The Bermuda Tourism Authority Product & Experiences team prepares entrepreneurs for the Tourism Experiences Investment Program. Presentations were made August 31st and September 1st, 2017.
2. BTA Purpose â Why are we here?
1. Promote Bermuda globally as a world-class
destination for leisure and group travel
2. Create jobs and opportunities for Bermudians
3. Generate economic growth for Bermuda by
encouraging investment that will enhance the
tourism industry
3. Experience Investment Process
Why are you here?
Create new, enhanced and authentic
experiences
Bring more visitors to the island
Better satisfy visitors that are already in
Bermuda
THE BTA IS LOOKING TO:
⢠Support homegrown ideas to get off the ground
⢠Diversify our experience provider base
⢠Increase product offerings
⢠Educate and align products offered by partners
⢠Enhance on-island experiences for target visitors
4. Funded Investments
Since inception, the BTA has allocated approximately $3.1
million to home-grown ideas that help enhance the islandâs
collection of visitor experiences.
141
Experiences
since 2014
40
Experiences
In 2017
5. Return on Investment
How can this be
demonstrated?
Creates jobs
for Bermudians
Fills an
identified gap in
the tourism
product
Demonstrate
media
exposure for
Bermuda
Increased
visitor spend
and/or length
of stay
Returns that
can be re-
invested into
the tourism
product
Proven
increase of
awareness to
markets
outside of
Bermuda
Substantial
amount of
visitors
All experiences should yield a Return on investment and have a direct impact on the tourism industry
All events and attractions receiving
funding from the BTA will be subject to
economic and financial reporting,
customer feedback reports and visitor
participation data.
6. Product vs Experience
Products:
⢠Hotels
⢠Tours
⢠Excursions
⢠Infrastructure
Experiences:
⢠Execution and delivery around the product
⢠Unique, differentiating Bermuda
⢠Perceived as providing great value for money
⢠Personalized, connecting with the visitor
⢠Things that create memories
7. Why Are You Here?
ARE YOU FILLING A NEED FOR OUR TARGET VISITOR?
HAVE YOU IDENTIFIED A WAY TO DO THINGS BETTER?
HAVE YOU IDENTIFIED A NEW PRODUCT OR SERVICE THAT
ISNâT ON THE MARKET YET?
8. Case Studies
Beach Boys â Tobacco Bay
Bermuda Heroes Weekend
Bermuda Triple Challenge
Blue Sky Flights
Hidden Gems
9. Beach Boys - Tobacco Bay
Proposal: To support weekly live entertainment and art demonstrations at Tobacco Bay Beach
What we liked:
⢠Featured unique Bermudian live
entertainment
â˘Enhanced visitorsâ on-island beach
experience
â˘Increased visitation to Hub 1, the
Town of St. George
â˘The offering occurred on a
consistent basis
⢠Offered direct transportation to
the location
⢠Extending live entertainment
dates until the end of October
⢠Incorporating an innovative way
to feature live beach
entertainment
What could have
been better:
10. Bermuda Heroes Weekend
Proposal: To create Bermudaâs first four-day carnival event featuring overseas and local revellers
immersing in Bermudaâs unique culture
What we liked:
What could have
been better:
⢠Exposed Bermuda to a younger
demographic
⢠New experience that showed
visitors the Bermudaâs rich culture
(water raft-up)
⢠Attracts visitors to the island
⢠Created opportunities for local
entrepreneurs and stakeholders
⢠Provided overseas media exposure
â˘Repeat visitation to the island
⢠Having BHW take place during a
different time of year to address
seasonality challenges
11. Bermuda Triple Challenge
Proposal: To host a unique obstacle course weekend showcasing the beauty and brawn of three
locations over three days.
⢠Looked to attract one of BTAâs
persona groups: active adventure
thrill seekers
⢠Targets a younger demographic
⢠Took place during the peak
season for Arts, Culture & Sport
(March)
⢠Showcases how to use Bermudaâs
assets in a fun and unique way
⢠Increased social media coverage
⢠More integrated marketing
approach
⢠Balanced participation numbers
amongst locals and visitors
What we liked:
What could have
been better:
12. Blue Sky Flights
Proposal: To create a new unique flying tour that allows visitors to see Bermudaâs scenic locations by air.
