DMAI’s Event Impact Calculator Tops 100 Subscribing DMOs
DMAI’s Event Impact Calculator recently reached a significant milestone, with 100 DMOs subscribing to the data-centric tool. Developed in partnership with Tourism Economics, an Oxford Economics company, the calculator measures the economic value of an event in terms of sales, jobs, wages and taxes, and compares the total value of an event to any related incentives and hosting costs for ROI.
Providing its subscribing DMOs with a standardized platform for different destinations to calculate the very unique impacts that meetings have on their local economies, the calculator arms its users with well-defined impact numbers to inform negotiations, influence industry partners, evaluate incentives and costs against the value of an event, and provide a case to policymakers for the ongoing development of the meetings sector.
“We decided to go with the Event Impact Calculator because we are looking for just that,” commented Tico Soto, Sales Director, Lake Charles/Southwest Louisiana Convention & Visitors Bureau. “Events are such a big part of the CVB world and it will be great to have a tool that can calculate the EEI of our bookings. One of the ways our CVB plans to use the tool is as a way to show our local stakeholders what our CVB brings to the area as an economic development engine.”
Since the tool’s Version 2.0 upgrade, more than 140 sales leaders have been actively running economic impact reports, totaling nearly 6,500 calculations. These calculations can be performed for different event scenarios based on the event type, year, associated costs, and contract values, with analysis based on city-specific data, which measures the differences in per diem costs and delegate spending by city.
Utilizing user feedback, DMAI and Tourism Economics continue to explore additional opportunities to build out the Event Impact Calculator’s scope with additional components.