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January 8, 2025 20 mins

In this empowering episode of the Tourism Hub Podcast, host Despina Karatzias wraps up the enlightening "Igniting Smart Marketing for 2025" series with a grand finale focused on investing in yourself and your business. Despina emphasises the importance of budgeting for growth in the ever-evolving tourism and small business landscape, highlighting the necessity of strategic investments in marketing, innovation, and professional development.

Listeners are guided through the essentials of budgeting, from website optimisation and content creation to leveraging Google and Meta ads for targeted traffic. Despina underscores the significance of personal growth, urging professionals to upskill and engage in networking opportunities to stay competitive and inspired.

The episode also explores the power of collaborations and partnerships, encouraging businesses to build relationships with trade partners, local businesses, and digital influencers to amplify their reach and impact. Despina provides actionable steps for evaluating budgets, investing in new skills, and creating a growth roadmap to ensure future success.

Join Despina in this transformative discussion as she inspires tourism professionals to commit to excellence and future-proof their businesses. Tune in for a journey of growth, insights, and actionable strategies to thrive in the dynamic world of tourism.

01:16 - The Importance of Budgeting for Growth
03:53 - Effective Marketing Strategies
08:21 - Investing in Yourself and Your Team
11:54 - Collaborations and Partnerships
15:21 - Creating Your Growth Roadmap
17:39 - Conclusion and Final Thoughts
 
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Instagram: @despinakaratzias

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Transcript

Episode Transcript

Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Well, hello, beautiful humans of tourismand welcome to the grand finale of

(00:06):
the tourism hub podcasts, ignitingsmart marketing for 2025 series.
I am your host, AspinaKaratzias and what a journey.
This has been, over the past sixepisodes, we've tackled foundational
marketing plans, The difference betweenbranding and marketing, digital first

(00:26):
strategies, digital accessibility,customer retention, and so much more.
Today, we close the series with anepisode that ties it all together.
Investing in yourself and yourbusiness, budgeting for growth.
In tourism and small business,the only constant is change.

(00:50):
Trends evolve, consumer expectationsshift, and new opportunities emerge.
To thrive, we must all commit togrowth, not just for our business, but
for ourselves as leaders and givers.
This means budgeting formarketing, innovation, professional
development, and future readiness.

(01:11):
Let's finish strong, my friends,and begin with the basics.
Why is budgeting for growth so important?
In small businesses, especiallytourism, budgets are often tight.
The temptation to cut corners, especiallyin marketing and personal development
and business development, can be strong.

(01:35):
But here's the truth.
In what I've learned along the way,investing in growth is not an expense.
It's a necessity where you mustthink of it as an investment.
Marketing drives visibility,engagement and bookings.
And stopping the spend or not consideringthe spend and not intentionally

(01:58):
budgeting For what that looks likecan be more costly to the business
then just going ad hoc personal andbusiness development, sharpens your
skills, helps you stay competitiveand ensures you're ready to go.
to lead your business into the future.
Not to mention getting you inthe room with other like minded

(02:20):
people and what opportunities thatcan create when you're looking at
this from a collective approach.
Together you can create a lifeblood forsustainable success in your business
through your networksas well as your skills.
According to Deloitte businessesthat consistently invest in marketing

(02:44):
during uncertain times are threetimes more likely to outperform
competitors when markets rebound.
On the personal side, professionalswho prioritize upskilling and learning
report 20 percent higher careersatisfaction and success rates.

(03:05):
In tourism, growth isalso about relationships.
We've talked about that a lot.
Relationships with your audience,relationship with your trade partners,
with your industry collaborators, just therelationship with each other in general.
Budgeting ensures you can maintain andstrengthen these connections through

(03:27):
consistent marketing efforts, Tradeevents and networking opportunities.
If it isn't scheduled, if it isn'tconsidered, it will not get done.
So particularly as we're entering a newphase and a new chapter, I want you to
be strategic about putting in that lineitem if you don't already, and make

(03:50):
sure that you make that commitment.
Now, when it comes to marketing,where should your budget go?
Here's a breakdown to guide your strategy.
Your website and email marketing,non negotiable, allocating a
significant portion of your budget tomaintain and optimize your website.

(04:13):
Is.
You know, like I said, it's a must, it's amust invest in email marketing tools, like
your active campaign or your MailChimpor your MailerLite, ensuring that you can
deliver personalized, engaging campaigns.
consistently.
Okay, so that is number one.

(04:34):
Your content creation, looking athigh quality content like videos,
blogs or social media posts drivesengagement and builds trust.
If resources are tight, consideroutsourcing specific tasks
like the editing componentor graphic design component.