What we liked: What could have
been better:
⢠The experience was NEW
⢠Occurs year-round
⢠Diversified our experience
provider base
⢠Experience provider was not
reliant on BTA
⢠Enhanced integrated
marketing approach
⢠The time taken to obtain all
necessary government
approvals and requirements
13. Hidden Gems
Proposal: Expand all-inclusive eco-tour offering by purchasing an additional vehicle
What we liked:
What could have
been better:
⢠The experience provider
looking to expand and service
additional visitors
⢠Unique eco-tour offering that
occurs year-round
⢠Enhanced visitors on-island
experience
⢠The benefit of the increased
exposure, through marketing
support, to expand client base
⢠Although we liked the thought
of expanding services, this
process seeks to provide funding
to support events and
experiences. Utilizing funds for a
capital expense fell out of the
approved criteria
â˘Adding a NEW tour offering to
compliment the all-inclusive eco-
tours
21. Factor Shoulder
Gap
Peak
Gap
Beaches and water activities 13% 12%
Cuisine or dining experience 10% 12%
Types of recreational activities 11% 11%
Quality of recreational activities 11% 12%
Cultural and historical attractions 6% 5%
Adventure activities 6% 5%
Night life / entertainment 2% 3%
Sporting activities 4% 5%
Shopping experience 2% 2%
Festivals or special events 3% 2%
A gap analysis measures the difference
between the importance of an attribute
and the visitorsâ satisfaction with that
same attribute
IMPORTANCE
- SATISFACTION
GAP
Product & Experience Gaps 2016
22. Humanity returns to travel, in an age of digital overload:
Trends
âAll of the data in the world is much more powerful when placed in the
hands of a well-trained, empathetic person who can anticipate, be
flexible, and help steward a cohesive experience.â
The âEXPERIENCEâ has supplanted the âproductâ as the
main event:
Tours and activities are finally coming into their own:
â[Consumers] want their tours and activities on-demand. In the age of
instant service from Uber, Seamless and HotelTonight, people have
less and less patience. If they canât book it easily right now, while
theyâre in the mood, they might not book it at all.â
âThe way we dine out has changed â instead of serving just a meal,
restaurants have become destinations in their own rightâŚdiners can
create the ultimate personalized experience any day of the week, and
restaurants have evolved to accommodate these cultural changesâ.
- SKIFT Annual Forecast:
- Megatrends Defining Travel in 2017
23. Bermuda is HIGHLY seasonal
(average occupancy of 58%): Opportunity to build business
Bermuda is highly seasonal with May to August having the highest average occupancy rates of 70-80%;
Occupancies in December to February are as low as 30%
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
January February March April May June July August September October November December
2016 Air Arrivals
25. Priorities for Investments in 2018
ENTERTAINMENT
⢠Authentically Bermudian local entertainment delivered in a
different and innovative way
NEW EXPERIENCES
ARTS & CULTURE
⢠New experiences to diversify our experience provider base
and better satisfy visitors that are here
⢠New and/or enhanced experiences that show our visitors the
richness of Bermudian culture and food
SPORTS
⢠Events that increase visitation to the island and attract visitors
to Bermuda during the shoulder season
27. FINANCIAL MARKETINGCONTACTS &
COLLABORATION
Type of Support
⢠Funding requests must not exceed $75,000
⢠Funding is competitive and limited
⢠Some experiences that meet the criteria may
only be awarded partial support
⢠Applicants should not assume that they will
be awarded support on an annual basis
âThe Tourism Authority has provided a
phenomenal amount of support for our
relatively new tourism business,â said Ashley
Harris, whose company, Hidden Gems of
Bermuda, provides the kind of unique
experience visitors say they want. âPeople
know who we are and the unique product we
offer. We are very grateful for the positive
support we get from the BTA.â
⢠Access to BTA network and contacts
⢠Facilitated collaboration that improves delivery
of an experience
28. Disbursement and Use of Funds
FOR SUCCESSFUL APPLICANTS WHO RECEIVE
FUNDING:
BTA will provide a percentage of
the investment awarded once a
contract has been signed
Milestone payments will be
made based on agreed
performance targets and
reporting requirements
Final payment is made once the
Post Experience Report has been
received by the BTA
Awardees must provide
adequate proof that the funds
received were used as intended.
The BTA will be reviewing reports
and checking that applicants
have demonstrated acceptable
use of funding.
30. What does an Application Need to Include
1. Evidence that the experience is unique, showing a link to one
of our target experience segments
2. A viable business/marketing plan including an explanation of
how you will:
a) Increase visitor length of stay and/or spend
b) Attract international visitors travelling for a specific
event
c) Align with target visitor expectations or fill an
identified product gap
d) Increase visitor length of stay and/or spend
3. Multiple sources of funding, beyond BTA
4. A path to sustainability
5. Letters of support
31. Ineligible Experiences
⢠Bermuda Tourism Authority to cover the full cost
⢠Submissions received after the deadline
⢠Hardcopy, handwritten or faxed applications
⢠Experiences not occurring in Bermuda or related to Bermuda tourism
⢠The funding request is to offset any expense(s) associated with a
previous venture
⢠Requests for permanent funding
⢠Experiences that do not align with the goals of the National Tourism
Plan
⢠Ineligible events: Conferences, Tradeshows, meetings, etc.
