This One’s For You!
By Dr. Donald F. Holecek, Editor-in-Chief of Michigan Tourism Business
Next month, the Tourism Resource Center and The School of Hospitality Business at MSU are hosting the first Michigan Tourism Investment Forum. In talking with various tourism industry people and some of those who will be Forum speakers, I have often encountered comments and questions such as the following:
“What is the Forum all about?”
“What do you hope it will accomplish?”
“It doesn’t look like an event that I should attend because…
I’m with a destination marketing organization
I’m from up north
I’m not from Michigan
I’m not an investor
I already own a tourism business
I only sell insurance, advertising, etc. to tourism businesses
I’m in the construction, retail, restaurant, gaming, real estate, etc. business
It’s too expensive and I can’t afford to attend
Etc., etc., etc…
Since most MTB readers have never participated in a tourism investment forum and given the time pressures you face at this time of year, it is understandable that many of you may have reached the conclusion that this is not an event that you should be attending. I encourage you to read on before passing on this unique event.
Investment forums of various types have been around for a long time. The format for these events is quite different from most conferences with a travel and tourism focus. The latter feature series of presentations by “experts” amply illustrated with a rapid progression of “pretty” PowerPoint slides. Increasingly, organizers of these events recruit a “motivational speaker” to give their program drawing power and entertainment value. The audience listens, takes a few notes, scrambles to collect all available handouts, and more often than not leaves exhausted and usually early to catch-up on business that has accumulated while attending the conference. Oh, and where did you drop that fancy satchel they gave you when you registered with all those valuable notes and handouts? I personally make it a point to systematically dump the contents of these accumulated “treasures” every two or three years (okay, staff tell me that I may have delayed my office cleaning cycle for a decade or two!) and pawn them off on students who want one to make them look more professional when they are interviewing for a job.
There is a saying (probably from Confucius) that goes something like this: “I hear, I forget. I see, I forget. I do, I remember.” Most tourism conferences provide hearing (a.k.a. “talking heads”) and seeing (a.k.a. PowerPoint slides) but don’t involve participants in “doing” activities. Hence, participants tend to forget, and quickly, what they heard and saw at the last conference they attended.
The Michigan Tourism Investment Forum will include many speakers and a few PowerPoint presentations, but their purpose is to stimulate the engagement of participants in “doing” investments in tourism. This forum is designed to bring a broad cross-section of those needed to make tourism investments happen together in one place and at one time to “make deals.” Thus, one significant difference between this forum and most conferences is the level of engagement of participants in the program. The success of this forum depends as much on attracting a diverse audience as it does on the structured program delivered (e.g., who speaks on what topics). A second difference between the usual conference and this forum is subtle but critical to what we hope to achieve. You will note that the program includes a considerable amount of time for networking. At the typical conference, these time blocks are most often used for socializing with friends and acquaintances. At this forum, it is okay, indeed expected, for participants to use these time blocks primarily to conduct business. In a nutshell, this forum is in essence a rich environment for all present to conduct the business of tourism investment.
A few examples will help to illustrate why we think this event is for you.
DMO Representatives – Marketing is your game but wouldn’t you like to have more to market? Don’t you have ideas about what types of new/enhanced product is well suited to your area? Do you receive requests for information from people exploring investment options in your area? If your answer to any of these questions is yes, you should consider participating in this forum.
Non-Residents – This forum is designed to stimulate tourism investment everywhere in Michigan, not just in Southeast Michigan or urban areas. Many of the speakers and people who have already registered reside out of state and are employed by out-of-state businesses.
Non-Investors – I have been asked often if the Forum is for people interested in investing in hotels, motels and resorts. Yes, it certainly is, but tourism includes a lot more than the lodging sector. Michigan tourists stay in campgrounds; use marinas; participate in a wide range of outdoor recreation activities; shop; game in casinos; attend festivals, sporting and other events; visit museums and other cultural attractions; dine in restaurants; buy real estate and contribute in many other ways to Michigan businesses and local economies. If you are engaged in “selling” anything to tourists and want to grow this market, you should consider attending the Forum.
Not a Tourism Business – The ripple effect stimulated by tourists’ direct expenditures creates sales for a wide range of businesses that aren’t listed in the yellow pages of a phone directory under tourism. Some of these businesses provide products and services to front-line tourism businesses. Examples that come to mind are: insurance agencies, sellers of advertising, construction firms, furnishing suppliers, banks and accounting firms. If the profitability of your business and its future growth is heavily but indirectly dependent on tourism, you could benefit from participating in the Forum.
Economic Development Officials – If you are engaged in economic development at the state or local level, this definitely is an event you should consider attending. You have a wealth of knowledge about investment opportunities and challenges in your domains and, you can play major roles in bringing investment ideas to fruition. If tourism investment has not been central to your focus, this event will provide a foundation for diversifying your portfolio into the tourism sector.
Probably the most frequent question I have been asked concerns the registration fee for the Forum. It usually takes the form, “Why is it so expensive?” The registration fee was set to cover primarily the direct costs of the Forum (e.g., meals, facility charges, equipment rental and marketing expenses). Most of the indirect costs associated with the Forum, such as hundreds of hours of faculty and staff time, have been donated by MSU. Session moderators and panelists are not only donating their services but are also absorbing their expenses, which are substantial for those coming from out of state. In addition, we have received over $20,000 from sponsors to further reduce what we would otherwise have to charge participants to cover expenses associated with the Forum. Considering the large number and quality of speakers that are included on the program and the first class amenities that the Hyatt Regency will be providing, the registration fee is modest and represents a deep discount to the actual cost of producing the Forum.
NEWSFLASH: NEW SPECIAL DISCOUNTED RATE FOR MTB READERS!
In appreciation for the attention of all readers of this column, I have been authorized by the MSU planning committee to reduce the registration fee to $269 if you register by May 1, 2004. To obtain this discount, note when you register that you are paying the MTB Special Rate. (I’m sorry, but this special rate is not available for online registration.)
To download a registration form, go to: http://www.tourism.msu.edu/forum.
