The biggest event in the Caribbean tourism marketing calendar, the Caribbean Travel Marketplace, is now in its 38th year, and still going strong. Known in the industry as a key venue for building connections and reaching new markets, the Marketplace is an invaluable tool for tourism stakeholders as it expands the reach of the sector.
Connecting
“Since its inception, Caribbean Travel Marketplace has presented the region with the opportunity to showcase the depth and breadth of the Caribbean’s tourism offerings,” says Frank Comito, Director General and CEO of the Caribbean Hotel and Tourism Association (CHTA), which runs the event. “It’s a one-stop gathering for hotels, attractions and destinations to meet with the world’s key decision-makers who influence consumer travel decisions. It also is the industry’s key forum for attracting new decision-makers who otherwise would not be familiar with the region, thus opening up new markets to the Caribbean, both from different geographic areas around the world as well as with new niche markets.
“Marketplace is a convening opportunity; an event where business relationships are established and renewed. Savvy businesses know that follow-up is critical to maximize the value of those relationships. The event also presents an opportunity to tap into new trends and directions in the industry.”
Over 1,000 delegates are expected to attend the Marketplace when it opens in the Bahamas in January, mingling with around 200 suppliers and 150 buyers. Suppliers are drawn from all levels of the tourism sector, including accommodations, tour companies, transportation firms, destination management groups, tourism boards and promotional agencies. These participants attend for a variety of reasons: to launch a new product or service, introduce themselves to the overseas market, build on their existing client relationships, establish new sales leads or simply raise their profile.
“There is no other opportunity to find the depth and breadth of buyers from around the world who are interested in the Caribbean,” says Comito. “Participants continuously praise the event for facilitating the highest representation of industry leaders, tourism providers and the only event truly representative of the entire Caribbean with 26 destinations in attendance, on average.”
Buyers are drawn from all over the globe. Last year attendees included delegations from Brazil, Canada, China, Germany, India, Poland, Switzerland, the UK and the US. The CHTA selects its buyers very carefully to give Caribbean suppliers an opportunity to target the most appropriate markets. Comito explains: “Participation as a buyer is by invitation to companies that sell and feature the Caribbean as a destination in their programmes. Buyers are pre-qualified on these criteria: buyers must have the ability to secure inventory, sell travel and have the ability to package travel and offer commissionable rates.”
First-time suppliers may be daunted by all the opportunities on offer but the CHTA says planning is key. Comito has the following advice for firms planning to attend: “Maximizing the value of Marketplace requires strategic advance planning, understanding which buyers are attending and being assertive about connecting with them. It’s also important to know how you wish to differentiate yourself with value-oriented offerings, presenting your product in a way which differentiates it.”
Hosting duties
In its nearly four decades, the Caribbean Travel Marketplace has enjoyed steady expansion and, as the event grows, so too do the logistical challenges. Last year’s Marketplace saw the highest number of buyers within the last decade and, while the CHTA seeks to use different host destinations each year, some islands simply do not have the capacity or the infrastructure for such a huge forum.
The event was last held in the Eastern Caribbean in 2009 when Saint Lucia did the honours. The final decision on which island hosts is in the hands of the CHTA Board of Directors which reviews recommendations from the Marketplace Governing Committee. Preparing for the event is a lengthy process which takes at least a year and requires extensive collaboration between the CHTA and the host country.
Venue is important, not just in terms of accommodating over 1,000 attendees, but also as a means of showcasing the destination and the Caribbean as a whole. Comito says the Baha Mar resort in Nassau is an ideal home for the 2020 event. “Baha Mar’s Performing Arts and Convention Center boasts an impressive collection of original Bahamian art. This has inspired CHTA and the host organisations to highlight this vibrant representation of colour and life into the look and feel of the event, from the main selling floor to the networking activities during the event, including incorporating local arts and crafts as a representation of the Bahamian and Caribbean cultures.”
Although it couldn’t have been foreseen when the CHTA was selecting the 2020 host, the Bahamas has another reason to welcome Marketplace next year; as the country struggles to recover from the devastating effects of Hurricane Dorian, the boost to its tourism economy will be much needed.
Goals and growth
Part of the CHTA’s mandate is to track tourism trends and help members stay ahead of the curve. The Caribbean Travel Marketplace delivers on this goal by ensuring constant communication between buyers and suppliers, thereby letting tourism providers know exactly what consumers are looking for. As the industry grows and niches come to the fore, attendees at the Marketplace will be able to refine their pitch to tap into new revenue streams.
Comito says: “Travel and tourism is the fastest growing industry in the world. More people can afford to travel, and travel has become more affordable and accessible. This has presented the Caribbean with tremendous opportunity to grow its business. The incredible diversity of the Caribbean’s destinations and accommodation offerings – all presented in one location – allows for the region to demonstrate its appeal to many markets with varied travel interests. This is particularly important today as more travellers look for unique experiences and lifestyle offerings, which the Caribbean offers in abundance.”
Looking ahead to its 40th anniversary, the Marketplace hopes to extend its influence, build on buyer feedback and assist member destinations with customising their brand to better reach profitable niches.
“[We want] to continue to build a broader base of buyers, geographically and by interests. We are also looking at testing the appeal of Marketplace to specialty travel agents,” says Comito. “In recent years we have worked closely with the host country to help create a sense of place, generating the appeal and excitement that is so unique with the food, music, culture and look and feel of the Caribbean. This will be even more evident in 2020. It’s a huge part of what makes the Caribbean different and appealing to travellers.”
