This presentation is for the Bermuda Experience Investment Programme, which is a vehicle for entrepreneurs who need assistance getting their idea off the ground or who need help fostering growth for their existing idea.
2. BTA Purpose â Why are we here?
1. PromoteBermuda 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 investmentthat will enhance the
tourismindustry
3. Experience Investment Process
Why are you here?
Create new, enhanced and authentic experiences
Bring morevisitors to the island
Better satisfy visitors thatarealready in Bermuda
THE BTA IS LOOKING TO:
⢠Support homegrown ideas to get off the ground
⢠Increase diverity and volume of experience
⢠Educate and align products offered by partners
⢠Enhance on-island experiences for target visitors
4. Funded Investments
Since inception, the BTA has allocated more than $4M to home-
grown ideas that help enhance the islandâs collection of visitor
experiences.
177
supported
Experiences
since 2014
55
Experiences
supported
in 2018
5. Return on Investment
How can thisbe
demonstrated?
Increased visitor
spend and/or
length of stay
Fills an identified
gap
Demonstrate
media exposure
for Bermuda
Creates jobs
for Bermudians
Returns that
can be re-
invested into
the tourism
economy
Proven increase
of awareness to
markets outside
of Bermuda
Aligned with
âNeed Statesâ of
target groups
All experiences should yield a Return on investment and have a direct impact on the tourism industry
All events and attractions receiving
funding fromthe BTA will be subjectto
economic and financial reporting,
customer feedback reports and visitor
participation data.
6. Experience Development
⢠Execution and delivery around the product
⢠Unique, differentiates Bermuda
⢠Perceived as great value for money
⢠Personalized, connects with the visitor
⢠Things that create memories
Product
⪠Hotels
⪠Restaurants
⪠Transport
⪠Beaches
⪠Infrastructure
9. Why Are You Here?
ARE YOU FILLING A NEED FOROUR TARGETVISITOR?
HAVE YOU IDENTIFIED A WAYTO DO THINGS BETTER?
HAVE YOU IDENTIFIED A NEW PRODUCTORSERVICETHATISNâTONTHE MARKET
YET?
11. Haunted History
What we liked:
What couldhave
beenbetter:
⢠New experience that
displayed Bermudaâs rich
culture in dynamic new way
⢠Enhanced visitors on-island
experience
⢠Online booking option
⢠Multiple performances
weekly
Proposal: To createa walking tour broughtto life with live acting in the UNESCO World Heritage Site of St.
Georgeâs.
12. Hidden Gems
Proposal: Expand all-inclusive eco-tour offering by purchasing an additional vehicle
What we liked:
What couldhave
beenbetter:
⢠Desire 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
⢠Online booking option
â˘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
13. Bermuda Heroes Weekend
Proposal: To createBermudaâs firstfour-day carnivaleventfeaturing overseas and localrevellers immersing in
Bermudaâs unique culture
What we liked:
What couldhave
beenbetter:
⢠Exposed Bermuda to a younger
demographic
⢠New experience highlighting
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
⢠Online booking option
⢠Having BHW take place during a
different time of year to address
seasonality challenges
14. Eettafel
Proposal:To expandBermudaâs sole full-service luxury picnic experience.
⢠Highlights a
Bermudianfood
experience
⢠Thought outside the
confines of the
typical restaurant
product;food service
withâno wallsâ
⢠Repurposing of
natural assets
⢠Limitedinscope, a
niche enterprise
⢠Limitedininitial
marketing reach
(Instagramonly)
What we liked:
What couldhave
beenbetter:
21. Important Sub-Segments
⢠We need to develop specific programs to attract these audiences The Right
Audiences
MUST HAVE
MUST WIN
INVEST IN
FUTURE
Note: Golden Boomers (not a focus)shouldaccount for 34% in 2017 and ~20% of 2025 visitors
AFRICAN AMERICANS
BABYMOONERS
â
â
SUPER YACHTS
â
HIGH-END DESTINATION WEDDINGS
â
23. Year ROUND: developing the right product
23
FAMILY FUN AND
BONDING
GETAWAY
ADULT/COUPLES
RETREAT
SEEKING EXPERIENCE
WINTER JAN, FEB, MAR
SPRING APR, MAY
SUMMER JUN, JUL, AUG
FALL SEP, OCT, NOV, DEC
IDEAL POSSIBLE UNLIKELY
WINTER/ SPRING
BREAK
DIFFERENT EXPERIENCES
PER SEASON
29. Bermuda is Seasonal
(average occupancyof 64%): Opportunity tobuild business
Bermuda is highly seasonal with May to August having the highest average occupancy rates of 75-87%;
Occupancies in December to February are as low as 33%
-
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 2017 Air Arrivals 2018 Air Arrivals 2019 Air Arrivals
30. 2019 Cruise Calls
30
2 2
3
25
26
22
25
22
24 24
13
3
0
5
10
15
20
25
30
January February March April May June July August September October November December
2016 2017 2018 2019 (including projections)
Increased cruise calls in non-summer months is a recent trend.
