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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 DESTI...
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 – PROXI...
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 subtrac...
PLACE EQUITY
_
Place Equity is the set of assets and liabilities
linked to a city’s name and identity that adds
or subtrac...
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 CHO...
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 M...
SOCIAL SHAPES PLACE
_
SOCIAL MEDIA CHANNELS SUCH AS
TRIP ADVISOR AND YELP CONTAIN
MORE THAN 270 MILLION
CONSUMER GENERATED RATINGS
AND REVIEWS F...
OUR APPROACH TO MEASURING
THE RELATIVE PLACE EQUITY OF
ONE PLACE TO ANOTHER IS TO
UTILIZE A COMBINATION OF CORE
STATISTICS...
TO CREATE THE U.S. PLACE EQUITY
INDEX, WE COLLECTED AND ANALYZED
DATA ON 24 FACTORS AND GROUPED
THE RESULTS INTO 6 CATEGOR...
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 neighbo...
TIMES SQUARE 1983
_
TIMES SQUARE 2013
_
THE POWER OF PLACE
_
Chart from page 38 NorthVan 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
...
PRODUCT
_
PRODUCT DEVELOPMENT IS
THE CREATION OF INSTITUTIONS,
INFRASTRUCTURE AND
ATTRACTIONS THAT DRAW
RESIDENTS, VISITOR...
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 experien...
PROGRAMMING
_
PROGRAMMING IS THE
SOFTWARE OF UNIQUE EVENTS
AND EXPERIENCES THAT
FOSTER BOTH IDENTITY AND
CONNECTION TO PLA...
PORTLAND, OR
_
PORTLAND, OR
_
Annual Growth since 2000
25 - 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 ...
PEOPLE
_
DIVERSITY IS NO LONGER
ABOUT ATTRACTING NICHE
TARGET MARKETS, BUT MAKING
A DESTINATION APPEALING TO
THE MARKET AT...
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
D...
PROMOTION
_
PROMOTION AND POSITIONING OF
A DESTINATION SHOULD BE
ALIGNED BETWEEN MUNICIPAL
GOVERNMENTS, ECONOMIC
DEVELOPME...
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 ...
TOURISM QUALITY INDEX
_
RESONANCE CONSULTANCY IS
NOW USING THIS APPROACH TO
CREATE A NEW TOURISM QUALITY
INDEX FOR 121 U.S...
TOURISM QUALITY INDEX
_
1. Culture: The arts and culture in a city.
2. Entertainment: The programming and lifestyle experi...
TOURISM QUALITY INDEX
_
To learn more about Resonance Reports on U.S. Place
Equity, U.S. Millennial Travelers, and our new...
THANK-YOU!
_
Resonance Consultancy
Vancouver | New York
www.resonanceco.com
@resonanceco
Chris Fair, President
cfair@reson...
Place Equity & The Power of Place
Place Equity & The Power of Place
Place Equity & The Power of Place
Place Equity & The Power of Place
Place Equity & The Power of Place
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Place Equity & The Power of Place

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“Place Equity” is a measure developed by Resonance Consultancy to quantify and benchmark the relative quality of place, reputation and competitive identity of one city to another by analyzing a variety of factors that add to or subtract from the perceived attractiveness of a city or destination.

Place Equity, like brand equity, is something that is built or lost over time. Our work shows that safety and crime is the most important factor in choosing a place to visit or live; events such as the recent riots in Baltimore will likely have a negative impact on that city’s Place Equity for a time. The development of products and programming that create a uniquely enjoyable “sense of place” such as The High Line park in New York or Austin’s SXSW festival enhance it.

