Strategic Market Development
White paper: Travco
Date: Feb 2019 – Jan 2020
Location: London, United Kingdom
Metodology: Scrum
Role: Growth Project Manager
key Responsibilities
Coordinate the intricacies of market research across Costa Rica, Mexico, Colombia, and Panama, delving into local trends and tailoring our entry strategy accordingly to ensure a successful market penetration
Guide multidisciplinary teams through each project stage, steadfastly upholding consistency and stringent quality standards.
Expertly manage risks intertwined with the expansion initiative, ensuring a punctual and budget-compliant execution.
Maintain an open and effective line of communication with stakeholders, fostering success in the emergence of these dynamic markets.
Supervise the logistics surrounding the market launch, ensuring a seamless and well-coordinated implementation.
Establish pivotal alliances with local suppliers and skillfully negotiate commercial agreements, smoothing the path for our entry into diverse markets.
ABOUT
The Project
Travco is a leading global tour operator, specializing in comprehensive tourism services. Renowned for innovation, commitment to quality, and adaptability, Travco offers a wide array of vacation packages, accommodations, personalized experiences, cruises, and tailor-made travel services, providing memorable experiences worldwide.
Scope: Market Expansion in Latin America for Travco. The project aimed to establish a robust and sustainable presence for Travco in the markets of Costa Rica, Mexico, Colombia, and Panama. The scope included thorough market research, identification of strategic opportunities, establishment of local partnerships, adaptation of products and services, and the implementation of an efficient logistical structure. The objective was to meet the diverse needs and expectations of customers in each of these countries, ensuring a successful market entry and long-term viability.
SCOPE
Objectives
#1- Research and Analysis: Manage a detailed analysis of the Costa Rican, Mexican, Colombian, and Panamanian markets to understand trends, consumer preferences, and local competition.
#2- Entry Strategy: Coordinate the development of an entry strategy tailored to each market, including the identification of local partners, commercial agreements, and product and service differentiation.
#3- Establishment of Alliances: Negotiate and establish strategic alliances with local suppliers and businesses to ensure a comprehensive and competitive offering.
#4- Logistical Development: Design an efficient logistical structure for the distribution of products and the provision of services, ensuring quality and consistency in all operations.
#5- Risk Management and Compliance: Identify and proactively manage risks associated with expansion, ensuring compliance with deadlines, budgets, and local regulations.
#6- Leadership of Multidisciplinary Teams: Lead and coordinate multidisciplinary teams for the successful implementation of the project, ensuring effective and synergistic communication among all involved parties.
Key Achivements
✅ Significant Expansion in Hotel Offerings.
The implementation of effective marketing and sales strategies led to the onboarding of over 500 hotels in the region. This extensive offering bolstered Travco’s value proposition, providing customers with a diverse array of accommodation options.
✅ Key Responsibilities in Operational Management.
Taking charge of contract negotiation, pricing, billing, operations, and logistics was crucial to ensuring the viability and effectiveness of operations. This comprehensive management allowed for a smooth and efficient implementation of Travco’s services in new markets.
✅ Continuous Improvement of Operational Efficiency.
Constant monitoring of marketing and sales channels resulted in significant improvements in operational efficiency. This meticulous attention to processes ensured continuous optimization and the ability to adapt to market dynamics.
✅ Substantial Growth in Annual Output.
Successful marketing campaigns directly contributed to a 28% increase in annual output in destinations. This notable improvement reflects the effectiveness of implemented strategies and the attraction power Travco generated among travelers, increasing their preference for services offered in the region.
risk assessment
01- Impact of COVID-19 Pandemic During Development
Identified Risk
The project was developed in 2019 without anticipating the COVID-19 pandemic, which significantly impacted the tourism industry in 2020, leading to border closures, travel restrictions, and a drastic decline in the demand for tourism services.
Approach
Implementation of contingency measures and rapid adaptation to the new situation. Review and adjustment of strategies to maintain relevance in a changing context. Focus on services tailored to the emerging market needs, such as local travel and safety protocols.
