Valuing BMX Australia's National Championships
BMX Australia (BMXA) wanted to understand the value of its National Championships to potential future host destinations. MI Staff were tasked with accurately determining the value of future National Championships to enable BMXA to increase revenues from its major event each year, and in doing so, turn it from being a major cost to BMXA to a new revenue stream.
MI staff designed a tailored approach for BMXA which projected the economic impact range no matter the location where the event might be held. This was important as the event could be held in regional locations which would be particularly attractive to a number of tourism and event organisations. An analysis of visitor numbers (both participants and accompanying people), average length of stay and expenditure per day was undertaken as well as an infrastructure audit to identify suitable locations. MI staff advised on how best to manage approaches to various governments and to ensure that BMXA's value proposition was explained in the language of government and highlighted what benefits they would receive.
BMXA were provided with an independent assessment of the value of its national championships which led to a 500% fold increase in the hosting fee paid. This turned a major BMXA cost centre into a significant new revenue stream that had not existed previously, thus shoring up BMXA's finances and self-sufficiency.