Differentiate and Drive through Digital
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Transcript of Differentiate and Drive through Digital
Differentiate and Drive Through Digital
Whitney DalyMarketing Manager, Atlas AdvertisingEconomists, strategists, and digital marketing evangelists working together to create vital community brands that generate results. We believe that our work has a direct and indirect ROI for all of the communities with whom we work.
Angelos AngelouPrincipal Executive Officer, Chief Strategist, AngelouEconomics Relentless experts who specialize in economic development and site location. With over two decades of experience, there’s very little we haven’t seen. We bring more to the table for you in the form of visions, strategies, implementation plans, economic impact studies, and site location advisement.
Introductions
Continue the Conversation • Follow us on Twitter:
www.twitter.com/AtlasAd• Tweet questions using hashtag
#ASKATLAS• Join High Performance Economic
Development LinkedIn group• View and share the slides with your
colleagues:www.slideshare.com/wright0405
View the Slides, Continue the Dialogue
• Recap of “Why Site Selectors Hate Your Marketing”
• Importance of differentiation in ED marketing
• Perspective from a site selector• Process of going digital• Importance of digital in ED marketing• Digital strategies that work• Impact of not adopting digital approach• How to differentiate through digital – 3
ways
What Are We Talking About Today?
1. It’s not relevant2. It’s not different3. There is no substantive data4. They’ve seen it before5. It interrupts rather than invites
“Best ED webinar I have attended in a LONG TIME!”
“Excellent to both Guillermo and Will. Very, very helpful. Thank you!”
Recap of “Why Site Selectors Hate Your Marketing”
4 Key Takeaways— 1. EDO websites are reviewed 100% of the time during the
research phase of a site selection process. 2. Company testimonials, independent labor studies, and
flexible incentive support can make up for market disadvantages.
3. LinkedIn is a great tool for connecting with site selectors.4. Evaluation methodologies vary based on the unique
requirements of a project and company.
Recap of “Why Site Selectors Hate Your Marketing”
To differentiate (your message and strategy) is to stand apart, to be unique, to tell a story unlike any others.
In economic development, it means raising your community profile, and getting noticed as a viable option for companies all over the world.
Importance of Differentiation in ED Marketing
3 Ways EDOs Can Better Differentiate… 1. Focus on the Challenge (Sun Corridor Inc.)
While Tucson Regional Economic Opportunities Inc. was a top-performing EDO, this well-established identity was preventing inquires beyond their city limits, especially south of the border into Mexico.
Importance of Differentiation in ED Marketing
3 Ways EDOs Can Better Differentiate… 2. Immerse Yourself in Planning, and Develop a Strategy
• Identify competitors• Identify target audiences• Understand what it is you want to achieve
Importance of Differentiation in ED Marketing
3 Ways EDOs Can Better Differentiate… 3. Build Your Approach and Execute
• National site selector research• Marketing strategy• Identity and logo development• Advertising and tradeshow concepts• Branded graphics
Importance of Differentiation in ED Marketing
3 Ways EDOs Can Better Differentiate… Bonus #4 See the Payoff
• Positioned the EDO beyond the boundaries of Tucson and outside the shadow of Phoenix – ideal for the kind of growth they experience
• 60 company relocations (2005-2015)• 10,000 new jobs (2005-2015)• $1.4 billion in new investments (2005-2015)
Importance of Differentiation in ED Marketing
ABOUTANGELOUECONOMICS
• 650+StrategicPlans
• $18BillioninSiteLocaBon
• 200+EconomicImpactStudies
CURRENTSITESELECTIONTRENDS
Capital Investments by State, 2015
Top States: Total Projects
Top States
State ProjectsTexas 689Ohio 582Illinois 394NorthCarolina 313Georgia 311Kentucky 258Michigan 230Pennsylvania 227Louisiana 200Tennessee 195
Source: Governor’s Cup, MapChart
CURRENTSITESELECTIONTRENDS
Capital Investments by State, 2015
Top States: Projects per Capita
Top States
StateProjects per
CapitaKentucky 258Ohio 582Louisiana 200Kansas 109SouthDakota 27NorthCarolina 313Georgia 311Illinois 394Tennessee 195Iowa 88Source: Governor’s Cup, MapChart
CURRENTSITESELECTIONTRENDS
Venture Capital - National
# o
f Dea
lsTotal Investm
ent
Source: PriceWaterhouseCoopers
CURRENTSITESELECTIONTRENDSVenture Capital by Top State and Industry
44%
13%11%
11%
5%
5% 5%2%2%2%
Top VC Sectors, 2014
Software
Media and Entertainment
Biotechnology
IT Services
Medical Devices
Industrial/Energy
Consumer Products
$27.2
$4.7$4.3$1.5$1.2$1.1$0.9$0.8$0.8$0.8
$0
$5
$10
$15
$20
$25
$30
Cal
iforn
iaM
assa
chus
etts
New
Yor
kTe
xas
Was
hing
ton
Illin
ois
Flor
ida
Uta
hC
olor
ado
Penn
sylv
ania
Bill
ions
VC by State, 2014
Source: PriceWaterhouseCoopers
CURRENTSITESELECTIONTRENDSTakeaways
Top States for Projects (Overall and Per Capita):1. Georgia2. Illinois3. Kentucky4. Louisiana5. North Carolina6. Ohio7. Tennessee
Venture Capital:1. Investment has rebounded since 2008, but not returned to levels seen in the
early 2000s, probably a good thing!
