Drill Down- Maximizing Business Retention Programming
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Transcript of Drill Down- Maximizing Business Retention Programming
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DRILL DOWNDRILL DOWNThe key for connecting local
analyticswith business retention &
expansion
The key for connecting local analytics
with business retention & expansion
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About this presentation
Provide an overview of Drill Down. The most cost effective business retention & expansion process available
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Analytics- a simple definition
Analytics is the process of developing optimal or realistic decision recommendations based on insights derived through the application of statistical models and analysis against existing and/or simulated future data.
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• Analytics is emerging as the primary driver of maintaining a market-driven competitive advantage
• Its utilization gives communities an edge in retaining and attracting businesses, jobs and revenue
Analytics- Its role in economic development
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Economic Impact
All companies have 3 levels of economic impact on a community
Direct- The goods and services purchased by the companyIndirect- Purchases by the company drives jobs at the suppliersInduced- Purchases by the company and the suppliers within the community
The cumulative impact of all 3= Output
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Need vs. Want
Needed- Retain existing companies
Why?•Business generate jobs, property tax and other fees•The job holders buy things from other businesses•The employees of the other firms, in turn, buy more things
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What Does Economic Development Need?
1. Fast, accurate and reliable information that can give them insights into a company or industry group’s inner workings.
2. An early warning system that allows them to see and act prior to the public announcement.
3. Data that allows them to say: “I recognized the issue and to immediate steps toward resolution”
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Drill Down-The Product
Drill Down’s purpose is to identify businesses that:
May be at risk for a wide range of factorsAt risk of being recruited due to success May be ready to expand
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What will Drill Down Do?
Drill Down delivers the information and intelligence necessary to address business retention, expansion and economic gardening programming.
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How does it work?
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Business RetentionThe Drill Down Alert
SystemActivity Detected
Contract Acquisition Filter
Regulatory Action Filter
Provide to EDO•Notice of activity•Assessment of local firm has acquired a new company•Assessment of impact if merger•Assessment of impact if local firm is sold•Contact information on acquired firm•Drill Down® Industry Report on newly acquired firm or firm that purchased local company•Key questions for local site visit
Provide to EDO•Notice of activity•Projection of impact•Drill Down® Industry Report•Contact information, if not headquartered locally.•Contract company contact information •Contact company history/overview•Key questions for local site visit•Enhance scan for follow-up
Notice to local EDO of possible “risk”Assessment of violation and/or
penaltiesAssessment of violation on local
operationsScan for similar industry violations
and their impactKey questions for local site visit
Follow-up calendar
Acquisition/Purchase Filter
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Where does our data come from?
• Over 100 trade journals, site selection
• publications are scanned on a weekly basis.
• UPI, AP, and Reuters Business News are scanned daily.
• Construction reports include:• Construction Wire• Dodge Bid Pro• Construction News• Reed Construction
Data• Local Business Journals for
cities over 100,000
• Key social media sites are monitored for indicators of company movements, layoffs, expansions.
• Major social media sites scanned include: Facebook, Twitter, LinkenIn, Google+, Ning, LiveJournal, and Meetup
• 150 BizBrief sites and 275 LinkedIn groups
• Commercial Real Estate Listings on LoopNet, Co-Star, Xceligent
Federal/State Government ScanAll companies subject Federal oversight and/or reporting are scanned on, not less than,a bi-weekly basis for notices of acquisitions, sales, notices of layoffs, etc.
Internet & Social MediaFederal/State GovernmentPrint & Trade Journals
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Briefing Reports
•Briefing Reports provide market information about a specific industry segment.
•There are over 285 industry segments available
Reports Include:•Industry overview•Products, Operations & Technology•Sales & Marketing•Finance & Regulation•Human Resources & Workforce•Industry Challenges•Suggested Discussion Topics for on-site meetings