Leveraging Economic Impact – 3 Ways You Benefit!
Economic impact is a widely talked about topic in the sports tourism landscape. Most destinations use it to gauge the financial success of an event in their community. Event producers can also benefit from knowing their full economic impact to help leverage incentives from destinations, increase their sponsorship value, and prepare accurate future event budgets. However, very few event producers are taking control of their data to know their full economic impact and are only relying on industry averages. Team Travel Source boasts the platforms and personnel to help any event discover it’s full economic impact.
Leveraging financial incentives from destinations typically comes down to one major point – what can you prove. It’s not enough to show that 150 teams registered for an event without also tracking spectator data with originating zip codes, number of hotel rooms contracted and actualized, length of stay, people per room, and actual hotel rates. Team Travel Source averages an increase of 20% revenue for new partners by minimizing risk on hotel agreements, aggressively marketing room blocks to attendees, providing exceptional customer service from our team specialists, ensuring 100% compliance on stay to play policies, and also capturing those last-minute bookings through our TTS Live platform. Armed with real, trackable data from the event, Team Travel Source is then able to liaise in a site selection process nationwide to leverage incentives for host fees and facility costs, negotiate lowest rate clauses at host hotels, and help tell the event’s success story in the host community.
Knowing an event’s full impact is only half the picture when securing sponsorships. Increasing the value of any sponsorship lies in the event’s ability to increase sponsor visibility. Team Travel Source has developed it’s own proprietary reservation software and website that provides enhanced visibility for the event sponsors to all teams and parents. Whether a team or individual sport, all parents and coaches making hotel reservations will see the sponsor’s logo or ad multiple times before ever stepping foot on the field, mat, court, or diamond. These increased impressions will allow event producers the leverage to increase sponsorship values. TTS also has the ability to pre-sell merchandise to help event producers control their inventory and reduce expenses.
Managing an event budget from year to year in different destinations is rarely comparing apples to apples. An event’s hotel performance and it’s role in driving economic impact is often the largest deciding factor for CVB’s and Sports Commission’s when offering financial assistance and cost savings to recruit events to their community. Team Travel Source has experience in both the RFP process and site selection to help event producers secure multi-year and long term agreements in one destination to help with budget forecasting for facility cost, staff travel, and more. Utilizing Team Travel Source to provide housing services is the first step in truly taking control over the event’s travel performance data and leveraging the full economic impact produced.