $100 Million in Annual Revenue By Being More Transparent

Published

on

How I Hit $100 Million in Annual Revenue By Being More Transparent

Opinions expressed by Entrepreneur contributors are their own.

It’s a common nightmare — you’re walking through a busy hallway or giving a presentation only to look down and find yourself completely naked.

We’re inherently fearful of revealing too much about ourselves, and as an entrepreneur, this likely extends to your business as well.

But based on growing my own business from nothing to over $100 million in annual revenue, I can tell you less is not more when it comes to business transparency — more is more. Being open builds trust, and trust fosters customers and relationships in droves. The only exception is not giving away your trade secrets to competitors.

Here are three effective ways to build trust with clients and prospects by being more transparent (without leaving you feeling nightmarishly over-exposed).

Related: How Transparency In Business Leads to Customer Growth and Loyalty

1. Increase sales by 18% or more by increasing your Google reviews

Nearly everyone reads reviews before purchasing. One study found a whopping 93% of people read reviews before making a purchase, and on average, reviews produce an 18% uplift in sales. In today’s online landscape, people put almost as much weight on a Google review as they do on a personal recommendation.

The best way to increase your reviews is to simply ask! According to research, 70% of consumers will leave a review for a business when asked.

About four years ago, we had 486 reviews after servicing more than 90,000 clients. We started using Podium to send out texts or emails — based on customer preference — asking to leave a review on Google, the Better Business Bureau and Trustpilot.

By May 2024, we’d accumulated 2,312 five-star reviews, an increase of 375%. Keep in mind that our account managers have been very diligent about sending review requests to clients and only ask the clients most likely to give positive responses.

Another good way to increase reviews is to automate postcards at the close of an order thanking someone for their business and encouraging them to leave a review. A physical mailer is likely more effective than an email — one study that surveyed 1,200 consumers found that 76% trusted direct mail the most as opposed to online methods.

You might be wondering, “What about the negative reviews?” You’re always going to have a handful of bad reviews, but people look at the ratio of good vs. bad. If you have far more five-star reviews than one-star reviews, they’ll disregard the negative ones and assume it’s not the norm.

2. Improve lead generation by 105% by sharing your clients’ success stories

Sharing real marketing results has always been a priority for my business, PostcardMania. We currently have 944 marketing case studies and 139 video case studies that document real people sharing campaign specifics that led to more leads, revenue and new customers for their businesses.

We share these case studies far and wide with prospects via email and postcards in the mail to increase trust. But more recently, we began incorporating these stories into video social media ads. During a recent earnings call by Meta, CEO Mark Zuckerberg said 50% of all people’s time on Facebook and Instagram is spent watching videos, so naturally, we went that direction to gain more eyes on our services.

We put our 139 video case studies — real business owners talking about their successful campaigns — to work for us on Facebook and Instagram.

As a result, our social media leads doubled. In 2022, our average number of social media leads per week was 174, and then in 2023, the average lead count increased to 356 a week! That’s a 105% increase.

Of course, our use of social media in this case is part of a larger multi-channel marketing strategy that ties direct mail and digital ads together, so I suggest a similar approach if you want to see the same results (we’ve actually packaged our successful approach into a single affordable marketing bundle called Everywhere Small Business due to high demand from our clients to replicate this method). Campaigns that uniquely combine print and digital advertising using hyper-targeted mailing lists and lookalike audiences have been proven to work time and time again, so I highly recommend them.

It doesn’t matter what industry you are in, your customers’ success stories can be compiled and incorporated into your marketing plan to grow your customer base.

Related: How Problem-Solving Case Studies Help You Market Your Business

3. Convert prospects faster by dropping the velvet rope and inviting them in

Being transparent online will help build a positive image of your brand and bring in more customers — but you can also take this one step further and let prospects visit your business and interact with your products or services in person. One report revealed that 79% of customers want brands to go above and beyond what they are required to reveal and give more information, with two-thirds of them saying they would switch brands for more in-depth data.

At PostcardMania, we welcome clients to visit us and take a tour of our in-house printing facility. We also have a marketing conference twice a year where clients can meet their marketing consultants face-to-face and learn more about our business behind the scenes. These clients often end up being some of our best and longest-lasting relationships! You can do the same by hosting an event and opening your doors to the public. It doesn’t have to be a conference — you can start small with something as simple as a night of snacks and entertainment.

