Vision's 5 models
An industry specific toolbox
The 5 Models that predict and monitor visitor experiences, to
ensure attractions provide a viable and memorable experience.
Vision uses a unique market-leading methodology called the ‘5 Models’ to help visitor attraction operators and management teams prepare development strategies for growth or moving to economic sustainability; estimate and understand their market, create memorable visitor experiences, and deliver viable operational plans to future-proof their business.
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The 5 Models involves a complex dive into attractions data, supplied by the client, as well as sector data that is unique in the tourism sector and owned and used by Vision. The output of the 5 Models is a robust strategy and plan for an attraction that will exceed visitor expectations and deliver a healthy return on any investment or reduce subsidies.
Market Model
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Explores the size of the market (residents and tourists), estimates the footfall, assesses how many visitors will come, benchmarks the site against other attractions (market penetration), looks at key market segments and analyses the psychographics of these segments, identifies the gaps in the market and performs a key competitors analysis.
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Business Model
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Reviews the income model, pricing strategy, and funding model in order to answer the questions about how much can be charged (pricing strategy), income generation (including tickets, catering, retail, accommodation, extra pay activities, and other business streams) and how the project is funded (funding model and fundraising assistance)? A range of Return on Investment, KPI’s and subsidy reduction models can also be calculated.
Experience Model
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Examines the Visitor Experience, identifies gaps in the product and proposes solutions, looks at the capacity of the site to see if the project can occupy enough people to make the business model work, calculates the number of experience components and facilities (restaurants, retail, toilets, etc) required, and predicts the quality and value of experience offered by the attraction/destination.
Cost Model
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Provides baseline costs for the development plan components and estimates the investment needed to implement the plan. This is an iterative process as the Model is fluid enough to measure achievability against budget until what is proposed is affordable. The Model also sets out the phasing of investment into a sustainable development plan.
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