In our experience, the Place Equity and identity of a destination is defined by its assets and achievements in six core areas:

1. Place: The quality of a destination’s natural and built environment.
2. Product: The quality of a destination’s key institutions, attractions and infrastructure, such as airports and convention centers.
3. Programming: The quality of arts, dining, culture, events and entertainment in a city
4. People: The educational attainment, immigration and diversity of a community
5. Prosperity: The employment, income, poverty and corporations of a city.
6. Promotion: The quantity of positive articles, references and online recommendations

The challenge with creating such a measure is that statistics for quantitative factors such as air quality and employment are widely available, but qualitative ones for factors such as restaurants, culture and nightlife are not. To solve this problem, Resonance Consultancy turned to social media channels such as Trip Advisor and Yelp to identify how many very good or excellent experiences cities offered from one category to the next, as rated by locals and visitors. We’ve found that examining place from the visitors’ point of view – the supply side – is a surprising and enlightening exercise.

We believe that this combination of key quantitative measures with qualitative ratings by locals and visitors provides destinations with a new perspective and insight into the key differentiating characteristics of their place versus their competitive set. As our Place Equity Index shows, no destination excels in every area. By seeing where the weaknesses lie, you can make investments where appropriate. And by identifying and leveraging your destination’s strengths, you can create an authentic and compelling positioning and competitive identity that will resonate with your target audiences. It takes collaboration with municipal planning departments, economic development offices and many others to analyze, understand and agree on the key differentiating characteristics for your destination. It’s not easy, but it’s a proven way to effectively compete for the kinds of talent, tourism and investment you

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Place Equity & The Power of Place