32. ⢠A cross-sectional team at the BTA is created to review applications
⢠Each team members rank and score proposals based on how well the proposal delivers on the assessment criteria
⢠After initial review and scoring, applicants that meet scoring requirements are shortlisted and interviewed
⢠Applicants receive another ranked score after interviews are completed
⢠Once ranked and scored, the Product & Experiences team review all weighted scores and final funding/support decisions are made
⢠Communication is then sent to all applicants advising them of BTAâs final decision. All information is kept and documented for future
consideration
How Decisions Are Made
34. Do you have a Business Plan?
A business plan
will:
Assist with
deliberate
decision
making
Be key for
financing
â˘Banks, investors
Be a tool to
share the
entrepreneurâs
vision
Help to ease
entrepreneurial
uncertainty
â˘Risk reduction
Force the
entrepreneur to
have perspective
âOn itâ â not In it
Does your
business
plan have:
Why you believe there
is a need for your
business?
â˘Backed with market
research?
How you will
execute?
What your
projections are?
Accurate
financials?
What effects it
will have on the
tourism industry?
35. ⢠What do you want to do and why do you want to do it?
⢠Is there a similar experience, event, or offering offered in
Bermuda?
⢠What makes your experience unique?
⢠Does your business have a location?
⢠What do you need the financial/marketing support for?
BE SPECIFIC
⢠Do you presently have a tourism product? If so, explain
how will the support be used to enhance the visitor
experience?
Key Questions to Ask
36. Executive Summary
Clear and compelling mission statement, objectives, financial overview, keys to
success
Problem/Solution/Opportunity Focus
ď§ Why now?
Overview of Market with Key Research
ď§ Support your story with key research
ď§ SWOT Analysis
Management
⢠Who will be leading your business?
⢠Include bios, background information etc.
Financials
⢠Make your business plan has realistic income and expense numbers
⢠Show other sources of investments (i.e. savings, personal loan, private investor,
additional grants, consumer loan)
Marketing Plan
⢠How will people find out about your product
If you need further assistance with your
business plan, the Bermuda Economic
Development Corporation provide
excellent services to support small
business entrepreneurs. Contact 292-
5570 or email info@bedc.bm
37. Research, Research, Research!
Donât underestimate business costs
Educate yourself about the expenses of
your new business. Survey potential
customers and test the market
Analyze the performance of similar
products or services in the market -
determine different ways in which you can
improve the product
Speak to other business owners as many
have had experiences and success in the
same field and would love to share their
stories
Gather your own data - traffic counts at a
proposed location, yellow pages to identify
competitors, do surveys or focus group
interviews to learn about customer
preferences
Be as specific as possible; give statistics,
numbers and sources
The BTAâs in-house research team is
available for advice and guidance based on
research weâve done. For information
contact mhowe@bermudatourism.com
Independent Research Primary Research
39. Social Media Basic Concepts
ď§ What type of business is your company?
ď§ Who is your target audience?
ď§ What are you trying to achieve using social
media?
ď§ Awareness
ď§ Revenue
ď§ Inspiration
People buy
from who they
trust
Quality vs
Quantity
Build customer
awareness
Provide quality
consumer
experience
throughout
entire
engagement
40. A âpushâ strategy
involves taking the
product directly to
the customer via
whatever means.
âTaking the product
to the customerâ
A âpullâ strategy
involves motivating
customers to seek
out your brand in
an active process.
âGetting the
customer to come
to youâ
Push vs Pull Marketing
Examples
Trade show
promotions to
encourage retailer
demand
Direct selling to
customers in
showrooms or face
to face
Point of sale
displays
Cold calling
Examples
Word of mouth
referrals
Social Media
Customer
relationship
management
Sales
promotions and
discounts
41. Choose the right platform for
your business
Communicate regularly
Have a âBook Nowâ option
embedded within your website
and social media
Give credit where its due
Reputation Management Tools
⢠TripAdvisor Business Tool
⢠Facebook Groups
⢠Twitter
⢠Hashtags
⢠Google Alerts
44. Social Media in Your Application
Show which social media platforms
you are going to use and state why
Show how you plan to use the
platform to achieve your goal
Tell us what tools you plan to use to
measure your success
Provide a detailed budget for social
media marketing
45. BUSINESS & MARKETING PLAN
⢠Put time and effort into your business and marketing plan.
We strongly recommend visiting BEDC for feedback and
assistance.
RESEARCH
BOOKING OPTION
⢠Use accurate and reliable research to support your proposal
⢠Include a booking option for your experience as tour and activity
providers tend to get 30-40% more bookings after implementing an
online booking system (TrekkSoft, 2016)
Helpful Advice