How much are events worth to your destination?
Knowledge is power. This applies to destination organizations and CVBs seeking to understand the economic importance of events to their destinations. By knowing the value of events sold by the destination organization, industry stakeholders are empowered to make a strong case for continued destination marketing. Indeed, the case for destination marketing can hinge on an appreciation of the economic value of key events sold by destination organizations.
The Event Impact Calculator powered by Destinations International measures the economic value of an event and calculates its return on investment to local taxes. Armed with this information, destination organizations and CVBs are better prepared to make the case to policymakers for the ongoing development and growth of the events sector.
The models and platform have been developed by Tourism Economics, an Oxford Economics Company, and includes three distinct modules: meetings (including business meetings, conventions, and trade shows), sports (including amateur, college, and professional events), and festivals and cultural events.
With more than 200 destination organizations using the tool, the Event Impact Calculator has been established as an industry standard with more than 100,000 events analyzed. Based on detailed analysis and data at the destination level, the calculator is:
With minimal user inputs, CVBs can produce impact analysis based on the latest survey and economic data available
Each CVB receives access to a model that is uniquely developed for their destination
The calculator measures the direct impacts of events on businesses, employment, income, and taxes.
“We started working with the Event Impact Calculator in 2012. We use it for every congress, and it has really helped to show our stakeholders the importance of our events. This tool, which is used by destinations across the globe, provides consistent and specific data, delivering key metrics to all of our public and private sector partners.” Anja Loetscher, Geneva Convention Bureau Director
Three credible and sustainable modules
Each event impact analysis is defined by basic parameters including the size, duration, and type of event as entered by the destination organization. The accuracy of the models is informed by ten complementary data sources that are updated annually to provide destinations with the most current results. These sources include industry-wide studies, destination organization provided data, and government data into the calculator’s underlying model. For a complete list of all data sources, please consult the Event Impact Calculator FAQ.
Electronically integrated solutions
To promote ease of use, an application programming interface (API) is currently available for the Event Impact Calculator. CRM solutions are available to electronically exchange user inputs into the calculator and download the calculator’s outputs into their CRM.
Ongoing support and industry feedback
Destinations International, ECM and Tourism Economics provide a robust support program to the calculator user community. This includes online and web support. In addition, destination organization member feedback is incorporated into version updates.
Order form & license agreement
Through European Cities Marketing, the Event Impact Calculator is available to member destination organizations at a fraction of the development cost. License fees go toward the ongoing support and annual maintenance of the system, and use of the platform is limited to destination organizations. Click here for pricing information.