While convention centres generate many different kinds of value for their respective communities, Economic Impact (EI) is one of the most credible and measureable value that goes beyond simple “bottom line” measures of facility performance. This is because EI estimates the real benefits accruing to other parts of the local economy beyond the centre itself, as well as being a vehicle for calculating other values such as jobs supported that have more importance to the community.
EI calculations have been performed at a national level in recent years in countries including Canada, the US, Mexico, Denmark and the UK. However, the resulting figures were of very limited use to centres that needed figures specific to their particular facility rather than an entire country. In addition, there were other challenges:
• There was no “standard” model that would generate consistent data that would be comparable with other facilities
• Stand-alone studies were often very costly, which in turn affected repeatability
• There were issues around the consistency of data generated because of the variations in inputs and assumptions inherent in the wide variety of models
• Because spending patterns and cost of living vary widely in different parts of the world, original research had to be conducted for each location rather than relying on “average” spend figures which had been in general use for many years.
With these points in mind, AIPC engaged Ipsos, an international market research company with some considerable experience in this area and asked them to recommend an approach that could be of use to our members. What emerged was the idea of creating a model that centres could “plug in” data gathered in a defined and consistent way which would in turn generate a total spend figure for that particular facility.
HOW IT WORKS
The AIPC/Ipsos program is supported by an extensive guidebook - available free of charge to all AIPC members - that covers everything from data gathering within recognized statistical parameters to sample sizes, sources of input and categories of business to be sampled.
The actual data gathering according to the prescribed template and using forms provided by Ipsos, will be the responsibility of the centre itself, which it can do either by using its own staff or contracting it out to a third party (including Ipsos).
Basic program support for AIPC members may be contracted out to Ipsos who will organize member input data, run the model and prepare an analysis to assure the credibility of the result. Please refer to the links below for detail on what is included in basic program support and associated fees.
HOW TO PARTICIPATE
The Program Package Outline and updated AIPC Standardized Economic Impact Program Guidebook* are now available (*via the Members Only section).
In order to ensure a solid cross section of member results to support the role of the new model as the “go-to” program for consistent and credible EI numbers, the AIPC Board has agreed to support a limited number of AIPC members through March 31, 2018. This means that the first 10 members that sign up to carry out the program before this date will have 25% of the base program costs paid by AIPC – a 1.500 USD value – and the full support of the Ipsos team in organizing sampling schedules, assisting in program execution and running the final data – essentially everything you will need to deliver results short of carrying out the on-site interviews.
This is a huge opportunity to perform one of the most important calculations you need for performance reporting with both the guidance and credibility of Ipsos and AIPC behind you. In order to access this support, you will need to commit to completing the program within an 18 months period and to ensure that you have the necessary contacts in place within your centre to interface with the Ipsos specialists to make this possible. Centres wishing to access further services such as the actual on-site sampling can do so either through local resources or further assistance from Ipsos.
The EI Model is simple, practical and readily applicable to a wide variety of centres. It only remains for you to sign up and start in on a program that will deliver the kind of results that centres around the world have found to be of tremendous benefit in demonstrating value to both owners and communities alike.
Interested members should contact the AIPC Secretariat soon in order to access this limited offer.
*the Economic Impact Research Guidebook and other Basic Program Components are available free of charge for AIPC Members. Basic Program Support cost is charged by Ipsos at 6000 USD. For details: Program Package Outline