You're already aware of industry trends and developments, that's how you got to be an executive - by leveraging trends to amplify your success.
In reviewing marketing plans and annual reports from 100s of destinations, we noticed some destinations prosper more than others.
Why was that the case, and why is knowing that important?
Destinations prosper when money circulates in the local economy. This is not a novel idea. Economic development professionals have known this – that’s why they focus on corporate relocation and bringing new businesses to town. Chamber of Commerce organizations know this – that’s why they host member mixers and encourage attendees to do business with one another. Tourism organizations know this too – that’s why they deploy marketing for leisure travel, group travel, and conferences or events.
If it’s so well known, why then, is prosperity not evenly distributed? The answer: Friction. The necessary components that need to be in place for those organizations to be successful are not always present. Friction describes any situation where resources are not available.
Four types of friction exist to limit the ability for a destination to prosper.
There mght be too few dollars available to spend (treasure). Or, there are too many competing resources and agenda items (time). The stakeholders might have a difference in opinion about how to go about activating the mission (tribe). Finally, those involved might not have the skill set necessary to compete in the competitive landscape (talent).
A deep-dive into the moving parts of a destination exposed a truth. Some businesses in a destination had solved all of the problems keeping them from increasing revenue, some businesses had solved some of the problems, and some businesses were still figuring out what the problems were.
Could the same be true of destination organizations? Yes! Through trend reports, presentations and consulting projects - we help destination organizations identify and reduce friction, enabling prosperity in their desti-nations and improving the quality of life for residents.