The value of the tourism and hospitality sectors to the Tasmanian economy regularly makes headlines, what is often not so highly recognised is the contribution made by business events.
‘Business events’ is a collective term which refers to association conferences, corporate incentive travel and government meetings and exhibitions.
The business event delegate is widely regarded as the most desirable visitor in the world. They are at the high-yield end of the market, producing a daily spend well above that of the average leisure tourist.
The Corporate Incentive Travel market
One segment of the business events market is seeing particular growth in Australia. That is the corporate incentive travel market. Corporate incentive travel (CIT) makes up over 25% of the global business travel industry. In Australia, it is a segment that is growing at a rate of 20% annually.
Traditionally, CIT has been used as a tool to motivate and reward high-performing staff and executives. Staff that reach sales targets are rewarded with a high end, all-expenses paid trip to a premium destination.
This market presents a valuable opportunity for our local industry to tailor and present CIT packages to this segment. Unlike a corporate conference, which only occurs once a year, CIT packages are needed year-round.
What are CIT planners looking for in a CIT package?
CIT planners are very clear about what they look for in a CIT package. That is the ability to offer their employees an experience; and not just any old experience, but a WOW experience.
Delegates are starting to demand much more than simply a luxurious holiday, and instead are looking to create positive memories that last beyond the duration of the trip. The industry is seeing a move away from traditional tropical destinations and instead the demand is for more culturally-connected and experience-driven trips.
As a destination Tasmania has plenty of great incentive attractions but it can be a nightmare for CIT planners to package these activities into WOW experiences. As an industry, when packaging experiences for this market, we must change our thinking from offering a ‘great deal’ to tailoring an incentive program to a client’s individual needs.
Business Events Tasmania (BET) is focussed on working with Tasmania’s tourism and hospitality providers to package suitable WOW experiences for this lucrative market. In turn positioning Tasmania as a highly desirable destination of choice for corporate incentive groups.