  1. 1. THE POWER OF PLACE April 27, 2015
  2. 2. PLACES ARE OUR PASSION _
  3. 3. PLACES CREATE INSPIRATION _
  4. 4. PLACES CREATE ENERGY _
  5. 5. PLACES CREATE CONNECTIONS _
  6. 6. PLACES CREATE PROSPERITY _
  7. 7. ABOUT US _ RESONANCE CONSULTANCY CREATES DEVELOPMENT STRATEGIES, PLANS, POLICIES AND BRANDS THAT SHAPE THE FUTURE OF DESTINATIONS AND COMMUNITIES AROUND THE WORLD.
  8. 8. REPUBLIC OF IRELAND _
  9. 9. VANCOUVER _
  10. 10. ARUBA _
  11. 11. HAITI _
  12. 12. CINCINNATI _
  13. 13. PARK CITY _ Canyons village photo
  14. 14. WHAT IS PLACE? _
  15. 15. PLACES, LARGE AND SMALL, COMPETE FOR TALENT, TRADE, AND INVESTMENT
  16. 16. 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.
  17. 17. THE MORE FREELY PEOPLE AND CAPITAL MOVE AROUND THE WORLD, THE MORE VALUED QUALITY OF PLACE BECOMES.
  18. 18. A DESTINATION’S QUALITY OF PLACE AND PERCEIVED “BRAND” INCREASINGLY DETERMINES WHERE TALENT, TOURISM AND INVESTMENT FLOW.
  19. 19. ESTIMATED VALUE OF COCA- COLA’S “BRAND” IS $79.2 BILLION - INTERBRAND 2013
  20. 20. 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
  21. 21. 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
  22. 22. WHAT ASSETS ARE IMPORTANT IN DETERMINING THE VALUE OF PLACE?
  23. 23. 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.
  24. 24. MILLENNIALS’ MOST IMPORTANT FACTORS IN CHOOSING A VACATION DESTINATION
  25. 25. MILLENNIALS’ MOST IMPORTANT FACTORS IN CHOOSING A CITY TO LIVE _
  26. 26. MILLENNIALS’ MOST IMPORTANT FACTORS IN CHOOSING A CITY TO LIVE _
  27. 27. 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?
  28. 28. SOCIAL SHAPES PLACE _
  29. 29. 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.
  30. 30. 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.
  31. 31. 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
  32. 32. PERCEIVED QUALITY OF A CITY’S NATURAL AND BUILT ENVIRONMENT PLACE _
  33. 33. 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
  34. 34. TIMES SQUARE 1983 _
  35. 35. TIMES SQUARE 2013 _
  36. 36. THE POWER OF PLACE _ Chart from page 38 NorthVan Prezi
  37. 37. BEIJING _
  38. 38. BEIJING _
  39. 39. BEIJING _
  40. 40. PLACE _ PLACEMAKING CREATES A SENSE OF PLACE, CONNECTION, AND AN EMOTIONAL ATTACHMENT TO A DESTINATION.
  41. 41. GREENVILLE, SC _
  42. 42. GREENVILLE, SC _
  43. 43. GREENVILLE, SC _
  44. 44. GREENVILLE, SC _
  45. 45. PRODUCT _ A CITY’S KEY INSTITUTIONS, ATTRACTIONS AND INFRASTRUCTURE
  46. 46. 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)
  47. 47. PRODUCT _ PRODUCT DEVELOPMENT IS THE CREATION OF INSTITUTIONS, INFRASTRUCTURE AND ATTRACTIONS THAT DRAW RESIDENTS, VISITORS OR BOTH TO A PLACE.
  48. 48. BILBAO _
  49. 49. MONTHLY OVERNIGHT STAYS OF FOREIGN VISITORS IN THE PROVINCE OF BISCAY JAN 1980 TO DEC 2010
  50. 50. CALGARY - NATIONAL MUSIC CENTRE _
  51. 51. PARIS - FONDATION LVMH _
  52. 52. PROGRAMMING _ THE ARTS, CULTURE AND ENTERTAINMENT IN A CITY
  53. 53. 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
  54. 54. PROGRAMMING _ PROGRAMMING IS THE SOFTWARE OF UNIQUE EVENTS AND EXPERIENCES THAT FOSTER BOTH IDENTITY AND CONNECTION TO PLACE.
  55. 55. PORTLAND, OR _
  56. 56. PORTLAND, OR _ Annual Growth since 2000 25 - 34 years
  57. 57. PEOPLE _ EDUCATIONAL ATTAINMENT, IMMIGRATION AND DIVERSITY OF A COMMUNITY
  58. 58. PEOPLE _ - Population with bachelor’s degree or higher - Percentage of foreign-born population - Percentage of population that speaks a language other than English
  59. 59. PEOPLE _ DIVERSITY IS NO LONGER ABOUT ATTRACTING NICHE TARGET MARKETS, BUT MAKING A DESTINATION APPEALING TO THE MARKET AT LARGE.
  60. 60. INDIANA _
  61. 61. PROSPERITY _ THE RELATIVE WEALTH OF A COMMUNITY
  62. 62. PROSPERITY _ − Unemployment rate − Poverty rate − Average household income − Number of Fortune 500 corporate headquarters
  63. 63. PROSPERITY _ PLACEMAKING, PRODUCT DEVELOPMENT, PROGRAMMING AND DIVERSITY ARE THE KEYS TO PROSPERITY IN THE 21ST CENTURY.
  64. 64. VANCOUVER _
  65. 65. VANCOUVER _
  66. 66. VANCOUVER _
  67. 67. VANCOUVER _
  68. 68. PROMOTION _ HOW MUCH DOES THE WORLD TALK ABOUT YOU?
  69. 69. PROMOTION _ − Number of Google search results for each city
  70. 70. 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.
  71. 71. PROMOTION _ PROMOTION AND POSITIONING OF A DESTINATION SHOULD BE ALIGNED BETWEEN MUNICIPAL GOVERNMENTS, ECONOMIC DEVELOPMENT AUTHORITIES AND DESTINATION MARKETING ORGANIZATIONS.
  72. 72. LYON _
  73. 73. LYON _
  74. 74. LYON _
  75. 75. LYON _
  76. 76. Chart page 48 Power of Place Prezi LYON _
  77. 77. 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.
  78. 78. 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...
  79. 79. 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
  80. 80. 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
  81. 81. THANK-YOU! _ Resonance Consultancy Vancouver | New York www.resonanceco.com @resonanceco Chris Fair, President cfair@resonanceco.com @crfair

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