Related: 3 Ways to Personalize Your Marketing for Higher Engagement

Free samples are also a great way to show customers exactly what they are getting before they make a commitment. This doesn’t always apply to every business, but you can try to find a way to allow prospects to interact with your product or service on a deeper, more physical level.

Incorporate any of these tactics, and you’ll show prospects the most authentic side of you and your business. Believe me when I say trading in your fears about being super transparent for bold authenticity will reap real rewards in long-term growth and customer loyalty.

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

AFFILIATE MARKETING

The 10 Best and Worst States to Start a Small Business

Published

on

The 10 Best and Worst States to Start a Small Business

There are many important things to consider when launching your own business or side hustle, and location is at the top of the list. Local and state laws can mean different taxes, zoning regulations and licensing requirements, so it pays to be strategic about your choice of state, city and even neighborhood, according to the U.S. Small Business Administration.

Related: 5 Things Not to Do When You’re Running a Small Business

After all, some 20% of new businesses fail within the first two years of being open, according to the U.S. Bureau of Labor Statistics (BLS). The BLS also found that 45% of businesses fail within the first five years. That number jumps to 65% after 10 years.

Capital on Tap, a company that offers a credit card and spending management platform for small business owners, analyzed BLS data to determine the percentage of startups that are still active after three years — and broke down the U.S. states with the highest and lowest chance of survival in three- and five-year time frames.

“There are over 30 million small businesses in the U.S., making up an enormous percentage of the economy, and as this number continues to grow, so will innovation and commercial drive,” says Damian Brychcy, chief executive officer at Capital on Tap. “This research should serve as a positive sign to entrepreneurs in the top ten states who are thinking about starting a business.”

Image Credit: John Coletti | Getty Images. Boston, Massachusetts.

Qualities of business-friendly states

Before diving into the data, it’s important to consider what factors make a state attractive for new business owners. And it’s about more than just starting a business. The following factors can help keep small companies afloat and lead to ongoing success:

Taxes

Perhaps the most important factor of all, a business-friendly tax environment can keep costs down and put more money in your pockets. There are payroll, employment, income and corporate taxes to worry about, all of which can affect decisions around hiring and expansion. Some states also offer tax incentives for small businesses, which can remove expensive hurdles. Reviewing a self-employed tax schedule in your area can help.

Workforce

If you want to run a healthy, growing business, you’ll almost certainly be hiring employees. The best states for small businesses will have a plethora of available talent and a workforce with high levels of college education. Starting a business near a college or university can also attract interest from recent graduates. This is especially prominent in the technology industry.

Regulations

State policies regarding small businesses involve more than just taxes and deductions. Government programs can offer business owners grants and loans and incentivize investment from larger funders. Compliance is another factor. States can lower the costs of business by removing regulatory red tape, such as required government approvals or clearances.

Growth potential

You want to start your business somewhere it can thrive in both the short- and long-term. A number of factors can support this — for example, funding, investment in infrastructure and livability. A close proximity to sources of financing can help your company grow, as long as the area can support your workers and their families. States and cities with a low cost of living, good schools and solid infrastructure will not only attract talent but keep it.

U.S. states/territories with the highest rate of small business survival, per Capital on Tap 

State

1year average (%)

3year average (%)

5year average (%)

Massachusetts

81.91

64.96

54.38

Wisconsin

81.13

64.93

54.97

South Dakota

80.44

64.03

54.88

Minnesota

80.96

63.97

53.51

Iowa

80.85

63.71

53.65

North Dakota

79.55

63.63

53.98

Pennsylvania

80.69

63.51

53.18

Montana

79.60

62.79

53.03

Hawaii

79.37

62.22

52.21

North Carolina

79.85

61.91

51.25

Massachusetts

With elite universities, a thriving tech hub, a strong economy and a highly educated workforce, Massachusetts tops the list. Nearly 82% of small businesses survive their first year. Boston is also a growing hub for STEM jobs and is home to many investors and potential employees. The state also boasts a strong Economic Development Incentive Program (EDIP) that provides tax and property incentives for job creators.