32. Factor Full
Year
Value for money 76.1%
Night life/ entertainment 51.6%
Activities for children 49.3%
Live local entertainment 46.5%
Shopping experience 43.7%
Variety of recreational activities 40.8%
Cuisine or dining experience 40.6%
Variety of sporting activities 38.5%
Adventure activities 34.8%
Quality of accommodation 33.8%
Cultural and historical attractions 28.6%
Spa or wellness experiences 26.5%
Boating or sailing experiences 23.6%
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 2018
All othergapscoresare below 20%
37. Historical Milestones in 2020
⢠Gunpowder Plot (245 years)
⢠Sally Bassettâs execution (290 years)
⢠St. Peterâs Church (400 years)
â Firstsitting of Parliament
⢠Enterprise landing (185 years)
38. Bermuda's Tennis Story
⢠US Open partnership provides
opportunity to tell our story
⢠Mary Ewing Outerbridge, a
daughter of Bermudian parents,
took the game from BDA to USA
in 1874
⢠A quality tourism experience can
leverage this history
39. Superyacht Services
⢠Delivery services: grocery,
laundry, etc.
⢠Private dinner in historic fort or
home
⢠Concierge services: yoga,
massage, private chef
40. Food: Luxury Rose Garden
Picnic
⢠Picnic lunch at Waterville Rose Garden
⢠Eettafel & Lili Bermuda paired in a memorable culinary
experience to launch RW 2020
⢠Master Perfumer Isabelle Ramsay-Brackstone discusses
how the islandâs gardens inspire Lili fragrances.Plus food-
fragrance pairings.
⢠Discovery Wines to partner with wine parings
⢠Locallyharvested foods are the focus
40
42. Application Process â Step by Step
August 28/29
September 1
September 30
October 31
www.bta.smapply.io
43. FINANCIAL MARKETING CONTACTS & COLLABORATION
Type of Support
⢠Requests must not exceed $75,000; funding is
competitive and limited â some experiences may
only receive partial support
⢠Proposals must not be totally dependent on
BTA funding
⢠Applicants should not assume that they will be
awarded support on an annual basis
âThe Tourism Authority has provided a
phenomenal amount of support for our
relatively new tourism businessâŚPeople know
who we are and the unique product we offer.
We are very grateful for the positive support we
get from the BTA.â
- Ashley Harris, Hidden Gems
⢠Access to BTA networkand contacts
⢠Facilitatedcollaboration that improves
deliveryofan experience
45. Sample Milestone Payment Schedule
Reporting Period CompletionDate Activitiesand evidence required (but not limited to)
showing activitiesare achieved
Report due Date ProgressPayment
Amount ($)
1 Immediately with signed
contract
⢠CompletedJotform document provided by the
BTA
⢠Written confirmation ofnew activities/ offerings
for 2019
⢠Confirmation that CTA certification hasbeen
maintained
⢠Confirmation ofaTripAdvisor profileand/or
online presencepromoting the Project
Immediately with
signed contract
$X
2
September30, 2019 ⢠Statusreport including weekly visitorstatisticsto
date and the implementation ofnew
activities/offerings
October 15, 2019 $X
3 November 30, 2019 ⢠Submitted post experienceReport inclusive of
financial reports, weekly visitor statistics, income
and expense reportswithsupporting
documentation, customer satisfaction reports
with supporting documents. (Failureto provide
thisreport by October 30 will result in forfeit of
the final payment).
