The NEW Experience Economy: Using research to understand consumer behaviors

By ATB Financial 25 November 2020

As the non-profit sector looks ahead, leaders in the sector need relevant, timely and actionable data to help guide their planning in the complex environment of COVID-19. How do you bring people together in our new reality?  

Stone-Olafson, in collaboration with community partners, is conducting a study on The New Experience Economy. Through six phases of research with Alberta audiences, they are collecting reliable and relevant data about how Albertans are reacting to what's happening. 

Below you'll find presentations on wave two and wave three research. 

November 2020 research findings

Video: The NEW Experience Economy: Wave three research findings


Stone-Olafson shares wave three research highlights on what we know about current consumer habits and provides insight into how to use those learnings to thrive in a pandemic and post-pandemic environment.

Key topics discussed include:

  • What we know about our current reality, including capacity for risk
  • What this might mean for the non-profit sector
  • How non-profits can use the outcomes to fuel future experiential and event offerings

 

Seven key takeaways

 

  1. Economic indicators influence perceptions. Alberta had the dual misfortune of being hit with the economic crisis of COVID-19, as well as crashing oil prices. Even as unemployment decreases, the numbers are jarring and reflect a growing frustration in Albertans that materializes in the data outcomes. This sets Alberta apart from other provinces, and means that nonprofits will have to approach Alberta differently.
  2. Understanding Albertan’s risk tolerance is important. Comfort reflects a mindset and a willingness to do things. Risk tolerance adds another dimension to what actions audiences are willing to take. Risk tolerance in a pandemic environment is more than just knowing if a person is generally a risk-taker or not.
  3. In the pandemic environment, people are a lot more concerned about what’s going on around them, not just themselves when it comes to risk. The top concern related to COVID-19 as indicated by the data was getting family and friends sick. 70% of those taking part in the study cited this as a concern.
  4. Nonprofits need to engage Albertans based on their risk tolerance, and Albertans seem to range in risk tolerance based on region.
  5. As restrictions impact the availability of activities, many Albertans feel less pressure to engage. Restrictions may have had the unintended side effect of reducing social pressures Albertans feel to participate in multiple activities. This may present opportunities to create urgency, but also leave organizations grappling with the issue of long-term retention.
  6. Expectations of nonprofits will need to be adjusted, as there is a smaller appetite for volunteering and a softer willingness to donate.
  7. Audiences are listening and need to hear about what nonprofits will do to keep them safe, the experience they will have, and that it is shareable.

 

Want to dig into the results? Non-profits can access the full wave three report The NEW Experience Economy: The Intersection of Arts, Culture, Sports & Recreation in a Pandemic and Post-Pandemic Environment for free.

September 2020 research findings

Video: The NEW Experience Economy: Wave two research findings


Stone-Olafson and the Calgary International Film Festival (CIFF) share insight into what we know about current consumer habits from wave two research findings and how to use those learnings in 2020/2021 planning to thrive in a post-pandemic environment.

Key topics discussed include:

  • What we know about current consumer habits as of September 2020
  • What this might mean for the non-profit sector
  • How non-profits can use this data to fuel future experiential and event offerings
  • Example of how CIFF used data and research to reimagine how they might connect, engage and share their 2020 festival

Want to dig into the results? Non-profits can access the full wave two report The NEW Experience Economy: The Intersection of Arts, Culture, Sports & Recreation in a Pandemic and Post-Pandemic Environment for free.

Insights and advice for non-profits

A series of educational webinars designed for the non-profit sector.

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