As the sun sets on a Paris Olympics full of images and memories, minds will turn to the more hard-nosed issue of legacy, and what has been the value of all that money spent.
Branding is an obvious winner as the last two weeks have delivered on showcasing the beauty of Paris (and Tahiti for the surfers). The brand wanted to say ‘Paris is a Party – And Everyone’s Welcome’ and the mixing of sport, culture and architecture has delivered. With the Paralympics up next, Paris will also have the opportunity to demonstrate accessibility and inclusivity within the city.
Anyone who remembers the build-up to the London Olympics will recall promises about inspiring a generation of people to get active. But if you had read the research on previous Olympics would know this was unlikely, and evidence has shown the London Games did little to improve activity levels.
What mega-events like the Olympics do deliver for economic development is infrastructure improvements, typically in the form of bringing forward major investment projects that were lacking money or direction. The Shinkansen bullet train was opened ten days before the start of the Tokyo Olympics in 1964, while major capital investment projects for the regeneration of the Lower Lea Valley area were sped up as a result of London being award the Games in 2012.
It is no surprise that the IOC is now talking about future Olympic Games acting as a ‘catayst’ for regional development plans.
Smaller events deliver real benefit for economic development
Not all events are mega-events like the Olympics, and there are still significant benefits to be generated from single prestige events such as hosting a Champions League final or Ryder Cup.
Locally, this can mean building strong working relationships between various bodies tasked with organising events, while at an international level, it is an opportunity to showcase a location that often sits in the shadow of larger cities.
Tourism is most often cited as a benefit due to an influx of high-spending spectators and an impact that is easy to measure. But for economic development, there is a more significant opportunity to explore.
These events can bring senior decision makers from multinational companies to a location they would not normally have the time to visit. Once at the event, there are opportunities to host experiences that bring potential investors together with local businesses in a relaxed setting, and once people start talking then anything can happen.
This is potentially where the greatest return on investment lies – smaller locations benefiting from hosting small but prestigious events. The resources required are smaller, the direct contact with senior decision makers is greater, and the world is looking on as you showcase your strengths.
OCO Global can help locations make the most of their event by identifying promotional strategies and linking local business strengths with companies around the world. Years of experience in researching companies and executives allows us to get the right people at the right time for your event.