December 15, 2019 $X
Total $X
46. What does an Application Need to Include
1. Evidence that the experience is distinctive, 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 visitorlength of stay and/or spend
b) Attract international visitors travelling fora
specific event (if applicable)
c) Align with target visitorexpectations or fill an
identified product gap
d) Sustain the experience, subsequent to BTA
funding
3. Multiple sources of funding, beyond BTA
4. Letters of support
47. Ineligible Experiences
⢠Bermuda TourismAuthority 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 requestis to offsetany
expense(s) associated with a previous venture
⢠Requests for permanent funding
⢠Ineligible events: Conferences, Tradeshows,
meetings, etc.
⢠Capital ask
48. ⢠A cross-sectionalteamat the BTA is created to review applications
⢠Team members rank and scoreproposals based on how well the proposaldelivers on the assessment
criteria
⢠After initial review and scoring, applicants that meet scoring requirements areshortlisted and
interviewed
⢠Applicants receive another ranked scoreafter interviews arecompleted
â˘Rankings and weighted scores arereviewed and final funding/supportdecisions aremade. Successful
applicants are then notified
How Decisions Are Made
50. Do you have a Business Plan?
A business plan will:
Assist with
deliberate
decision
making
Be keyfor
financing
â˘Banks,investors
Be a tool to share
the entrepreneurâs
vision
Help to ease
entrepreneurial
uncertainty
â˘Riskreduction
Force the
entrepreneur to
have perspective
âOn itâ ânot In it
Does your
business
plan have:
Whyyou believe there
is a needfor 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?
51. What do you wantto do and why do you wantto do
it?
⢠Is there a similarexperience, event, or offering offered in
Bermuda?
⢠What makes your experience distinct?
⢠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
52. Key Things Your Business Plan Should Include
Executive Summary
Clearand compellingmissionstatement, objectives, financial overview, keystosuccess
Problem/Solution/OpportunityFocus
⪠Whynow?
Overviewof Market with KeyResearch
⪠Supportyourstory withkeyresearch
⪠SWOT Analysis
Management
⢠Who will be leadingyourbusiness?
⢠Include bios,backgroundinformationetc.
Financials
⢠Make your businessplanhasrealisticincome andexpensenumbers
⢠Showothersourcesof investments(i.e.savings,personal loan,private investor,
additional grants, consumerloan)
MarketingPlan
⢠How will people findoutaboutyourproduct
If you need further assistancewith your business plan,the
Bermuda Economic Development Corporation provide
excellent services to support small business entrepreneurs.
Contact 292-5570 or email info@bedc.bm
54. Social Media Basic Concepts
⪠What type of business is your company?
⪠Who is your target audience?
⪠What are you trying to achieve using social
media?
⪠Awareness
⪠Revenue
⪠Inspiration
People buy from
who they trust
Quality vs
Quantity
Build customer
awareness
Provide quality
consumer
experience
throughout
entire
engagement
55. 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
60. Airbnb Experiences
⢠Activities designed and led by
inspiring locals
⢠Beyond typical tours or classes;
immersing guests in each host's
unique world
⢠An opportunity for anyone to
share their hobbies, skills, or
expertise without needing an
extra room
www.airbnb.com/host/experiences
61. BUSINESS & MARKETING PLAN
Puttime andeffortintoyourbusinessandmarketingplan.We
stronglyrecommendvisitingBEDCforfeedbackandassistance.
RESEARCH
BOOKING OPTION
Use accurate and reliable researchtosupportyourproposal
[Consumers] wanttheirtoursandactivitieson-demandâŚpeople
have lessandlesspatience.If theycanâtbookiteasilyrightnow,
while theyâreinthe mood,theymightnotbookitatall.
(Megatrends DefiningTravel, 2017)
Helpful Advice
63. Objective of National Service
Standards
To uphold Bermudaâs brand
promise to be impactful,
diverse and set-apart by
consistentlydelivering on
specific service standards
across the tourism and
hospitality industry.
63