DMAI UNVEILS NEW MODULE FOR EVENT IMPACT CALCULATOR
Destination Marketing Association International (DMAI) Chairman Gary Sherwin and President and CEO Don Welsh today announced the expansion of the DMAI Event Impact Calculator (EIC) suite of products. In response to DMAI member requests to assess the impact of the highly valued festivals and cultural events sector, DMAI will unveil its Festivals and Cultural Events module on Monday, October 3, 2016.
Developed by Tourism Economics, an Oxford Economics Company, and originally launched by DMAI in 2011, the EIC measures the economic value of an event and calculates its return on investment in local taxes. The EIC has been established as the official industry standard with more than 170 destination marketing organizations (DMOs) using the tool to analyze more than 70,000 events. The Festivals and Cultural Events module is the newest addition to the suite of products which currently includes Meetings and Sports.
"The launch of the much anticipated Festivals & Cultural Events module continues DMAI's renewed strategy to provide best-in-class educational programs, advocacy outreach and research tools to destination marketing organizations around the world," said Sherwin. "Empowering DMOs with the ability to showcase economic impact and return on investment for cultural events in our destinations further cements the value of tourism and destination marketing to our local constituents."
A 2013 research study by Mandala Research LLC found that 76% of U.S. leisure travelers participated in cultural and heritage activities, and these travelers on average spend more per trip. Each event impact analysis is defined by key parameters, including the size, duration, and type of event. The accuracy of the models is informed by ten complementary data sources which are updated annually to provide destinations with the most current results. These sources include industry-wide studies, and DMO and government-provided data.
“The delivery of the Festivals and Cultural Events module is another example of DMAI’s commitment to what our members want, need, and are willing to support,” said Welsh. “Thanks to the continued support from the Destination & Travel Foundation, DMAI is able to offer this impactful product to our members at a significantly reduced cost. In destinations across the world, the case for destination marketing can hinge on an appreciation for the economic value of events.”
Complimentary online demos for the Festivals and Cultural Events module will be held on Wednesday, September 14 and Tuesday, September 20 at 2:00pm EST. DMO professionals may register via the following links:
“Measuring and communicating the economic impact of events is an essential way for DMOs to establish their indispensable value,” said Adam Sacks, President, Tourism Economics. “We’re thrilled by the widespread adoption of the EIC and excited to expand its portfolio to include festivals and cultural events in addition to meetings and sports.”