Developing a model to quantitatively prioritize markets of opportunities and optimal investment levels
Visit Barbados
Destination: Barbados
Engagement: 2022
Barbados’ government expressed a need to innovate how they marketed and promoted the destination in order to outcompete regional Caribbean peers. Anecdotal evidence suggested Barbados was losing market share to Jamaica, Dominican Republic, Mexico and Cuba. At the same time, the belief was that Barbados was too dependent on a small number of source markets, putting the destination at risk. Twenty31 was retained to develop a model designed to quantitatively prioritize source markets based on Barbados’ ability to effectively compete and win, and determine optimal levels of marketing, PR and travel trade investment needed to build and gain market share.
Data identification and assessment
We identified and then assessed a large number of quantitative and qualitative data sources including airline capacity data, economic data, social policy data, primary brand health research, consumer perception and sentiment data and consumer trend data. We then ran a series of correlation and regression analyses to determine how the data linked to past and future travel patterns.
Model development
Using the data inputs we created a prioritization model and assessed 190 countries and the forward potential of their outbound travel populations. Countries that scored higher in the model were then ranked according to Barbados’ ability to ‘win’ in each market and ultimately gain market share.
Socialization
The final output of the model included a prioritized list of markets, segmented by opportunity and ideal levels of marketing, PR and travel trade investment needed to sustainably grow visitation to Barbados. These results including how to use and update the model on a go forward basis were presented to Barbados Tourism Marketing’s Board of Directors and senior staff.
Barbados Tourism Marketing is currently evaluating how to use the model as part of their annual planning process and future five-year marketing strategy.
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Developing a Model to Quantitatively Prioritise Markets of Opportunities and Optimal Investment Levels
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