DIRECT SPENDING & ECONOMIC IMPACT ASSESSMENTS
Direct Spending Assessments: How much money is being brought into your area and by whom? From where? Do you seek hotel bed-night tax information? For a direct spending analysis, the total amount spent per person for different types of respondents (most often residents and non-residents) is collected, tallied, and extrapolated for the total attendee population. The end result is determining how much the total population directly spends across various segments within the production and/or community.
Economic Impact Assessments: Most commonly sought by larger productions and regional authorities, an Economic Impact Assessment is far more detailed. Using economic modeling software, it starts with Direct Spending data and incorporates the Indirect and Induced economic effects, tracing how money flows through and impacts the community as it is spent and re-spent. We use IMPLAN software to calculate our Economic Impact Assessment figures.
What are the demographics of your respondent population? Examples of data includes age, gender, family and children, education, and income information.
Where does your attendee population come from? Collecting and mapping geographic data from respondents is beneficial for use in the development of marketing and sponsorship strategies, as well as in tourism planning efforts.
MARKETING / ADVERTISING EFFICACY
What media outlets distribute your advertising dollars most effectively? Collecting feedback from respondents related their awareness of advertising efforts proves to be quite meaningful.
Do you seek to improve the value and exposure of your sponsorship program? Generally, sponsorship investments are only made when a degree of certainty about return on investment is felt. Sponsor-specific feedback from respondents, when presented with respondent demographic data, can help provide the necessary leverage to attract new sponsors or increase the value of existing sponsorship programs.
Experience Feedback & Evaluation | What was successful? What logistical strategies can be applied to improve the respondent experience? What can be added, adjusted, or removed? Comments and feedback from the respondent population, examining foot traffic and crowd flow patterns, and assessments of festival signage and layout are all great examples of qualitative data.
Do you seek to assess expansion profitability? Do you need to test a new product, idea, or concept? Feedback from respondents allows for informed decisions to be made. Feasibility studies are commonly requested by clients seeking to add another day or aspect to a production, such as a kick-off event.
Do you seek to increase the numbers and capabilities of your volunteer base? By more effectively understanding and employing volunteers, staffing costs can be decreased, allowing for money to be allocated elsewhere within an operating budget.
Vendors play an integral role in any production. Evaluation and feedback obtained from vendors can be used to improve the experience and profitability for both vendors and the production.
Satisfaction / Preferences | What are the preferences of your respondent population? How satisfied are they with their experience?
Intent To Purchase / Return | What are the purchase affinities of your respondent population? What is the probability they will return or provide positive word-of-mouth recognition?
Willingness To Pay / Value Studies | Do you seek to measure the perceived respondent value of your experience? Often this feedback is useful in the reassessment of ticketing and production pricing strategies.
Survey research and respondent data is useful in obtaining grant funding.
What pieces of information do you seek to learn from your respondents?