place equity & the power of place
TRANSCRIPT
THE POWER OF PLACE
April 27, 2015
PLACES ARE OUR PASSION_
PLACES CREATE INSPIRATION_
PLACES CREATE ENERGY_
PLACES CREATE CONNECTIONS_
PLACES CREATE PROSPERITY_
ABOUT US_
RESONANCE CONSULTANCY CREATES DEVELOPMENT STRATEGIES, PLANS, POLICIES AND BRANDS THAT SHAPE THE FUTURE OF DESTINATIONS AND COMMUNITIES AROUND THE WORLD.
REPUBLIC OF IRELAND_
VANCOUVER_
ARUBA_
HAITI_
CINCINNATI_
PARK CITY_
Canyons village photo
WHAT IS PLACE?_
PLACES, LARGE AND SMALL, COMPETE FOR TALENT, TRADE, AND INVESTMENT
THE COMPETITIVE ADVANTAGE OF A PLACE WHETHER IT BE A CITY, REGION OR COUNTRY, WAS HISTORICALLY DRIVEN BY GEOGRAPHY – PROXIMITY AND ACCESS TO RESOURCES, MARKETS OR TRANSPORTATION ROUTES.
THE MORE FREELY PEOPLE AND CAPITAL MOVE AROUND THE WORLD, THE MORE VALUED QUALITY OF PLACE BECOMES.
A DESTINATION’S QUALITY OF PLACE AND PERCEIVED “BRAND” INCREASINGLY DETERMINES WHERE TALENT, TOURISM AND INVESTMENT FLOW.
ESTIMATED VALUE OF COCA-COLA’S “BRAND” IS $79.2 BILLION - INTERBRAND 2013
BRAND EQUITY_
Brand Equity is “the set of assets and liabilities linked to a brand’s name and symbol that adds or subtracts from the value provided by a product or service to a firm and/or that firm’s customers.”David Aaker, Managing Brand Equity
PLACE EQUITY_
Place Equity is the set of assets and liabilities linked to a city’s name and identity that adds or subtracts from the perceived attractiveness of a city as a place to live, visit and invest
WHAT ASSETS ARE IMPORTANT IN DETERMINING THE VALUE OF PLACE?
WE INTERVIEWED MORE THAN 1,200 RECENT U.S. TRAVELERS AGED 18-34 AND ASKED THEM WHAT WERE THE MOST IMPORTANT FACTORS IN CHOOSING A VACATION DESTINATION AND IN CHOOSING A CITY TO LIVE.
MILLENNIALS’ MOST IMPORTANT FACTORS IN CHOOSING A VACATION DESTINATION
MILLENNIALS’ MOST IMPORTANT FACTORS IN CHOOSING A CITY TO LIVE_
MILLENNIALS’ MOST IMPORTANT FACTORS IN CHOOSING A CITY TO LIVE_
MEASURES TO BENCHMARK PLACES ON QUANTITATIVE FACTORS SUCH AS CRIME AND AIR QUALITY ARE READILY AVAILABLE, BUT HOW DO YOU MEASURE THE QUALITY OF FACTORS SUCH AS RESTAURANTS, ARTS, AND NIGHTLIFE?
SOCIAL SHAPES PLACE_
SOCIAL MEDIA CHANNELS SUCH AS TRIP ADVISOR AND YELP CONTAIN MORE THAN 270 MILLION CONSUMER GENERATED RATINGS AND REVIEWS FOR HUNDREDS OF THOUSANDS OF PLACES AND EXPERIENCES AROUND THE WORLD.
OUR APPROACH TO MEASURING THE RELATIVE PLACE EQUITY OF ONE PLACE TO ANOTHER IS TO UTILIZE A COMBINATION OF CORE STATISTICS AND CONSUMER GENERATED RATINGS AND REVIEWS.
TO CREATE THE U.S. PLACE EQUITY INDEX, WE COLLECTED AND ANALYZED DATA ON 24 FACTORS AND GROUPED THE RESULTS INTO 6 CATEGORIES._
1. Place: Perceived quality of a city’s natural and built environment
2. Product: A city’s key institutions, attractions and infrastructure
3. Programming: The arts, culture and entertainment in a city
4. People: Educational attainment, immigration and diversity of a community
5. Prosperity: Employment, income, poverty and companies
6. Promotion: Quantity of articles, references and recommendations online
PERCEIVED QUALITY OF A CITY’S NATURAL AND BUILT ENVIRONMENT
PLACE_
PLACE_
- Average air quality index
- Average number of sunny days
- Crime rate
- Number of very good or excellent neighborhoods and landmarks recommended by locals and visitors
- Number of very good or excellent parks and outdoor activities recommended by locals and visitors
TIMES SQUARE 1983_
TIMES SQUARE 2013_
THE POWER OF PLACE_
Chart from page 38 North Van Prezi
BEIJING_
BEIJING_
BEIJING_
PLACE_
PLACEMAKING CREATES A SENSE OF PLACE, CONNECTION, AND AN EMOTIONAL ATTACHMENT TO A DESTINATION.
