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I'm going to the Ontario Tourism Marketing Summit this week. The event starts tonight with a reception at the Metro Toronto Convention Centre followed by a visit to the 500 m tall CN Tower. The weather promises a clear night so the view from the tower should be spectacular. The view of the tourism industry going forward however is not that clear. Financial markets around the world are reeling from problems caused by irresponsible lending pratices in the United States in the last several years. Banks are failing in Europe and businesses are beginning to really feel the pressure of a frozen credit market. It does not take a degree in Economics or an MBA to realize that the situation will hit the travel industry hard. Marriott international came out a few days ago with a warning going forward that earnings will decline.
I'm going to the Ontario Tourism Marketing Summit this week. The event starts tonight with a reception at the Metro Toronto Convention Centre followed by a visit to the 500 m tall CN Tower. The weather promises a clear night so the view from the tower should be spectacular. The view of the tourism industry going forward however is not that clear. Financial markets around the world are reeling from problems caused by irresponsible lending pratices in the United States in the last several years. Banks are failing in Europe and businesses are beginning to really feel the pressure of a frozen credit market. It does not take a degree in Economics or an MBA to realize that the situation will hit the travel industry hard. Marriott international came out a few days ago with a warning going forward that earnings will decline.-
Given the situation, should we give up on tourism marketing efforts? Caution is called for, yes, but not a stop to our marketing. It is in difficult times when marketing becomes that much more important. In high tides all boats are lifted, but in low tides, only those water crafts with the right configuration can navigate a shrinking ocean. There will be many people who will postpone their trips in the next little while (how long it's hard to tell, but at least for the next 12 months). But many more people will continue to travel. Their plans may change to go to less expensive destinations perhaps closer to home, but they will still travel. The challenge for every tourism business will be how to stay afloat by attracting sufficient guests in the coming months. In my opinion, the best way to do this, will be with good, focused, cost-effective Digital Marketing. The key is to find the right niche, the right segment, and better yet to make it easy for that niche of travelers to find you online.
-Affluent consumers, whether in the US, Europe or Mexico, will still travel. The question for us, really, is whether they will come to our Canadian Destination or will choose somewhere else. This is why this Ontario Tourism Summit and the coming TIAC Tourism Leadership Summit in Gatineau and the PhoCusWright Travel Innovaton Conference in Los Angeles are so important this year. And why Canada-e-Connect 2009 (Jan 21-23) in Toronto is a must-attend to begin 2009 with the right tools to navigate the low tide that's coming.
-saludos,
Jaime
www.cactusrock.com
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