(04:56):
So we're not budgeting for this,we can't allocate it to someone.
So let's budget not only your fundsand your resources, your money
budgeting, but also thinking abouthow you are allocating your time.
We know that these things areimportant, but now to get them done,
we have to think about who, how, when.

(05:18):
When, why and what will it cost us?
Will it cost us our time orwill it cost us our cash?
This is the opportunity foryou to think about that.
Now we move to paying to play.
Now a lot of what you've heard on thisseries and anything that I share is

(05:39):
Is for organic growth and what you cando without the cash to splash Knowing,
you know, you're looking you're trulyknowing that we there's not copious
amounts of funds to do this However,platforms like Google Ads and Meta Ads
can help you drive that targeted traffic.

(06:00):
But start small and optimise as you go.
Focus on campaigns that guide people toyour website or promote email signups.
Be really clear with the outcomethat you want to achieve.
But start, again, startsmall, start organically.
That's definitely, you know, I have, youknow, hand on heart, I have been there

(06:24):
and I have done that and achieved greatsuccess by doing things incrementally.
Keep building, but we have tostart and we have to continue.
Then we talked about your trade andyour partnerships, reserving those
funds for the trade shows, hostingthose familiarization trips or co

(06:48):
branding campaigns with your partners.
Think about these.
See it.
Be it.
Do it.
Okay, so we have to think about what, whatis happening in the next quarter, in the
next, for the remaining of the financialyear, where you must be in the room and
be visible to make those connections.

(07:10):
There's plenty coming up, andmaybe that's, I mean, this
is when I wish there was.
people to talk to here.
Maybe that's something I can lookat and I'll put it on my little
note here that looking at, , what iscoming up in the year ahead that you
should really, really think aboutinvesting in yourself and traveling to.
Last but not least, data and analyticstools like your Google Analytics, SEMrush

(07:36):
or HubSpot or your MailChimp or your meta,business suite, all can help you measure
your performance and refine your strategy.
The key is balance.
And the key is.
Actually thinking.
Being, giving this some thoughtand making some decisions.
Prioritize the channels that aregiving you the highest return.

(08:01):
Prioritize the content that isresonating with your audience.
And look at that return on your investmentand return on your communications and
ensuring that every dollar spent andevery minute that's spent in your business
is supporting those overarching goals.

(08:21):
Now let's talk about the mostvaluable investment that you can make.
And that is on you, my dearfriend, on you and the people that
are supporting you, your team.
As a leader in any business, stayingsharp and inspired is essential

(08:41):
to keep everyone around you sharp.
and inspired.
Here's how to make this happen.
Upskilling and training.
Now there are plenty of online courses.
There are plenty of things that I have nodoubt are happening in your own backyard.
Are you paying attention to these?

(09:02):
There are plenty of mentor programs.
The world is changing rapidly andstaying informed and being Getting
yourself in the right room with theright people ensures that you and
your people are not left behind.
For example, an shameless plug here.

(09:24):
Here at the Institute ofExcellence, this podcast, free.
We also offer courses tailored tothe tourism and sports industry.
Small business industries, selfpaced and on demand, very affordable.
These resources are there tohelp you master skills like
digital marketing, leadership andcustomer service to name a few.

(09:46):
There is so much out there.
We just need to be connected to the rightpeople at the right time to keep us green
and growing and not ripe and rotting.
We don't want to be ripe and rotting.
And networking.
And industry events, allocatingpart of your budget and your
time, monthly, weekly, quarterly,to attend industry engagements.

(10:12):
Conferences, trade shows, breakfast,lunch, dinners, these events
are invaluable for business.
Building that muscle of relationship andgaining insights and staying connected.
You never regret it.
It's like going to the gym.
You just never regret it.
As painful, as busy as your day canbe, showing up in a room, showing

(10:36):
up in a room full of other humans oftourism and hospitality and events.
You always walk away learning somethingnew or meeting someone that ignites
you, and no doubt you to them.
And empowering your team, investing inyour team's development can pay dividends.

(11:03):
Whether it's training on customer service,technology or sustainability practices,
a skilled team member ensures that yourbusiness is going to continue to thrive
and achieve those goals you've set.
As the saying goes, an investmentin knowledge pays the best interest.

(11:26):
By budgeting for growth,Money and your time.
You're not just preparing for 2025,your future proofing your business.
And we are spoiled for choice and programsupport and mentoring support with many
in your corner, championing your success.
Yours truly included with theonly thing required or missing is

(11:50):
you and your desire to succeed.
To come along the journey.
Finally, growth doesn'thappen in isolation.
Collaborations and partnerships.
Amplify your efforts.
Trade partners, partnering with trade.
We talked about the definition of tradepartnerships and third parties, travel

(12:13):
agents, tour operators, online travelagents to increase reach and bookings.
Now, I will dedicate more time to that.
of a bit of an episode on this conceptof being trade ready, because not all.
I have been working one on one with manybusinesses that want to play in this

(12:37):
playground and we have to take a fewsteps back before we can move forward.
However, that's not all.
That's not to underestimateyour potential in carving out
this path for your business.
Another one, something that Ispoke to earlier about being
a marathon not a sprint.

