Events Big and Small Can Drive Economic Growth
Driving economic growth is something that communities and businesses strive toward daily. Their strategic roadmaps are almost always structured in a way that allows for optimal economic growth while being resource and time conscious. Though some communities and business will put up roadblocks to large events – they don’t want to deal with the crowds or the crazies – events, no matter their size, can be a boon to local businesses and economies.
Even though events drive an influx of cash, that’s not to say that money is the prime reason to put on an event. Putting on a profitable event can be a challenge, given the number of unknown variables, but the economic impact on the local economy itself is palpable.
In addition to driving additional revenue for the area, events can bring in publicity that piques the interest of those outside the community and can improve tourism. Though there are potential drawbacks to hosting events – as any city who has hosted the Olympics will tell you – there is much to be gained as well. If you’re thinking of putting on an event, it’s important to consider the economic impact for other businesses and the community itself and to do your part to help boost the local economy. So how can you ensure that your event not only benefits your bottom line but also the bottom lines of those in your community? Let’s look at some ways to spread the love.
Driving Economic Growth with Events
- Publicize. If no one knows your event is happening, then it’s very difficult to drive economic growth in a controlled manner. Not only should you let community members know of the event, you should recruit people in the community for volunteers (in exchange for free admission) and even use them to spread the news about your event to others. The more you can get your event out there, the more likely it is that the community will be ready and willing to respond in kind. You can also meet with the city council to discuss the event, get permits, and understand their concerns ahead of time. The more respectful and proactive you are, the more likely the community will support your endeavor.
- Drive foot traffic. If there are businesses near your event venue, offer to publicize them for free to your attendees. Driving foot traffic to nearby businesses and restaurants can be a goodwill gesture and will ensure that they stay happy even if your event causes extra traffic or other minor inconveniences.
- Team up. Many local businesses can be of benefit to event attendees, too. Team up with these businesses to offer deals and promotions that can be of use to them and can help drive sales for the businesses. The businesses don’t necessarily have to be in the same industry or even industry-adjacent, but they should provide something useful for your attendees. It can be a mutually-beneficial agreement or it can be of most benefit to them.
- Be generous. At the end of the day, your generosity it critical to driving economic growth with your event. Give your time, energy, and resources to the community around you. Without their support your event will run into more obstacles than necessary and may not have nearly the success you’d hoped for.
These tips can help ensure that your event, no matter the size, has a positive economic and social impact on your community. While events attract people from across the country and world, it’s important to support the communities who support our events and who are generous with their time and energy to ensure that they go off without a hitch. Pay it forward by giving back to those who’ve helped your event along the way.