As an executive at the helm of a destination tourism board, I am challenged with not just maneuvering change daily but foreseeing potential upsets before they occur. The travel and tourism industry is exposed to constant market shifts brought on by various everyday occurrences such as, but not limited to, global economy fluctuations, political turmoil, innovation and technology, natural and health crises, weather patterns and competitive positioning. Given that our industry is sensitive to many disruptive forces, as tourism leaders we do our best to forecast and plan for seasonality; study competitive market landscapes; and stay abreast of new and emerging technology.
Still, at times we find ourselves in the midst of an unexpectedly shifting market, and how we react to the first signs of disruption may determine the success of a tourism season in a destination. Throughout my career, I have had opportunities to try out different strategies, a personal experience that has allowed me to single out the most successful actions in various situations. Here are five actions I rely on to successfully address disruptive travel market trends:
1. Listen
We cannot address change if we are not aware of it. Understand the bigger picture of your tourism product positioning and be sensitive to any shift indicators your landscape may be signalizing. Notice performance fluctuations within your tourism verticals and analyze what channels are over or under producing to identify the sources shifting your market.
The Cayman Islands Department of Tourism invests in market research to provide a global perspective; our teams conduct market scans and any breaking news that occurs across the globe is closely monitored. In short, have a plan and make sure your teams openly and proactively share information.
2. Use your resources
Once you have identified and quantified factors driving market change, employ your resources to combat the shift. Cooperation with your partners and the domestic tourism board is paramount to forming a focused strategy to answer the risk at hand. Use your marketing expertise to drive this process and ensure that you maintain consistent communications to both your partners and the consumer.
For small islands in the Caribbean such as my home, the Cayman Islands, access is critical. A great resource we own as a government is a national airline, Cayman Airways. Our national flag carrier lends agility and enables us to provide destination air service in addition to the well-established relationships with larger international airlines. Investing in your business relationships with airlines, island tourism partners and strong alliances with the trade sets you up for a successful response to unexpected market changes.
3. Respond
Respond swiftly to the shifting market conditions by executing the urgent market disruption plan you strategized with your partners. Then, look ahead at how you could further capitalize on opportunities to turn challenges into a strategic advantage. Regular connection points and partner communications help gauge accurate market response. As tourism executives, decisions we make have a direct impact on private sectors, creating an almost symbiotic bond. It is critical that we tap on-island partners including travel and trade partners to help us keep a pulse on the travel industry. Ultimately, together we provide business intelligence that will ensure a smart and timely response as well as unveil opportunities that arise as a result of our actions.
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4. Monitor and analyze
Once your strategy is deployed, closely monitor and analyze the results. Utilize personnel and digital platforms to ensure you have a verified data stream to help evaluate the efficiency of your plan. Don't just formulate and let go; follow up and document how your efforts provided buoyancy in a weak period or perhaps the way a surprise discovery paved the way to new business development.
5. Readjust and repeat
Analyzing your results will give you a clear indication of what your actions produced and if you need to do more. Modify and amplify your messaging as needed so you can reposition the market for recovery. Working in travel is based on the human response. The need for travel is, therefore, the cycle of stimulating demand, standing out from your competitive set by offering unique experiences and creating an impulse from prospective visitors to travel. The business, creative and analytical attributes of addressing market trends is a way of life in an evolving and expanding global community.
Successful leaders always seek to understand the impact that different market fluctuations have on their business model. We look to develop the tools required to positively manage emerging market disruptions ahead of the risk to remain competitive. Disruptions will continue; what is key here is - how will you use these tips to build your toolkit and leverage disruption opportunities that will undoubtedly come your way?
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