Wisconsin

Not only does Wisconsin have a relatively low cost of living, but the state has one of the nation’s best public university systems (read: highly educated workforce) and a business-friendly government that offers tax credits, low-interest loans and grants to small companies. Wisconsin also runs a public-private capital initiative through the Wisconsin Economic Development Corporation (WEDC), which recently announced a $100 million investment in the state’s startups.

South Dakota

Taxes are the big selling point for starting a business in South Dakota. With no corporate income, personal income, property or business inventory taxes, the state makes running a small company affordable for owners. The state is highly affordable and has very few regulations, both of which lower overall business costs.

Minnesota

Almost 81% of small businesses survive their first year in Minnesota, a feat that can be credited to the state’s supportive business environment, educated workforce and relative affordability for a high quality of life. Minnesota also has nine small business development centers throughout the state, which offer consulting, mentoring, networking opportunities and access to capital.

Iowa

With a high quality of life and low cost of living, Iowa is an attractive place to start and expand a small company. One of the biggest factors is extremely low energy and utility costs, which is especially important for manufacturing. Iowa cities also offer property tax incentives for small businesses and some of the nation’s lowest workers’ compensation costs.

U.S. states/territories with the lowest rate of small business survival, per Capital on Tap 

State

1year average (%)

3year average (%)

5year average (%)

Washington

75.12

54.60

42.75

District of Columbia

76.04

54.73

43.73

New Mexico

76.64

56.58

45.58

Florida

77.00

56.82

44.95

Nevada

77.18

57.38

46.79

New Hampshire

76.65

57.52

46.63

Arizona

77.34

58.00

46.74

Tennessee

78.46

58.21

46.81

Arkansas

77.64

58.24

47.25

Rhode Island

76.76

58.30

47.75

Washington

Less than 43% of new businesses in Washington are still running after five years, thanks to expensive real estate, complex regulations and the nation’s highest statewide minimum wage ($16.28/hour). The state’s business and occupation tax is also calculated based on gross receipts, not overall profits, so businesses with slim margins will especially struggle.

District of Columbia

Washington, D.C., is one of the most expensive metro areas in the country, both in terms of real estate and overall cost of living. That means high salaries and high rents for offices or storefronts. The city’s business income tax and regulatory requirements are also relatively high, both of which can cut into profit margins.

New Mexico

High unemployment rates and limited access to capital make New Mexico a challenging state to open a small business. Skilled workers are lacking compared to surrounding states, and complex regulations can be a burden for business owners. More than 23% of small businesses fail within their first year.

Florida

Although Florida claims to be a thriving hub for entrepreneurs and small businesses, the data tells a different story: More than 55% of small businesses fail within five years. One of the biggest factors is the increasing frequency and severity of hurricanes, which has led to rising insurance costs. This affects both the available workforce and a company’s bottom line as premiums skyrocket.

Nevada

Almost 23% of new businesses fail within their first year in Nevada, and that’s despite no corporate or individual income taxes. Part of the challenge is local governments: regulations vary widely depending on your city of choice, with different requirements for specific licenses and fees. A heavy reliance on tourism can also backfire when travel to the state falls off, such as during the pandemic.

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

AFFILIATE MARKETING

How the Peak Travel Season Will Impact Payment Fraud

Published

on

How the Peak Travel Season Will Impact Payment Fraud

Opinions expressed by Entrepreneur contributors are their own.

Summer is just around the corner, and with it comes an influx of vacationers ready to explore new destinations. As the summer travel season begins, businesses operating within travel and hospitality must adopt robust strategies to manage the anticipated increase in transaction volumes and fraud risks. These strategies must also effectively manage disputes and chargebacks during a peak travel period that’s expected to break records.

Americans are still choosing to prioritize their vacations despite challenges like international unrest and rising prices. Projections from the Transportation Security Administration (TSA) suggest we’ll see a record-breaking summer travel season in 2024, with officials anticipating the busiest travel season ever.

52% of consumers say they plan to travel as much in 2024 as last year, with another 40% saying they expect to travel even more. These prospective travelers already have significant budgets set aside for these trips.

Millennials and Gen Z are the driving forces behind this trend. People in this cohort tend to prioritize experiences over material goods and seek a healthy work-life balance to explore new places and cultures. They’re also heavily influenced by social media, where many influencers showcase travel as part of an aspirational lifestyle.