GREENVILLE, SC_
GREENVILLE, SC_
GREENVILLE, SC_
GREENVILLE, SC_
PRODUCT_
A CITY’S KEY INSTITUTIONS, ATTRACTIONS AND INFRASTRUCTURE
PRODUCT_
- Ranking of top local university
- Number of direct destinations served by airport
- Size of convention center
- Number of very good or excellent attractions and amusements recommended by locals and visitors
- Number of very good or excellent museums and fine arts institutions recommended by locals and visitors
- Number of major league sports teams (MLB, NFL, NBA, NHL, MLS)
PRODUCT_
PRODUCT DEVELOPMENT IS THE CREATION OF INSTITUTIONS, INFRASTRUCTURE AND ATTRACTIONS THAT DRAW RESIDENTS, VISITORS OR BOTH TO A PLACE.
BILBAO_
MONTHLY OVERNIGHT STAYS OF FOREIGN VISITORS IN THE PROVINCE OF BISCAY JAN 1980 TO DEC 2010
CALGARY - NATIONAL MUSIC CENTRE_
PARIS - FONDATION LVMH_
PROGRAMMING_
THE ARTS, CULTURE AND ENTERTAINMENT IN A CITY
PROGRAMMING_
- Number of very good or excellent culinary experiences
- Number of very good or excellent shopping experiences
- Number of very good or excellent culture and performing arts experiences
- Number of very good or excellent places to eat & drink
- Number of very good or excellent nightlife experiences
PROGRAMMING_
PROGRAMMING IS THE SOFTWARE OF UNIQUE EVENTS AND EXPERIENCES THAT FOSTER BOTH IDENTITY AND CONNECTION TO PLACE.
PORTLAND, OR_
PORTLAND, OR_
Annual Growth since 200025 - 34 years
PEOPLE_
EDUCATIONAL ATTAINMENT, IMMIGRATION AND DIVERSITY OF A COMMUNITY
PEOPLE_
- Population with bachelor’s degree or higher
- Percentage of foreign-born population
- Percentage of population that speaks a language other than English
PEOPLE_
DIVERSITY IS NO LONGER ABOUT ATTRACTING NICHE TARGET MARKETS, BUT MAKING A DESTINATION APPEALING TO THE MARKET AT LARGE.
INDIANA_
PROSPERITY_
THE RELATIVE WEALTH OF A COMMUNITY
PROSPERITY_
− Unemployment rate
− Poverty rate
− Average household income
− Number of Fortune 500 corporate headquarters
PROSPERITY_
PLACEMAKING, PRODUCT DEVELOPMENT, PROGRAMMING AND DIVERSITY ARE THE KEYS TO PROSPERITY IN THE 21ST CENTURY.
VANCOUVER_
VANCOUVER_
VANCOUVER_
VANCOUVER_
PROMOTION_
HOW MUCH DOES THE WORLD TALK ABOUT YOU?
PROMOTION_
− Number of Google search results for each city
PROMOTION_
PROMOTION SHOULD BE BASED ON AND INFORMED BY AN UNDERSTANDING OF THE DIFFERENTIATING CHARACTERISTICS OF YOUR DESTINATION’S PLACE, PRODUCT, PROGRAMMING, PEOPLE AND PROSPERITY.
PROMOTION_
PROMOTION AND POSITIONING OF A DESTINATION SHOULD BE ALIGNED BETWEEN MUNICIPAL GOVERNMENTS, ECONOMIC DEVELOPMENT AUTHORITIES AND DESTINATION MARKETING ORGANIZATIONS.
LYON_
LYON_
LYON_
LYON_
Chart page 48 Power of Place Prezi
LYON_
POWER OF PLACE_
UNDERSTANDING THE ESSENTIAL DIFFERENTIATING CHARACTERISTICS OF YOUR DESTINATION IS ESSENTIAL TO CREATING AN AUTHENTIC POSITIONING STRATEGY & BRAND THAT WILL RESONATE WITH YOUR TARGET AUDIENCES.
TOURISM QUALITY INDEX_
RESONANCE CONSULTANCY IS NOW USING THIS APPROACH TO CREATE A NEW TOURISM QUALITY INDEX FOR 121 U.S. CITIES BY ANALYZING CONSUMER GENERATED REVIEWS AND RATINGS FOR...
TOURISM QUALITY INDEX_
1. Culture: The arts and culture in a city.
2. Entertainment: The programming and lifestyle experiences.
3. Sightseeing: The natural and built environment of a city.
4. Sports & Adventure: A destination’s outdoor activities and sports.
5. Culinary: The various food experiences in a destination.
6. Lodging: Accommodations in a city.
LIST OF FACTORS
TOURISM QUALITY INDEX_
To learn more about Resonance Reports on U.S. Place Equity, U.S. Millennial Travelers, and our new Tourism Quality Indexes, visit:
www.resonancereport.com
THANK-YOU!_
Resonance ConsultancyVancouver | New York
www.resonanceco.com@resonanceco
Chris Fair, [email protected]@crfair