This book includes a plain text version that is designed for high accessibility. To use this version please follow this link.
www.thewest.travel


Western Thought


The American West. It conjures up the frontier — a sense of wide-open possibilities that is a part of this country’s collective consciousness. It’s in that spirit of openness that we asked seven Western DMO leaders to explore one of the meeting industry’s most vexing challenges: How to determine the value of an event.


➊ Currently, how does your CVB calculate what a specific meeting or convention is worth? Economically and perception-wise?


➋ Are room blocks still an important factor in the way you price/offer your meeting space? What other metric would you use and why?


➊ OUR BUREAU CURRENTLY USES A FORMULA that has been developed from past research but we will be changing over to the Economic Event Calculator developed by Oxford Eco- nomics. This will give us the best overview of the true impact these particular meet- ings have on our community. I believe this


new product is long overdue and will have a lasting impact on what meetings and groups bring to any destination. We sell intangible experiences and that is hard for community leaders and residents to understand, but once they see how it brings revenue to its coffers and lowers residential tax rates, it will be a game changer. We like to call our meetings guests and visitors “temporary tax payers.”


➋ ROOM BLOCKS ARE IMPORTANT, BUT WE DON’T HAVE A CON- vention center to support. Our meetings and groups are held in our hotel properties and offsite venues. The time of year — high or


low season — has a bigger effect on the pricing structure of our meeting space. We also have several events and festivals through- out the year, so our weekends are at a premium. We value our meet- ings more during midweek and winter months and incentivize those groups that come during those slow periods. — Mark Crabb, Vice President of Sales, Sonoma County Tourism Bureau


➊ BOTH. WE ALWAYS PROVIDE THE ECO- nomic value (direct spend) of a meeting or convention but we use hyper-conservative calculations due to the challenges of obtain- ing up-to-date economic impact data. We also always provide the other “values” of a partic- ular meeting or group — economic-devel-


opment potential, media-exposure opportunities, local business exposure, and/or buy/sell opportunities, etc. As an example, when Albuquerque hosted the Boyd Aviation conference (Aviation Indus- try Forecasting Conference), although the direct spend was relatively small, the importance and value of having the CEOs and leadership teams of the nation’s leading airlines and support businesses meet in Albuquerque was priceless. We are looking forward to embracing DMAI’s Event Impact Calculator that has just been introduced, which will provide a much more accurate economic impact model for us to reflect the value of meetings and conventions.


➋ WHAT OTHER METRIC WOULD YOU USE AND WHY? ROOM BLOCKS are still crucial to our inducements and pricing. However, due to degradation of room blocks for all the known reasons, if a meeting planner can accurately show us the true room consumption of their event, versus the room block, we take that into consideration. For


www.pcma.org


pcma convene March 2012


95


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126