Karen Hardie - Vice-president of global sales, Rocky Mountaineer
One could argue that the low loonie is having a positive effect on the tourism industry, making our country an attractive option for foreign travellers and keeping Canadians at home. Rocky Mountaineer is selling Canada to the world – we aren’t shying away from foreign markets where the currency is much stronger, like the U.S. and U.K., and we’re continuing to focus on markets in a similar economic state, such as Australia. Of course our advertising costs have increased dramatically as a result, but we will continue to invest in key overseas markets and work with our industry partners. The reduced overall cost of a trip to Western Canada is giving us the opportunity to introduce a different guest to luxury travel and our iconic Canadian experience. This is especially true for Canadian consumers who are likely looking to stay within the country to make the most of their vacation fund. It’s also important to keep investing in company strengths – for us that is the guest experience and our people. We continue to focus on hiring and training the best possible people to engage and enchant our guests. As we do every year, we’re taking a good look at any areas we can improve to make 2016 our best season yet.
Lastly, keep calm and carry on. The markets are always changing and will continue to do so as long as any company is in operation. Focusing on the long game and staying the course is sometimes challenging. Understanding what value you are bringing to consumers, and having a team you can count on, will propel you through the ups and the downs of business and bring to light creative opportunities for the future.
Jim Storie - President and CEO, Vancouver Trolley Company
We expect to see lots of international visitors this summer. Our dollar will afford them bargains on what we have to offer. At the same time, more Canadians will be staying in Canada for vacations due to the exchange rate. This may be the perfect storm for our B.C. tourism industry, but we have to do the right things to take advantage of this opportunity.
The economy of the U.S. is recovering, and there is a pent-up demand for travel for Americans as a result. The fact that the U.S. dollar goes up to 40% further, due to the low value of the loonie, allows Americans to come into B.C. and do many more things than they might normally do.
In addition to U.S. visitors, we will see increased visits from international markets, as travellers recognize the opportunity to visit a world-renowned area and stretch their tourism dollars.
Our office believes that we will see more non-English-speaking tourists arriving from other international locations such as Brazil, many of whose residents will travel to escape the Olympics. This requires that we make every effort to communicate with them so that their experience is not impaired.
The other huge opportunity relates to the many Canadians who will recognize that it will be much more cost-effective for them to stay in Canada, rather than travel to the U.S. or other international destinations. If we want to have financial success this summer, it is our responsibility to keep our products fresh and competitive as we want to build not only our own brands, but the Vancouver brand as well.
Val Litwin - CEO, Whistler Chamber of Commerce
A lower loonie is providing added incentive for travellers to seek out vacation destinations in Canada, but the immediate increase of visitors capitalizing on currency values also presents an opportunity to convert new visitors into loyal customers for life.
• Make new customers comfortable. Not only is the strong U.S. dollar attracting more visitors, it’s also prompting them to try more activities and shop for new gear while here. When selling a product, remember that this may be unfamiliar territory and that speaking too technically can distance a customer. Get your team to focus on essential baseline technical knowledge, then make it all about creating a bond with the customer.
• Create connections. Social psychology research tells us humans are hard-wired to like brands that create connections. Businesses can embed systems to create an emotional bond that extends well beyond fluctuating currency values. Try coaching your team to discover similarities through insightful questions. Research also shows we gravitate toward others we think are like us. Take this opportunity to make the connection, especially while the memory of how far their dollar goes is fresh in their mind.
• Tap into training. Our business community uses a world-class training program, developed in partnership with the University of Victoria’s Peter B. Gustavson School of Business, called the Whistler Experience. Last year alone, more than half the town completed the program and businesses have seen service scores rise while tourism levels soar.
