place equity & the power of place

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, Presidentcfair@resonanceco.com@crfair