May 30, 2022
The speed of investment decision making – it is so critical in today’s fast-moving tourism market.
Covid has shown us all that society and the investment environment can change quickly. So, the time taken to make a decision has acritical impact on your return on investment, particularly for regional developments.
In the past, the time and cost to research tourism development opportunities may have included gathering of regional data fromnumerous sources and even sending staff to live in regional areas for extended periods of time.
Our experience is that investors and developers can take many months to gain a basic understanding of regional dynamics such as a council’s true support for tourism investment, community sentiment and its likely impact, and the visitor dynamics of the region, including local resident spending in theirvisitor economy.
After extensive investment in research, the conclusion might be that there were some fundamental issues or barriers that made the investmentunviable or there were unidentified opportunities requiring a quite different investment approach.
If some of these issues and opportunities could be identified early in the investment journey, it would provide a more informed view of market and potentially save many thousands of dollars and effort.
In a fast-moving market, taking an extra 3 months to assess a project can reduce an attractive return to a marginal return, during which time competitors could snaffle your opportunity. And have cost you $10,000-25,000for a data analyst to collate the relevant data, only to find the data source is not aligned with industry-accepted benchmarks.
Banks and valuers are wanting more information to support your funding application. And gathering this information takes time and money to collate, analyse and interpret.
So how does one collate data in the most efficient way possible? The answer is to have access to a readily available single data platform populated with the latest data ready for you to use and to understand the readiness of a region for tourism investment.
VisScope merges traditional and new datasets, reduces your time to collate the data you need and helps you find your next development opportunity.
Get In Touch
If you have enquiries on how VisScope can help speed up your decision making, please contact nem Australasia partners Mark Dalton at mdalton@nem.net.au or Mark Griffiths at mgriffiths@nem.net.au, or email VisScope at info@visscope.com.
