Flybook attended the 2023 Arival Trade Show in Orlando Florida. There were many exciting topics discussed however three (3) of them stood out among the rest and were all the buzz throughout the whole show.
Arival is an annual event where attractions, tour operators, and rental providers of all sizes convene to collaborate, learn and grow as providers. Members of the Flybook Team attended and found three (3) topics predominated in most of the conversations and the education settings.
In this blog, we will discuss the three hot topics; AI, Today's Traveler, and Acquisition and Mergers.
Table of ContentsIf you haven't experienced the greatness of Arival yet, you're truly missing out on an extraordinary event. Arival is renowned as a global destination show for attractions, including well-known entities like Disney and other amusement parks, as well as tour providers, rental operators, and activity providers (just like you!). This incredible gathering brings together these industries to engage in fruitful discussions about business strategies, operational excellence, emerging industry trends, and most importantly, to delve deep into the mindset and preferences of the traveling guest who serves as a valuable customer for all these sectors.
The true essence of Arival lies in the remarkable caliber of its speakers and the invaluable insights they share about the industries they represent. During our attendance at the show this October (2023), three captivating topics emerged, resonating throughout the educational sessions and keynote presentations. Let's delve into the compelling knowledge that was shared.
Whether the topic had "AI" in the title like "Beyond Generative AI" or "Turbo Charge Your Team with AI" or it was a supplemental to the focus, AI was a term that was talked about again and again.
Now, I'm sure this isn't surprising. With OpenAi - ChatGPT being released just shy of a year ago everyone is looking to leverage this channel to decrease workload and increase productivity.
Some key takeaways we heard were:
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The key takeaway about AI is that it is a powerful tool that is often underutilized. It should not be seen solely as a means to generate content, but rather as a tool to summarize data, extract insights from content, and continuously improve. It is crucial to leverage AI now, even when its effectiveness may be limited, in order to be well-prepared to take full advantage of its optimal capabilities in the future.
In recent years, the tourism industry has experienced various fluctuations in traveler behavior, both during and after the COVID pandemic. To shed light on these changes, the team at Arival conducted surveys to gather updated statistics on the different types of travelers.
One significant finding that emerged from the research is the contrasting approach of older and younger travelers. Unlike older travelers who tend to make most of their purchasing decisions for experiences and activities at the destination itself, younger travelers (aged 18-35) are taking a more proactive approach by planning ahead.
In fact, nearly half (49%) of these young travelers are selecting their destinations based on the specific activities and experiences they hope to have. This shift in behavior presents a valuable opportunity.
To reiterate this shift, let's recap the previous and current traveler mindsets:
The previous way of travel involved selecting a destination and then exploring the available activities, experiences, or tours.
However, the new breed of travelers now prioritizes their desired activities, experiences, or tours and then seeks out the best destinations to fulfill those desires.
As we have highlighted in our previous blogs, the American consumer culture has evolved towards valuing experiences. People now seek to consume experiences and share them on social media, creating a significant opportunity for businesses in the tourism industry.
With this younger demographic becoming more prominent in the market and investing their money in experiences, businesses that offer the experiences they desire can influence their travel decisions. This shift necessitates a focused marketing approach that considers both the destination (for older travelers who may still be attracted to national parks or urban areas) and the unique qualities and value of the experiences offered. Simply relying on the appeal of the destination itself will not be enough in the future.
The tourism industry has been attracting attention from investors and holding companies, especially with a generational shift occurring as many of the business owners who founded modern tour and activity outfitters are reaching retirement age. This transition seems to be a natural progression, but regardless of the reasons behind it, the fact remains that there are businesses and owners looking to capitalize on an exit strategy.
During the Arival event, several breakout sessions delved into the subject, offering attendees valuable insights and guidance on preparing to buy or sell. These sessions highlighted vital points that were widely shared, including:
Lastly, below are a few key takeaways of the things to look for both when acquiring and when selling:
In conclusion, Arival 2023 provided an illuminating glimpse into the future of the tourism industry, where innovative concepts and transformative technologies are reshaping the way businesses operate and travelers engage with their experiences. The convergence of artificial intelligence emerged as a powerful force, promising not just efficient content generation, but deeper insights, improved customer engagement, and innovative solutions like AI-powered chatbots.
Understanding the evolving psyche of today's travelers is imperative; the shift from selecting destinations to prioritizing experiences requires a strategic approach that marries unique offerings with destination appeal. Moreover, the landscape of acquisitions and mergers is changing, with strategic planning, financial acumen, and a comprehensive understanding of one's business value becoming pivotal.
With the insights gained from this event, the industry is on the brink of an extraordinary era of innovation and a customer-centric approach, guaranteeing a dynamic and prosperous future for all of us involved.
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