Richard Beere is the Managing Director of Fastrak Asian Solutions and the Chair of Destination Southern New South Wales. With over 40 years’ experience working in the Tourism Industry, Richard possess a wealth of knowledge. His insights are even more valuable at this period in time, as we navigate through uncharted waters, not only within the Tourism Industry, but throughout every industry, across the world.
I was keen to catch up with Richard, and hear his advice to business owners, around ensuring products fit within targeted markets. Richard explains the need to diversify offerings, and how doing so can help build resilience; essential during difficult times. We also have a great chat about the holistic circle, providing insights into what is currently driving consumerism.
Target Markets and Best Fit Products
One of Richard’s goals is to help business owners understand different markets and assist them in matching their products to customer types within each market. This is done by understanding what customers want, and tailoring products to meet consumer needs.
Richard and I talk about marketing to an international audience verses marketing domestically. We discuss how understanding the needs of a consumer is paramount, when selling products within any market. Richard stresses that it’s a matter of either finding where a product fits; or adapting a product to fulfill the needs of the consumer. He warns however, if an experience needs to be compacted to suit a particular audience, care must be taken to ensure it is not diluted. There’s a fine line to adapting a product, without removing valuable elements that make the product unique.
Building Resilience Through Diversity
Complacency can sometime occur when a business owner is comfortable delivering a product to a preferred market. Business owners need to build resilience for times when unpredictable events might negatively impact markets. Richard suggests that businesses develop a balanced portfolio. This may come in the form of diversifying product offerings, or perhaps widening consumer bases. Richard explains the end goal is to maintain an income stream, in the event that market segments, industries, or as we have seen recently, whole economies are adversely impacted. A great example of how this is being done by farmers in the agritourism sector, is provided for the podcast listeners advantage.
The Holistic Circle Driving the Tourism Industry
Richard introduces the concept of the holistic circle and explains that people are after more immersive experiences than ever before. They want to get involved in a product or experience, to engage with producers and makers, not just look and see. People are wanting to touch and feel, try and buy. And it doesn’t stop there. People are looking for experiences that have a lasting effect on them as human beings. An experience that is going to change their perspective; change their lives. Gourmet dining becomes authentic dining; sitting and eating local food, handpicked by the visitor, eaten alongside the producer, in an authentic local setting. These are the type of moments that provide emotional connections for people, changing how they feel.
Additional topics discussed on this week’s episode:
- Highlights from Richard’s career in tourism
- Destination Southern NSW’s role within the industry
- Marketing to the domestic and international traveller
- Recognising but not judging difference
- Unique Selling Propositions
- Accessing data to help identify opportunities within markets
- The value of inhouse target market research vs general statistics
- Evaluating business constraints
- Limiting business potential
- Making changes to capitalise on existing markets
- Technology’s role in reducing costs for tourism operators
- Bragging rights and conversational currency
- Voluntourism – the feel-good tourism experience
- Building back better after crisis
- Defining success and following passions
Email Richard via firstname.lastname@example.org