Impact
Initially, there was a negative impact on project execution due to decreased demand and operational disruptions. However, the quick adaptation allowed Travco to maintain an active presence, even exploring new market opportunities as the industry recovered
02- Long-Distance Supplier Relationships
Identified Risk
Working from the central offices in London involved a considerable geographic distance from the target countries, making it challenging to establish and maintain close relationships and constant oversight of relationships with local suppliers.
Approach
Scheduling regular visits to the target countries to strengthen relationships with local partners. Implementation of proactive and consistent communication with suppliers to ensure robust relationships and monitor rates and agreements.
Impact
Initially, the geographical distance presented challenges in managing supplier relationships. However, scheduled visits and constant communication allowed for maintaining strong relationships and preventing competitors from gaining significant advantages, ensuring beneficial agreements for Travco in the new markets.
03- Economic Volatility
Identified Risk
Economic volatility in the region that could affect the demand for tourism services.
Approach
Diversification of marketing strategies to attract different market segments. Implementation of flexibility in pricing and package structuring to adapt to changes in the economy.
Impact
Despite the volatility, Travco maintained a stable demand by targeting multiple market segments and strategically adjusting its prices, minimizing the negative impact on its operations and financial results.
Metodologies
📝 Scrum
Elements of Scrum were adopted for managing multidisciplinary teams. Daily meetings were held to maintain communication and track progress, as well as sprint planning meetings and sprint reviews to plan and assess progress in short and regular stages.
🔄 Kanban
The Kanban methodology was employed for the visual management of tasks and activities. Kanban boards were set up, enabling teams to visualize workflow, identify bottlenecks, and dynamically prioritize tasks.
🚀 Lean Startup
Lean Startup principles were applied to validate hypotheses, conduct market tests, and swiftly adapt strategies. This allowed agile adjustments in business strategies as real market data was collected.
Key Takeaways
💧 Adaptability
The most significant lesson I gained from leading this project was the importance of adaptability and resilience in the face of unpredictable situations. The COVID-19 pandemic, which impacted the project’s development, underscored the need for flexibility and the ability to respond quickly to drastic changes in the environment.
I learned that even the most detailed plans can encounter unexpected challenges, and the key lies in the capacity for adaptation and agility to adjust strategies in real-time. The crisis highlighted the importance of innovation and the pursuit of opportunities amid adversity.
I would also emphasize the relevance of establishing strong personal connections in diverse business environments. Building relationships of trust and collaboration with local teams and strategic partners was crucial for overcoming geographical and cultural barriers.
Strategic Market Development
Key Responsibilities:
- Coordinate the intricacies of market research across Costa Rica, Mexico, Colombia, and Panama, delving into local trends and tailoring our entry strategy accordingl-
- Guide multidisciplinary teams through each project stage, steadfastly upholding consistency and stringent quality standards.
- Expertly manage risks intertwined with the expansion initiative, ensuring a punctual and budget-compliant execution.
- Maintain an open and effective line of communication with all stakeholders, fostering success in the emergence of these dynamic markets.
- Meticulously supervise the logistics surrounding the market launch, ensuring a seamless and well-coordinated implementation.
- Establish pivotal alliances with local suppliers and skillfully negotiate commercial agreements, smoothing the path for our entry into diverse markets.
the project
Travco is a leading global tour operator, specializing in comprehensive tourism services. Renowned for innovation, commitment to quality, and adaptability, Travco offers a wide array of vacation packages, accommodations, personalized experiences, cruises, and tailor-made travel services, providing memorable experiences worldwide.
Scope: Market Expansion in Latin America for Travco. The project aimed to establish a robust and sustainable presence for Travco in the markets of Costa Rica, Mexico, Colombia, and Panama. The scope included thorough market research, identification of strategic opportunities, establishment of local partnerships, adaptation of products and services, and the implementation of an efficient logistical structure. The objective was to meet the diverse needs and expectations of customers in each of these countries, ensuring a successful market entry and long-term viability.
Objectives
#1- Research and Analysis: Manage a detailed analysis of the Costa Rican, Mexican, Colombian, and Panamanian markets to understand trends, consumer preferences, and local competition.
