2012 Olympics: the business benefits
Promotional opportunities likely to be key
A recent seminar attended by Better Bankside indicated that it is not yet clear where and how the benefits of the 2012 Games to businesses will emerge. Different people give different views on the experience of previous Games. There is also an industry of consultants offering advice of dubious value.
The extra expenditure generated over the three weeks of the games is assessed as £200 million which, although significant, is not huge. The bigger prize is to use the games to raise awareness / profile of London / destinations / venues:
- 10,000 accredited and 10,000 unaccredited journalists will visit for the games å a fantastic opportunity to get coverage in the world press.
- London has a strong profile in 35 countries markets which have an ageing population profile. 200 countries participate in the Olympics, many with much younger profiles.
- The Games will attract significant corporate activity, with many businesses organising 'summits' around them.
- 50å70% of the net benefit from the games will be accrued through the tourism sector. Local authorities in UK already spend £120m pa on tourism development, and a Tourism 2012 Charter is now in place.
- On 15th June a new prospectus å 'How to benefit from the Olympics' å will be published. The London Business Board will also have web resource.
- IT contracts will be let by end of this year.
- Visit London Hotel Development Monitor is targeting 19,000 new rooms.
- There are strict rules governing how the 2012 brand can be used and the IOC will vigorously guard it. Guidelines are now in place, and action has already been taken against some offending parties.
- Each city is expected to launch its marketing campaign during the closing ceremony of the preceding games (Beijing), and not to 'compete' before that point.
- Jude Kelly, Artistic Director of the South Bank Centre, is heading the development of the cultural offer for the Olympics.
London
2012 website
http://www.london2012.org/en/
