Revenue Growth and Diversification | Leveraging Banff Centre’s Unique Place and Convening Ability
Financial supports to deliver the education and training programs at the core of Banff Centre’s mission come from a combination of government grants, sponsorships, individual donations, and earned revenue generated from onsite conferences and hospitality offerings. Banff Centre has been a leader in this balanced revenue model for decades and its enterprising approach to further growth and diversification of revenue sources will be required to continue to support this model. Banff Centre will continue to seek innovative ways to diversify its revenue model.
1 – Banff Centre locally:
Drawing inspiration from the shifts in seasonality of its mountain home, and the incredible global appeal of Banff as a destination, Banff Centre sees opportunity in creating reliable and dependable seasonal programming and events which serve the core purpose of Banff Centre while supporting revenue growth and diversification.
- Banff Centre will engage with the local Bow Valley community to find ways to work together to jointly contribute to growing the local economy and strengthening the local social fabric, while supporting a diversification of Banff Centre’s funding model. Central to this will be making more intensive use of the existing campus footprint and seeking fresh, strategic relationships with the local business community and other stakeholders, such as government agencies.
- These alliances could include the development of a seasonal system for consistently-timed events, such as the Banff Centre Mountain Film and Book Festival which happens each Fall, that aligns with the planning cycles of arts and leadership programming and the natural cycles of our mountain home.
2 – Beyond Banff:
Inspired by Banff Centre’s current offerings and pedagogical model, which find energy from mountain culture and the environment, Banff Centre will explore a combination of physical events around the world and digital capabilities for virtual events for global audiences.
- Beyond that, Banff Centre will develop a regular schedule of summits, conferences, festivals and events, aligned with its mission, vision, and purpose.
- The Banff Centre Mountain Film and Book Festival and World Tour, and adaptation to a virtual edition in 2020, is an important example of digital design and dissemination in practice.
3 – Mission Support:
As Banff Centre grows, it will continue to use opportunities to share with participants, faculty, guests, clients, and audiences how their involvement enables and supports the achievement of Banff Centre’s mission, vision, and purpose.
- Evaluate cycles and ideas, working with partners in the Bow Valley, create a plan for a series of online and on campus summits, gatherings and festivals.
- Evaluate the types of experiences that Banff Centre offers for various visitors, guests, and participants; undertake planning of product and joint developments, categorized into activities and experiences that can be measured in hours, days, weeks, or months.
- Evaluate the digital platforms and systems that will be needed to enable Banff Centre to hold virtual events for global audiences.
- Create and execute a campus-wide communications engagement plan on articulating Banff Centre’s renewed business model.
- Implementation of plans, product and experience offerings.