Huge success: Fast Review sold the franchise to Saudi Arabia for an impressive $1.2 million

Announced expansion to the Asian market.

Author  Goran Rihelj

4. June 2024.

The Croatian traveltech company Fast Review sold a franchise to Saudi Arabia for an incredible 1.2 million dollars.

In a conversation with Peter Aračić, founder and executive director of FastReview, we learn that the franchise was sold for a period of 10 years and for a million dollars, to be exact 1,2 million dollars. 

"The investor came to us through an acquaintance of ours, who used to work for them in Riyadh. These are investors who are well-known names in Saudi Arabia. After only a week on the market, the franchisors signed impressive contracts with several hotels and medical institutions. Saudi Arabia is really the new mecca for global business. The market is developing, but it is developing extremely fast and in ten years it will be the global leader, " says Aračić, pointing out that for the needs of the UEA market, they are opening an office in Dubai.

The FastReview® client list includes well-known hotel brands such as Hilton, Crowne Plaza, Conrad, Mandarin Oriental, Waldorf Astoria, Accor, Movenpick, DoubleTree and many others.

After the opening of the Saudi Arabian market and good positioning in the UAE for three years, the expansion to the Asian market was announced.

Last year, for the first time in history, a global partnership agreement was signed between the domestic brand FastReview and the world leader, the Tripadvisor platform. This was followed by partnerships with HolidayCheck and other global partners.

According to Aračić, the main goal is to open the American market. As the global was signed last year partnership agreement with world leader Tripadvisor, good reputation and proof of concept American investors were also interested in the Fast Review business model. 

"In America, consumers most often use TripAdvisor, Trustpilot and Yelp, which is mostly in F&B. But TripAdvisor is still the strongest, along with Google. We currently have interest and open conversations with several potential investors in the American market. We are opening an office in America soon, we are currently in putting together the team that will be in charge of the development of the American market," Aračić pointed out.

New project 10

That fact alone is impressive, and the story is even more significant because of the fact that it is Tripadvisor contacted FastReview and after a deeper analysis signed a collaboration with a domestic platform for reviews. The first version of the software was launched four years ago. In some markets, Fast Review currently operates independently, while in some markets it operates through franchises, while the plan for the American market is to enter into a partnership with investors. 

Daily development of Fast Review: expansion and on online reputation management

How Fast Review helps clients get more positive online reviews and feedback from clients while they are still using the service and while their impressions are fresh, as well as strengthening the brand vision and maintaining client satisfaction - the new extension and expansion of the platform and online reputation management segment is logical and natural, because the management of reviews (which are today's main currency and stars) is their core business. 

We started with the introduction reputation management in the hotel industry Aračić points out and adds:

"One of the big news is that we have expanded our product. We are currently working with a couple of large hotel companies on the first analyzes based on reputation management, after which we will present the expansion of our product. We also work on the preparatory process of scanning the hotel's reputation on all social networks and review platforms, after which we make a plan on how to raise reviews through Fast Review, as much as it brings in reputation, brand and profit. We help our partners to achieve quality results in a proper and structured way based on quality analysis, concrete plan and technology. After that, through FastReview, we work on all the steps to correct shortcomings, improve positive reviews and raise the quality of the service, which ultimately of course reflects on the total profit of each partner." concludes Aračić. 

A huge success and breakthrough. Not only for Fast Review, which a year ago focused on global expansion, but also for the entire domestic travel tech sector as well as for the branding of Croatia. 

Photos: osmanoglu cream on Unsplash / FastReview / Illustration: hrturism

Author  Goran Rihelj

4. June 2024.