IEDC Presentation: Winning Strategies in Economic Development Marketing 2014
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Transcript of IEDC Presentation: Winning Strategies in Economic Development Marketing 2014
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About DCI
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The Seventh Edition
Wining Strategies
WINING STRATE
GIES
WINING STRATEGIES
1996
1999
2002
2005
2008
2011
2014
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Corporate Executives – 75%Site Selection Consultants – 25%
Demographic Profile of Respondents:
91% M
9% F
356
Respondents
Under 39 13%
40 – 49 25%
50 – 59 40%
60 and Over 22%
Age
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Manufacturing– 51%Services– 49%
Less than $25 million 32%$25 - $49 million 15%$50 - $99 million 11%$100 - $249 million 11%$250 million - $499 million 8%$500 million and higher 23%
Gross Revenue
Corporate Executives | Site Selection Consultants
I am a single practitioner1-25 employees25+ employees
Size of Company
45%
47%
8%
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Influencing Executive Perceptions: Leading Sources of Information
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Q:What are the three leading
sources of information influencing your perceptions of an area’s
business climate?
Q:
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Influencing Executive Perceptions:Leading Sources of Information
44%55% 37%
Dialogue with Industry Peers
Articles in Newspapers and
Magazines
Business Travel
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Leading Sources of Information
Dialogue with industry peers
Newspapers and magazines
Business travel
Meetings with ED groups
Rankings / surveys
Online sources
Word of mouth
Personal travel
Other
TV and radio
Advertising
Direct mail
Social media
0% 10% 20% 30% 40% 50% 60%
55%
44%
37%
31%
24%
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Leading Sources of Information(Responses Over Time)
Sources 2014 2011 2008 2005 2002 1999 1996
Dialogue with industry peers
55% 50% 61% 54% 56% 71% 68%
Newspapers and magazines
44% 46% 53% 45% 62% 61% 60%
Business Travel 37% 27% 42% 45% 47% 45% 52%
Meetings with ED orgs. 31% 28% 32% 33% 21% 27% 24%
Rankings/surveys 24% 36% 22% 17% 23% 31% 34%
Online sources 22% 20% 28% 22% 9% 9% --
Word of mouth 21% 19% 19% 16% 29% 21% 24%
Personal travel 13% 9% 14% 13% 14% 8% 21%
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Leading Sources of Information(Corporate Executives vs. Location
Advisors)
Dialogue with industry peers
Newspapers and magazines
Business travel
Meetings with ED groups
Rankings/surveys
Online sources
Word of mouth
Personal travel
0% 10% 20% 30% 40% 50% 60% 70%
Corporate ExecutivesLocation Advisors
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Where Are Executives Getting Their News?
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What newspapers, magazines and online sources do you read most
frequently?
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Where Are Executives Getting their News?
NEWSPAPERS & MAGAZINES
65% Wall Street Journal
30% Local Daily Newspaper
24% New York Times
20% The Economist
15% Forbes
7% USA Today
6% Bloomberg Businessweek
6% Financial Times
ONLINE
26% WSJ.com
17% Google.com
15%Economic Development Websites
13% Bloomberg.com
11% Bureau of Labor Statistics
11% CNN
11% NYTimes.com
11% Yahoo Finance
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What specific surveys/rankings do you pay the most attention to?
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Surveys & Rankings
26% Forbes
21% Site Selection Magazine
16% Area Development
14%Tax Foundation Business Tax Climate Index
14% Wall Street Journal
5% Bloomberg
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Best Marketing Techniques
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Please rate the effectiveness of the following marketing
techniques as a means of influencing your opinion when
considering a new location.
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Most Effective Marketing Techniques
0% 10% 20% 30% 40% 50% 60% 70%
Special events
Trade shows
Internet/Website
Planned visits to corporate executives
Media Relations/ Publicity
67%
64%
48%
Advertising
Direct mail
Telemarketing
1.
2.
3.