2. Software (44%) is the leading sector for investments, followed by media (13%), biotech (11%), and IT (11%)
STEPSTOSITESELECTIONPROCESS
STEP 1: Project Set Up
Ø Introduce the project team.
Ø Discuss the objectives, goals, and vision for the project.
Ø Review and finalize a detailed project schedule identifying milestones and goals as well as roles and responsibilities.
Ø Review the type of incentives that can be expected based on similar expansions and relocations.
THENEEDSOFANEXPANDINGBUSINESS
Criteria 1. Property Size 2. Rail Available 3. Airport - 1 hour 4. Water Available 5. Gas Available
Yes Yes No No Yes
Go / No Go Screen
AlternaBvesEliminated
Example of “Must” Criteria:
Must vs. Need Criteria
THENEEDSOFANEXPANDINGBUSINESS
Must vs. Need Criteria
Example of “Want” Criteria:
Criteria 1. Labor Size 2. Operating Cost 3. Logistics Cost 4. Incentives 5. Competitor Locations
10 9 8 7 6 5 4 3 2 1 Most Important Least Important
StepstoSiteSelecBonProcess
STEP 2: Market Research
Research will provide the base analysis for the initial selection of 10 to 15 target cities for site location. Criteria to be checked include:
Ø Quality of lifeØ Workforce and talent availability
Ø Market access & Proximity to industry clusters
Ø Business climate (utility costs, taxes, wages, permitting)
Ø Transportation logistics, air service, etc.
StepstoSiteSelecBonProcess
STEP 3: RFP and Proposal ReviewAE will issue an RFP and determine local suitability and acceptability by analyzing the following:
Ø Local and Regional DemographicsØ Education & Training ProgramsØ Human Capital (e.g., labor availability and skill levels)Ø Infrastructure Capacity (e.g., water, wastewater, electricity, and
transportation) Ø Existing Technology Companies and SuppliersØ Business Costs (income tax, franchise, business activity and sales taxes)Ø Property Taxes (e.g., tax rate and depreciation schedules) Ø Development Costs & Timelines (e.g., planning and zoning guidelines)Ø Federal, State, and Local Financial Ø Entrepreneurial Ecosystem Ø Political Stability (e.g., national, state, and local political issues or
legislative actions that may impact project)
PROMOTINGYOURCOMMUNITY’SASSETS
Importance of Community Assets:
Ø Skilled Workforce
Ø Quality of Life
Ø Market Access
Ø Proximity to Clusters
Ø Transportation Logistics
Ø Business Climate
Ø Incentives
TOOLSTOCAPTUREINVESTMENT
Cost of Operational Analysis:
Ø After all cost factors are considered, a total cost comparison is made
Ø Total costs are indexed to show relative costs for each competing city
Ø Incentives are based on cost comparisons and specific to each city
LocalCostofOperaLonsIndex
TotalAnnualOperaLngCosts
100% 103% 101% 112%
0%20%40%60%80%
100%120%
DeKalb County
Cobb County
Gwinnett County
Prince George's County
$14,438,559
$14,932,471
$14,561,121
$16,237,029
DeKalb County
Cobb County
Gwinnett County
Prince George's County
StepstoSiteSelecBonProcess
STEP 4: Incentives Review & NegotiationNegotiate an incentive package with the appropriate governments and agencies. The types of incentives to consider include:
Ø Tax abatements Ø Cash grants and loansØ Sales tax sharingØ Labor training fundsØ Tax creditsØ Infrastructure improvementsØ Job creation incentives and grantsØ Land and rent subsidiesØ Property tax depreciation policy and schedulesØ Relocation assistance/moving expenses
TOOLSTOCAPTUREINVESTMENT
Economic Impact StudyTOTAL ECONOMIC ACTIVITY
Jobs Labor Income Economic Activity
Direct Impacts 1,751 $16,735,000 $43,646,000
Impacts to Other Industries 1,307 $15,121,000 $42,519,000
TOTAL IMPACTS 3,059 $31,857,000 $86,165,000
INDUSTRIES MOST IMPACTEDRANK INDUSTRY ECONOMIC ACTIVITY
1 Construction of new nonresidential commercial and health care structures $258,552,3762 Construction of other new nonresidential structures $76,597,7893 Construction of new residential permanent site single- and multi-family structures $71,659,1714 Architectural, engineering, and related services $29,817,0415 Imputed rental activity for owner-occupied dwellings $13,883,3146 Real estate establishments $13,463,9847 Monetary authorities and depository credit intermediation activities $11,880,6448 Wholesale trade businesses $10,448,6119 Telecommunications $9,285,31410 Food services and drinking places $8,197,678
StepstoSiteSelecBonProcess
PROJECT PHASES DURATION Month 1 Month 2 Month 3 Month 4 Month 5 Month6
Step 1: Project Set Up 2-3 weeks
Step 2:Market Research 4-6 weeks
Step 3:RFP & Site Assessment 4-6 weeks
Step 4:Final Incentives Review & Negotiation 6-8 weeks
TIMELINE:
