The travel industry is still suffering from the aftereffects of a pandemic that has been declared over. Now, one woman-led company is succeeding by navigating the aftermath and continuing to grow. In these scary times, this story should serve as inspiration for anyone who wants to keep their business going in uncertain market conditions.,
A woman-led travel company successfully navigated the pandemic, leading to growth and a new era of tourism. Read more in detail here: travel companies.
Many travel-related companies were hit hard by the epidemic, but there were a few standouts that moved from surviving to prospering. One such success story is Squaremouth.com.
Squaremouth’s revenues decreased, as they did for other companies, when borders closed and travel restrictions stopped travelers throughout the globe. By April 2020, sales had dropped by 90%.
The executive team, on the other hand, promised to maintain all employees on full salary.
Squaremouth CEO Jessica Burns said, “We have always worked on total openness.”
Burns is a word that implies “transparency.” Employees are aware of each other’s pay, and everyone has a say in corporate decisions (including on new hires and hours of operation). Transparency in 2020 would include even knowing how much money was left in the bank.
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“Sales weren’t coming in, and reimbursements from canceled trips were going out,” Burns continued. “However, it was critical to us that everyone understand what efforts we were doing to save money and that their incomes were not in jeopardy.”
Through the changing travel environment, the corporation increased its efforts to current clients and started to consider what travel might be like if the globe began to open up. Squaremouth proceeded to develop new goods and target new markets in order to reach a new consumer base.
Megan Moncrief, Squaremouth’s CMO, stated, “Navigating the epidemic from a marketing standpoint may be tough since it is such a sensitive issue.” “We’ve always used a ‘downselling’ strategy to our marketing.” This was no exception for us. In the majority of situations, we started by explaining why you shouldn’t acquire travel insurance.”
Squaremouth is in an ideal position now, having weathered the worst of the pandemic, with revenues expected to exceed pre-pandemic levels by more than 200 percent.
The organization is also unusual in that half of its executive staff is made up of women. The women in top roles feel well equipped for the transformation in their sector, having worked their way up through the ranks of the multibillion-dollar corporation.
Burns began his career in customer service and is now the company’s CEO. She feels that her knowledge of Squaremouth’s clientele provides her an advantage.
“These are new clients with fresh and very serious issues,” Burns said. “In the past, consumers purchased travel insurance to cover ‘what-if’ circumstances. They’re purchasing it now because they’ve already been affected and want to be protected in the future.”
Moncrief, who is now the company’s chief marketing officer, started as a mid-level marketing manager with no prior insurance expertise.
“Early in the epidemic, we discovered new income sources that strongly depended on our technology expertise. We were able to commit all of our efforts to supporting these new collaborations since we kept our whole personnel,” stated Moncrief. “We’ve always functioned more like a software firm than an insurance company, and this has helped us to withstand the epidemic.”
Squaremouth is a tiny company with 44 workers, with 64 percent of them being female, including half of the management team. Sales have more than tripled this year compared to the same time in 2021, up 272 percent, and sales have reached pre-pandemic levels in the summer of 2021, with the year ending up 49 percent over 2019.
Workers may also take use of a variety of progressive benefits, such as miscarriage bereavement leave and 12 weeks of paid parental leave for all salaried employees, including adoptions. Employees receive unlimited vacation time, medical care for themselves and their family, and are required to take their birthdays off.
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