Media relations
Visits
Internet
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Most Effective Marketing Techniques
(Responses Over Time)2014 2011 2008 2005 2002 1999 1996
Internet/website 67% 55% 56% 53% 34% 37% 18%
Visits to corporate executives
64% 57% 54% 55% 53% 46% 53%
Media Relations/ Publicity
48% 33% 52% 50% 40% 38% 39%
Hosting Special Events
46% 35% 45% 49% 37% 42% 39%
Trade Shows 38% 35% -- 33% 32% 45% 39%
Advertising 17% 16% 15% 20% 21% 19% 19%
Direct Mail 14% 15% 19% 23% 33% 25% 25%
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Most Effective Marketing Techniques(Responses based on Respondent Type)
Telemarketing
Direct Mail
Advertising
Hosting Special Events
Media Relations/Publicity
Trade Shows
Visits to Corporate Executives
Internet/Website
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Location Advisor Large Company Midsize Company
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The Web and Site Selection
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In your most recent location search,
how often did you use the Internet
as a source of information?
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Frequency of Internet Use in Most Recent Site Location Search
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First Contact: When Site Selectors Turn to Economic Development Groups
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Generally, at what stage in a site location search would you first contact economic development
organizations?
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During the screening phaseFollowing the development of the shortlistAfter identifying finalistsAfter a final location has been se-lectedWe would not contact an ED orga-nization
25%
15%
3%
First Contact with Economic Development Groups
41%
16%
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First Contact with Economic Development Groups(Responses Over Time)
Sources 2014 2011 2008 2005
During the screening phase of all possible locations in order to request preliminary data
25% 24% 29% 27%
Following the development of the shortlist of communities to request specific information or to arrange a site visit
41% 40% 40% 48%
After identifying finalists in order to negotiate incentives
15% 13% 18% 15%
After a final location has been selected and a suitable building lot is needed
3% 6% 5% 2%
We would not contact an economic development organization at any stage in a site location search
16% 17% 8% 8%
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What is the likelihood that you will
visit an economic development organization's website during
your next site location search?
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Likelihood of Visiting an ED Organizations’ Website
During Next Site Search (Response Over Time)
2002 2005 2008 2011 2014
63%
47%
64%
65%
39%
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Likelihood of Visiting an ED Organizations’ Website
During Next Site Search(Corporate Executives vs. Location Advisors)
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Web Design: Important Information for Site
Selectors
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Which features do you consider most important to the utility of an
economic development organization's website?
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Most Useful Features of an Economic Development Organization’s
Website
Incentive information
Workforce statistics
Demographic information
Comparisons to competitor locations
Database of available buildings/sites
Major employer list
Staff contact information
Quality of life information
Target industries
Maps of the community / region
Educational institution information
Press releases/announcements
Testimonials from local employers
Video content
0% 10%
20%
30%
40%
50%
60%
70%
80%
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Most Useful Features of an Economic Development Organization’s
Website(Corporate Executives vs. Location Advisors)
Corporate ExecutivesLocation Advisors
Incentive information
Workforce statistics
Demographic information
Comparisons to competitor location
Database of available buildings and sites
Major employer list
Staff contact information
0% 10% 20% 30% 40% 50% 60% 70% 80%
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Most Useful Features of an Economic Development Organization’s
Website(Corporate Executives vs. Location Advisors)
Quality of life
Target industries
Maps of the community/region
Educational institution information
Press releases/announcements
Testimonials from local employers
Video content
0% 10% 20% 30% 40% 50% 60% 70% 80%
Location AdvisorsCorporate Executives
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Social Media And Executive Decision Makers
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Which social media channels do you currently use for business
purposes?
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Social Media Channels Used for Business
Blog forums
None
YouTube
Other
0% 10% 20% 30% 40% 50% 60% 70% 80%
74%
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Social Media Channels Used for Business
(Response based on Respondent Age)
Blog forums
YouTube
Other
None
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
60 and over
50 - 59
40 - 49
Under 39
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Looking Forward: Projected Location Decisions In 2014 And 2015
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2011 2014
Companies Planning a Location Decision in the Next 24 Months
44%
46%
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Most Likely Facility Type for Next Facility Change
Manufacturing / production plant
Corporate, division or regional headquarters
Regional sales office or service center
Back office/shared services facility
Distribution center
Other
25%16%
12%
11%
5%
31%
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2011 2014
Planning to Outsource a Portion of Site Selection Responsibilities
40%
47%
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Location Advisors: Most Common Type of Relocation Project
Manufacturing/production plant
Back office/shared services facility
Corporate, division or regional headquarters
Distribution center
Other
Regional sales office or service cen-ter
14% 47%
22%
1%
14%
2%
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Professional Likely to AssistCorporate Respondents with Site Search
(U.S. vs. International Site Search)
Accountant Lawyer Site Selection Consultant Real Estate Broker Other
United StatesInternational
1%
30%
12%
10%
53%24%
26%
15%1%
19%
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Best And Worst Places For Business
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Please indicate the three U.S. states with business climates you
perceive as MOST FAVORABLE.
