The Royal Wedding is almost here. Some of you may be more thrilled than others. However, you can’t deny that whether you are a romantic, a business centric thinker, or both, it has far reaching repurcussions.
In a recent blog by Rosabeth Moss Kanter she explores some of these issues. Not unlike the last presidential inaugration that carried a price tag over twice that of the previous one, and was paid for by tax dollars, the pomp and circumstance of the Royal Wedding is expected to cost Brits dearly. It will require the most expensive security in UK history, estimated at over $30 million. There is even speculation that the national GDP will be reduced by the number of citizens glued to their telly or traveling to the event. Now that is impact!
In addition, the Wedding has sparked studies of the public cost of supporting the monarchy, estimated to be $55 million in 2009. Wow. That is a lot of public ceremony. Soon there will be those wanting to calcuate the ROI on the monarchy. To be or not to be, as Shakespeare would say.
So consider that there is estimated to be $80 million generated from London hotels and retailers for the event. That doesn’t count ongoing support of the Prince and his brides’ charities from multi media fundraising or the next sustained burst of tourists. Finally, in order to scoop the tabloids perhaps The Royal Family should consider publishing a magazine of their own exclusive photos throughout the year. Might they be able to be self-sustainable like any other good cause?
Many of us will watch the wedding; Most of us won’t enter the monarchy debate. Regardless, there is business practice to be observed and learned from. Here are two takeaways: 1) Figuring out how to put more sentiment into business events and products isn’t a bad idea either as it has real value to many around the globe.2) Using ROI to measure sentimental events, brands and occasions and just how much to invest in them isn’t a bad idea.
What are your thoughts?