four things economic development prospects want
DESCRIPTION
Atlas and leading economic development professionals are always trying to find ways to be more targeted, more precise, and more relevant to the needs of recruitment and retention prospects. As a way to help economic developers refine their marketing and business development offerings to prospects, Atlas presents “Four Things Economic Development Prospects Want"TRANSCRIPT
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Four Things ED Prospects Want
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Outline
1. The prospect’s mindset today
2. Steps prospects go through when evaluating a location
3. Four things prospects want from you
4. How to differentiate your organization in this climate
5. Wrap up
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About Atlas
Atlas Advertising helps economic developers reach national and international prospect and site selection audiences. We deliver branding, website development, GIS mapping, research, social media, and creative services professionally and with a staff experienced in economic development. Unlike firms with little or no economic development experience, Atlas Advertising uses a proven mix of economic development marketing tactics that generate interest from site selection audiences.
Atlas Advertising is led by a former economic development practitioner and has worked with 50+ different economic development clients in 30 states. Our approach and experience means that our campaigns generate an average of three to ten times the response of other campaigns.
Featured clients:– State of Ohio– Indy Partnership– City of San Francisco– Greater Phoenix Economic Council – Greater Omaha Economic Development Partnership
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Your Hosts
Ben WrightCEO, Atlas Advertising
[email protected]/atlasad
Guillermo MazierBusiness Development, Atlas Advertising
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Atlas Agency Services• Website Design
Services• GIS Websites• Brand Development• Search Engine
Marketing• Social Media
Marketing• Website Hosting
• Marketing, Media and Lead Generation
• Content Services• Research Services • Training Services
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Atlas Technology and Data Products• Content
Management Software – Robust Media Center – Calendar– Data Cart/Brochure
Generator – Mobile friendly websites– Blog or Microsite
Software
• Project Tracking Software
• Email Marketing Software
• Data Products– Demographic Data– Business Lists– Enhanced Prospect Lists
• Geographic Information Systems (GIS) ― Commercial Property
databases― Business databases― Data Search (Data Tab)― Other Data
Management (Map Overlays)
― Community Data Management
― GIS System Analytics― GIS Data Reporting― Data Widgets
• Website Analytics
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Cool stuff to do/download
• Download our “Compete Smarter” webinars at our Slidespace, http://www.slideshare.net/wright0405
• Follow us on Twitter: www.twitter.com/AtlasAd
• Read more at our Blog, “Latitude”: http://blog.atlas-advertising.com
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The Prospect Mindset Today
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Overview of today’s corporate relocation climate
• Many companies are conservatively awaiting the rebound.
• Companies are tremendously cost conscious• Some industries continue strong, bucking the
trends• Nearly all companies are constrained by lack
of debt financing• Incentives are playing a bigger role
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What Industries are Most Actively Expanding or Relocating?
IndustriesPercentage of
ResponsesHealthcare 22%Alternative Energy 22%Government 11%Education 8%Pharmaceuticals 6%Consumer Products 3%Financial 3%Manufacturing 3%Aerospace 3%None 3%Digital Media 3%Call Centers 3%Billing/Collections 3%R&D 3%Construction 3%Infrastructure 3%
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What Events are Spurring Expansion or Relocation?
Important Factors
Percentage of
ResponsesEconomy 24%Not A Lot 12%Trying on a Small Scale 12%M&A 12%Stimulus 8%Cost Reduction Efforts 8%Consolidation of Offshore Companies 4%Reorganizations 4%Global Audience is Moving 4%Small Businesses Looking to Get Ahead 4%More Competition 4%Lease Expirations 4%
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What are the Top Five Decision Making Criteria for your Clients in Selecting a Location?
Decision Making Criteria
Percentage of
ResponsesAbility to Recruit Qualified Workforce 18%Cost of Doing Business 16%Business Incentives 13%Access to Transportation/ Infrastructure 11%Quality of Life 7%Excellent Real Estate Options 6%Favorable Tax Climate 6%Access to Customers 5%Cost of Living 5%Business Friendly Government 3%Highly Ranked Schools 2%How Saturated is Current Market 2%Vibrant Downtown 1%Weather 1%Population Growth 1%Unemployment 1%Green 1%
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Have These Criteria Changed?