DOs&DON’Ts
DO:ü Have a standard process
ü Customize the proposal
ü Get the community involved
ü Build rapport with consultants and prospects
DON’T:Be afraid to ask questions to clarify the RFP
Provide the bare minimum of what is requested
Show sites that do not meet the requirements of the project
Forget the “Wow” factor
ECONOMICDEVELOPMENTMARKETING
Steps to ED Marketing:1. Target with a laser beam
2. Community Vision, Set Goals
3. Establish Community Brand – what do you stand for?
4. Identify your assets and know your productØ What are your selling points? What makes you unique?Ø How can you differentiate yourself from the competition?
5. Determine the right marketing mix – Internal vs External
6. Measure and monitor
ECONOMICDEVELOPMENTMARKETING
Top 10 Marketing Tips!1. HOPE is NOT a Marketing Strategy
2. Marketing is Not Advertising – It is a Component of Marketing
3. Public Relations is Not a Waste of Time
4. The Media is Not Your enemy…Engage Them!
5. If You Build it, They Will Not Always Come
6. Never Underestimate the Competition
7. You Could be One Click Away From Elimination
8. Special Events Really do Need to be Special
9. Don’t Take the Target Audience for Granted
10. Marketing is a Long-Term Commitment
IMPORTANTDIGITALMARKETINGTOOLS
1. Website
2. Sales Missions
3. Networking
4. Newsletter
5. Print Collateral
6. Blogs
7. Social Media
Most Useful ED Marketing Tools as Ranked by Site Selectors:
Why is a Digital Frame of Mind Necessary?Your prospects are online, and that’s exactly where they want to find and consume information. They’re there on their own terms too, which is why your digital assets have to invite rather then interrupt.
Process of Going Digital in Econ Dev
The driving forces of digital are the organizations pushing the envelope, and adopting methodologies that yield the greatest gains. They’re the ones taking risks, and putting their faith in digital strategies that generate awareness and do so at an accelerated pace.
Importance of Digital in ED Marketing
Good website design (in other words, responsive design) Featured: Tennessee Department of Economic & Community Development
Digital Strategies that Work …i.e. organizations doing
digital well
Digital Strategies that Work
Clear value proposition Clearly communicating the value and benefits of your area or region makes it easy for site selectors and corporate location decision makers to evaluate your community.
Digital Strategies that Work
Digital Strategies that Work
Digital Strategies that Work
Digital Strategies that Work
Digital Strategies that Work
Responding to RFPs – Creating a Business Response Kit • When submitting more than one site, include all parallel /
common information (cover letter, road maps, etc.) with each site• When submitting more than one site, create a CD for each
site• Place CD within a binder sleeve, or an adhesive CD sleeve
• Provide a table of contents or reference page at the front of the submission• Use tabs or colored paper to separate sections and
attachments• Any large documents that cannot be bound (e.g. e-size
plats) should be placed in sheet protector sleeves
Digital Strategies that Work
Responding to RFPs Characteristics of a good proposal
• Clearly labeled• Organized• Thorough• Meets deadline
Digital Strategies that Work
6 Touch Points • Verification of receipt of RFP• Questions about the RFP• RFP response is on its way – Verification of receipt to
prospect• Follow up – Any questions about the proposal• Follow up on status
1. “EDOs that do not adopt a digital approach are limiting their messaging reach, and reducing their competitive advantage.”
2. “If you don’t adopt a digital strategy, you’re falling behind the competition.”
3. “You can’t be competitive if you don't adopt a digital approach, and it’s imperative to have a “digital storefront.’”
What is the Impact on an EDO if They Don’t Adopt a Digital Approach?
A “digital storefront” that:• Tells a story that’s different• Provides critical information• Provides clear direction• Excites• Invites
The Most Important Piece of Digital Marketing for Site Selectors
3 Ways to Stand Out From Your Competitors (Taken from Atlas’ annual white paper: The Road to Economic Development Marketing Reinvention)
1. Utilize RFP response templates
2. Understand and execute on the power of digital lead generation
Old School vs. New School Digital Lead Generation
3. Leverage social media
How to Differentiate Through Digital
1. It’s not relevant2. It’s not different3. There is no substantive data4. They’ve seen it before5. It interrupts rather than invites
Why Do Site Selectors Hate Your Marketing?
Join Atlas for an evening of finger foods and libations as we celebrate economic developers from all over the country.
Attending IEDC Annual Conference?
Thank You!
Whitney DalyMarketing Manager, Atlas [email protected]
Angelos AngelouPrincipal Executive Officer, Chief Strategist, [email protected]