This surge in travel drives global business at every level of the economy, but it also creates a heightened sense of risk. For businesses, effectively managing fraud and chargeback risk year-round is crucial to navigating the travel space.

Let’s explore the best strategies and tactics for managing these threats, whether in-house, hybrid or outsourced, and why asking for help might be the most effective course of action this year.

Related: How a Bad Billing Descriptor Can Cost You

The challenges ahead

While a travel boom is fantastic for businesses and local economies, it poses significant challenges that underscore the necessity of comprehensive fraud and chargeback management. An exceptionally busy travel season can aggravate existing chargeback triggers already intrinsic to the travel space. We may see:

  1. Increased Transaction Volume. The sheer volume of transactions during peak travel seasons makes managing and monitoring every transaction closely difficult. This increased volume can overwhelm internal systems, leading to errors and delays in handling disputes, contributing to more chargebacks.
  2. Fraudulent Activities. Fraudsters take advantage of the busy season, knowing that the high transaction volumes can mask their activities. From fake travel deals to phishing emails, the types of fraud targeting travelers are diverse and sophisticated, increasing the likelihood of chargebacks from unauthorized transactions.
  3. Overbooked Flights and Hotel Shortages. High demand can lead to overbooked flights and sold-out hotels. When travelers are bumped from flights or denied rooms, dissatisfaction spikes. So, too, does the number of chargebacks as customers dispute charges for services they didn’t receive.
  4. Poor Customer Service. Understaffing is common during peak periods, resulting in longer wait times, unresolved complaints and poor service. Frustrated customers often turn to chargebacks to resolve their grievances when they feel neglected or mistreated.
  5. Operational Strain. Handling a surge in transactions requires a well-prepared operational setup. Without it, companies might fail to process payments and refunds promptly, further aggravating customers and leading to more disputes and chargebacks.
  6. Financial and Reputational Impact. Chargebacks result in financial losses due to refunds and fees. However, they also damage a company’s reputation with customers and hurt their relationships with financial institutions. High chargeback rates can result in higher processing fees and, in severe cases, the loss of merchant processing privileges.

Considering what’s at stake, you can see why it’s incredibly urgent to prioritize effective chargeback management. Aside from saving time and money, it can also help boost customer trust during the peak travel season.

Managing chargebacks: In-house, hybrid or outsourced?

Travel operators can adopt one of three chargeback management strategies to handle the increased demand and the potential challenges outlined above.

First, they can manage everything in-house. This involves maintaining a dedicated team to manage disputes, enhance customer support and refine fraud detection systems. While this approach offers direct control, it can be resource-intensive and requires constant updates and training to stay updated on new fraud tactics and regulatory changes.

A second option is to outsource everything. This allows travel companies to benefit from specialized expertise and advanced technologies without the burden of maintaining an in-house team. Third-party providers can offer scalable solutions, real-time fraud detection and comprehensive chargeback prevention strategies. However, it can also mean that merchants lack insight.

As a third option, merchants can try taking a more hybrid approach. Combining internal efforts with external support lets businesses leverage advanced technologies and knowledge from third-party providers while retaining some control over the process. This approach provides a balance between direct oversight and external expertise.

Related: How to Fight Fraud and Chargebacks Should Regulation Fail

Industry collaboration

As we gear up for a record-setting summer, it’s clear that improved industry collaboration could be the key to addressing fraud and chargebacks.

We could consider the transformative potential of open data and artificial intelligence (AI) within the tourism industry. Combining an open data strategy with AI can enhance decision-making processes, helping to personalize customer experiences and optimize operations.

By harnessing open data, businesses can gain valuable insights into traveler preferences and behaviors. This insight can be refined using AI to forecast trends and tailor services.

Related: Think You Can’t Win Against Chargebacks? Think Again.

Open data and AI will have a much more symbiotic relationship in the future. The kind of collective effort that open data demands will create a more secure environment for our customers and protect our businesses from the financial strain of chargebacks. These technologies promise to boost efficiency and innovation in tourism, help manage threats and enhance the overall travel experience.

Ultimately, travel operators need to be proactive. By adopting the right strategies and fostering collaboration across the industry, operators can thrive during this busy travel season and create a better experience for all travelers.

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

Trending