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Most Favorable Business Climates
1. TEXAS 49.7%
2. FLORIDA 18.1%
3.GEORGIA NORTH CAROLINA
17.6%TIE
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Most Favorable Business Climate (Responses over Time)
2014 2011 2008 2005 2002 1999 1996
Texas50%
Texas49%
Texas 41%
Texas 33%
Texas 25%
Texas 30%
North Carolina
33%
Florida 18%
North Carolina
27%
North Carolina
30%
North Carolina
26%
North Carolina
20%
California 22%
Texas 28%
Georgia; North
Carolina (tie)17%
South Carolina
14%
Georgia 20%
South Carolina
20%
South Carolina
18%
North Carolina
20%
Georgia 27%
South Carolina
12%
Tennessee
14%
Florida;Tennesse
e (tie)15%
Georgia18%
Florida18%
Georgia17%
South Carolina
21%
Tennessee11%
Florida 14%
Nevada14%
Nevada16%
Georgia15%
Florida14%
Tennessee
20%
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Please indicate the three U.S. states with business climates you
perceive as LEAST FAVORABLE.
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Least Favorable Business Climates
1. CALIFORNIA 74%
2. NEW YORK 42%
3. ILLINOIS 34%
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Least Favorable Business Climate (Responses over Time)
2014 2011 2008 2005 2002 1999 1996
California74%
California71%
California72%
California66%
California57%
New York29%
New York55%
New York42%
New York47%
New York42%
New York34%
New York36%
California25%
California47%
Illinois34%
Illinois24%
Michigan17%
Mass. 22%
Mass.18%
Mass.19%
NewJersey20%
New Jersey16%
New Jersey24%
New Jersey14%
New Jersey21%
New Jersey15%
New Jersey14%
Mass.19%
Mass.11%
Michigan16%
Mass. 12%
Illinois 13%
Florida 10%
Conn.10%
Conn.9%
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The International Perspective
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What part of the world represents the best INTERNATIONAL GROWTH
opportunity for your company?
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Part of the World with the Best International Growth Opportunity
Eastern EuropeMiddle EastAsia/PacificWestern EuropeLatin AmericaAfrica - 0%
41%
29%
19%
5%5%
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Part of the World with the Best International Growth Opportunity
(Responses based on Industry)Manufacturing Executives Responses
Asia / Pacific Eastern Europe Latin America Middle East Western Europe
Africa - 0%
50%
18%
8%
21%
3%
Services Executives Responses
20%
8%
28%40%
3%
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Large Company Responses
50%
22%
6%
20%
Part of the World with the Best International Growth Opportunity
(Responses based on Company Size)Midsize Company Responses
Asia / Pacific Eastern Europe Latin America Middle East Western Europe
Africa - 0%
32%38%
17%8%
6%
2%
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If you are exploring international investment in the next three
years, what COUNTRIES do you believe offer the strongest investment
opportunities for your company?
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Countries with the Strongest International Investment Opportunities
1. China 30%
2.United Kingdom
22%
3. Germany 20%
4. India 17%
5. Brazil 14%
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What are the primary drivers for your company’s
INTERNATIONAL expansion?
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Drivers for International Expansion
Market access
Cost savings
Workforce/talent pool
Technology/product part-nership
Other
35%
28%
28%
7%
44%
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Best Economic Development Organizations
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Best Regional/Community Economic Development Organizations
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Best State-LevelEconomic Development Organizations
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5 Key Takeaways 1. Economic developers’ role as “facilitators” –
assisting both corporate executives and site selection consultants – is not diminishing as feared in the 2011 survey.
2. Getting credible third parties – industry peers, the news media and national rankings – to share “favorable things about your community,” is the key to influencing perceptions about business climate.
3. The Internet and an organization’s website is now considered the single most effective marketing technique.
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5 Key Takeaways
4. Real estate brokers play an important role in site selection; economic developers should put greater resources into reaching this audience.
5. The Lone Star State continues to stand alone when it comes to being recognized for its business climate.
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Two Ways to Get the Report
1. Print …Share your business card with
Andy or Dariel
2. Electronic…Visit www.aboutdci.com.
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Q.A.