The purpose of VenueTourist’s Capstone Project was to determine the best market niche for virtual tours and how to best sell to that niche. In order to determine the best market niche, we explored three separate industries: universities, corporations, and venue owners. The evaluation of ‘best market’ was based on ease of sale and willingness to pay. After conducting sales efforts – email outreach, meetings, and if we were successful, contract signature – in each niche, it was determined the university market was both easiest to sell to and had the highest willingness to pay. The second question, what is the best way to sell to universities, was evaluated by seeking advice from mentors in our industry and then testing said advice.
Advice from mentors for sales strategies included cold emailing, cold calls, campus ambassador programs, traveling to university dense areas, going to conferences, and more. Initial results showed campus ambassadors and traveling to university dense areas as the best sales methods in order to maximize potential revenue (probability of closing sale * price of potential sale). From these results, VenueTourist has concluded the best path for growth is to create a small team of skilled sales ambassadors and have them travel to university dense cities in order to sell our virtual tours.
Check out their Capstone poster here!: Venue Tourist Capstone Poster
Connor Tullis, BBA, 2020
Sven Wollschlaeger, BBA & CS, 2021