#2- Entry Strategy: Coordinate the development of an entry strategy tailored to each market, including the identification of local partners, commercial agreements, and product and service differentiation.
#3- Establishment of Alliances: Negotiate and establish strategic alliances with local suppliers and businesses to ensure a comprehensive and competitive offering.
#4- Logistical Development: Design an efficient logistical structure for the distribution of products and the provision of services, ensuring quality and consistency in all operations.
#5- Risk Management and Compliance: Identify and proactively manage risks associated with expansion, ensuring compliance with deadlines, budgets, and local regulations.
#6- Leadership of Multidisciplinary Teams: Lead and coordinate multidisciplinary teams for the successful implementation of the project, ensuring effective and synergistic communication among all involved parties.
Key Achivements
results
Core team
El proyecto contó con la participación del equipo de emprendedores apasionados por ofrecer una experiencia navideña excepcional.
Market researcher
- Conduct detailed analyses of target markets, understanding trends, consumer preferences, and local competition.
- Market research, demographic data analysis, demand assessment, identification of opportunities, and risks in each market.
Product Development
sales & Marketing
- Generate demand, promote Travco’s services, and establish connections with potential clients in target markets.
- Development and implementation of marketing strategies, management of advertising campaigns, identification of sales opportunities.
Finance
- Manage financial resources, oversee the allocated budget, analyze investments, and assess the financial performance of the project.
- Budget control, cost analysis, profitability evaluation, ensuring financial compliance of the project.
Operations
- Coordinate the implementation of services, ensure operational and logistical efficiency in the provision of tourist services.
- Logistics management, operations coordination, quality assurance in service delivery.
Communication team
- Maintaining effective communication with all stakeholders, generating reports, and upholding a positive company image in the region.
- Communication with stakeholders, report preparation, reputation management, and corporate image oversight.
Risk Assessment
Several potential risks were identified that could have affected the development and outcomes of the project. Next, we will analyze some of the identified risks, how they were addressed, and the impact they had.
1. Impact of COVID-19 Pandemic During Development
Identified Risk
The project was developed in 2019 without anticipating the COVID-19 pandemic, which significantly impacted the tourism industry in 2020, leading to border closures, travel restrictions, and a drastic decline in the demand for tourism services.
Approach
Implementation of contingency measures and rapid adaptation to the new situation. Review and adjustment of strategies to maintain relevance in a changing context. Focus on services tailored to the emerging market needs, such as local travel and safety protocols.
Impact
Initially, there was a negative impact on project execution due to decreased demand and operational disruptions. However, the quick adaptation allowed Travco to maintain an active presence, even exploring new market opportunities as the industry recovered.
2. Long-Distance Supplier Relationships
Identified Risk
Working from the central offices in London involved a considerable geographic distance from the target countries, making it challenging to establish and maintain close relationships and constant oversight of relationships with local suppliers.
Approach
Scheduling regular visits to the target countries to strengthen relationships with local partners. Implementation of proactive and consistent communication with suppliers to ensure robust relationships and monitor rates and agreements.
Impact
Initially, the geographical distance presented challenges in managing supplier relationships. However, scheduled visits and constant communication allowed for maintaining strong relationships and preventing competitors from gaining significant advantages, ensuring beneficial agreements for Travco in the new markets.
3. Economic Volatility
Identified Risk
Economic volatility in the region that could affect the demand for tourism services.
Approach
Diversification of marketing strategies to attract different market segments. Implementation of flexibility in pricing and package structuring to adapt to changes in the economy.
Impact
Despite the volatility, Travco maintained a stable demand by targeting multiple market segments and strategically adjusting its prices, minimizing the negative impact on its operations and financial results.
Methodologies
Various methodologies were applied corresponding to each stage of the project in question.
📅 scrum
🔄 Kanban
The Kanban methodology was employed for the visual management of tasks and activities. Kanban boards were set up, enabling teams to visualize workflow, identify bottlenecks, and dynamically prioritize tasks.
🚀 Lean Startup
Lean Startup principles were applied to validate hypotheses, conduct market tests, and swiftly adapt strategies. This allowed agile adjustments in business strategies as real market data was collected.