Explora y Ahorra Viajes - Travel Agency for Students Studying Abroad in Spain
Buyer Persona
The design of our business began with identifying who the customer is. Our idea was based around our experiences studying abroad in Spain so, our buyer persona was based around our interests, goals, objectives, and challenges. Through this aspect of our company, we were able to understand the importance of identifying the customers for a company. Without a customer, there is no company.
Benchmark Analysis
In order to design revenue streams, marketing goals, potential weaknesses and future projects for our company, we completed a benchmark analysis of similar companies. Using this benchmark analysis, we were able to create the key features of our company that set us apart from the competition. Our company was for short-term trips within Spain, we would have physical locations in the two largest university towns in Spain, and provide discounts to the consumer through partnerships with hotels and tourist experiences. These features were not seen in any of the companies used in our benchmark analysis.
SWOT Analysis
Once we developed our company, the factors that set us apart, and our revenue streams, we needed to perform a SWOT or FDOA analysis of our company. Through this, we learned the importance of having this deeper understanding of your company. With the identification of our weaknesses and threats, we would be able to make changes to our business structure and revenue streams if we were to pursue this business. Identifying the strengths and opportunities gives us the information needed to operate within our expertise.
The Key Performance Indicators
In order to analyze the success of a business, the key performance indicators or KPI must first be identified. For our company we identified the KPIs of our business itself in terms of profit, number of repeat customers, and site visits. For a modern company like the one we envisioned, it is important to have a social media presence. So, we developed a set of KPIs for our social media. The factors we considered were views, interaction rates, and followers.
The understanding of KPIs is essential for a company for performance measurement, decision-making, and resource allocation. Having these indicators pre-set allow the company to be dynamic as the market changes.