(12:58):
this is something I have Walked thispath and I'll happily help anybody else
do the same but allocating funds forco marketing initiatives or exclusive
deals or the ability and more importantlythe ability to consider working through
trade And having someone else sellyour business, also being able to think

(13:23):
about commissionable rates and beingable to part with your fat with your,
profit margins, is also part of this.
journey moving forward.
So budgeting for this,pricing for this is important.
And local businesses, starting here, I rana workshop when, you know, we got funky

(13:47):
and we couldn't operate internationally.
So the whole premise wasaround international marketing,
but when we couldn't, it wasthink global, think local.
Start local.
Your local businesses.
They're your first initial lowhanging fruit to be able to
sell or refer you business.
So collaborating with complementarybusinesses in your area.

(14:10):
And it can include anything fromcafes, restaurants, Tour transport
providers, accommodation providers,attractions to create bundled
experiences, packages or sharedpromotions and community engagement.
Again, I can't stress that enough.

(14:31):
Building these relationships with yourlocal tourism board, your local tourism
council, or your regional organisations.
Many offer grants or supportto help the local economy.
And speaking of local economy,your local council, as well
as your local tourism council.

(14:51):
And digital collaborations.
Partnering with influencers,bloggers, or content creators
who align with your brand values.
Their reach can introduce yourbusiness to new, engaged audiences.
And remember, collaborationis about creating win win.
opportunities.

(15:12):
Only, we're only look throughthose win win opportunities.
With the right partners, youcan achieve more with less.
So let's end this series with an actionplan that sets you up for success.
And when it comes to evaluating yourbudget, assess how much you're currently

(15:36):
spending on your marketing and yourbusiness, your intentional business and
personal and emotional intelligence.
Are you prioritizing the right areas orare you Analyzing, auditing, looking for
gaps and then filling in that need tostrengthen the areas that are weaker.

(16:01):
Invest in your one new skill.
Sign up for that course.
Read that book, attend that workshop,listen to that podcast in the
next quarter that enhances yourleadership and your marketing ability.
Even if it is simply subscribingto a podcast that will help you,

(16:27):
hopefully it's this one, but takingthat weekly takeaway will be something.
for listening.
is something better than nothing.
I certainly show up here to giveand provide as much value as
my own resources possibly can.
And strengthening those partnerships,reaching out to an existing or potential

(16:51):
partner with a collaborative idea,building a relationship that benefits
you both, leading always, always leadingwith how you can add value to them.
You'll get looked after, not leadingwith what they can do for you.
We always take the approach of howour product and our experience and

(17:13):
our skill can add value to them.
And creating a growth roadmap, outliningwhere you want to be in one month.
Three months, six months.
What does that look like?
Where do you want to be?
So then it's much easier to start thinkingabout what investments, time, money, and

(17:36):
energy it will take for you to get there.
Okay, congratulations are in order.
You've completed the IgnitingSmart Marketing series.
This has been a journey of growth,insights, and actionable, biteable, small
steps to make in your business to thrive.

(17:56):
Remember, investing in your businessand yourself isn't just a strategy,
it's a commitment to your excellence.
Thank you for tuning in to the TourismHub Podcast where our dedication is
to bring you the excellence, to igniteyou with excellence, to bring you
people, process, place and purpose tomake your week ahead and your business

(18:20):
better today than it was yesterday.
or last week.
This episode, like the entire series,is brought to you by the Institute of
Excellence, your school for tourism andsmall business greatness, where you can
also download our full and free ebookworkbook, Top 25 Marketing Mistakes Your

(18:42):
Small Business Must Avoid to Thrive, whereseven of this series was inspired by.
And you can do that byvisiting instituteofexcellence.
com.
And please take a moment toleave a review and hit subscribe.
So you never miss an episodeon your favorite platform.

(19:04):
And please, if you enjoy whatyou are listening to or watching,
please take a moment to leavea review or send us an email.
And If you hit subscribe onyour favorite podcast platform,
you will never miss an episode.
I definitely, my promise.
to you always is to bringyou value for your time.

(19:27):
Until next time, thank you for exchangingyour most precious resource with me.
Stay ignited, stay inspired, and rememberyour success is worth every investment.
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