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If “Yes”, How Have The Criteria Changed?
Incentives matter more now
Green is Less Important Right Now
Finances Are At The Head Of The Table
Less About Labor, More About $
Considering Moves To Less Expensive Places Now
Everything Is More Competitive Now
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What Was the Most Important Thing an Economic Development Organization Did For You?
Contributions
Percentage of
ResponsesConcise and Informative Data 30%Fast, Responsive 14%Provided Incentives 12%Provided Clear Branding/ Differentiators 12%Hosted all Site Visits 7%Prepared Professionally 5%Networking Opportunies 5%Maintained Confidentiality 5%Demonstrated Expertise 5%Stopped Sending Printed Materials 2%Valuable Website 2%Threw Land in the Deal 2%
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What Advice Can You Give EDO’s today?
Stick To The Basics
Do Something Outrageous
Be experts in your targeted industries
Provide Valuable Incentives
Don’t Overstate The Situation
Keep It Clean
Be prepared with all the factsFocus On Retention
Buy Land And Give It Away
ED is about Networking, Get Out Of Your Office
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Is There Anything Else That Would Be Useful for an EDO to do?
Offer New Buildings
Provide Quick Loading GIS Data
Show me the moneyBe The Coordinator Throughout The Process
Lower our Capital Investment
20% of incentives are used 80% of the time
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The Steps Prospects Go Through in Considering a Location
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How you can calibrate your marketing to connect with companies or site selectors when they need you
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Four Things Prospects Want From You
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1. Incentives to ease the financial costs and risk of expanding and relocating.
2. Existing buildings, not Greenfield sites. 3. A meaningful deep dive into your
community, on their timetable. 4. For you to be experts on your industries.
What Prospects Want
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“Incentive requests have changed somewhat and have been geared more toward mitigating financial risk to the company and insuring workforce development and training than what we have seen in the past.”
- Ed McCallum, McCallum Sweeney Consulting, August 2010
Prospects want incentives, perhaps more now than ever.
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Incentives that are more meaningful today include:1. Build-to-Suit/Leaseback2. Financing3. Flexible clawbacks on other incentives
that have performance based metrics 4. Federal incentives including:• Department of Energy • New Market Enterprise Credits • 48c credits • Loan guarantees
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“There certainly is a greater interest in existing buildings compared to Greenfield sites.”
- Ed McCallum, McCallum Sweeney
Consulting, August 2010
Prospects want existing buildings.
“I do see more emphasis on existing buildings and at a bargain. Fewer will look at Greenfield sites.”
- Lisa Rivera Skubal Waterloo Iowa, August 2010
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Prospects want to conduct a meaningful deep dive. • When you are contacted, you are in the
finals. • They are only interested in learning
things that they can’t find online – and this is where you can help:• What is the “story” of your community?• What are the recent developments that are
not publicly known?• Who in your community should they talk to? • How should they navigate through the
community? • Though some deals move quickly and
others take time, you must react the same way – quickly and comprehensively.
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Prospects want you to be experts in their industry. • Know the characteristics and makeup of
your industries, including:― Largest companies― Innovative/growing companies― Unique technologies― Supporting infrastructure: University
programs, trade groups• Where you aren’t, bring in experts in
your community to teach you. • Share the facts – don’t oversell. • Tip: Join online trade groups, such as:• Clean tech • Biotech and Pharma
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How to Differentiate your Community in this climate.
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Make your services and incentives clear and available.
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Make sure that your buildings inventory is up to snuff. • Complete
records for all buildings, updated within 90 days
• Featured properties that you believe are the best value or most unique
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Make sure you have a community team ready. • Staff internally that can respond quickly
and comprehensively, plus industry and municipal partners
• Set tour routes that put the best face on your community but which allow for client input, direction, and discovery
• Fast and comprehensive ways to submit buildings and data brokers, economic development partners, and other stakeholders to you
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• Research and report on the characteristics and makeup of your industries, online― Largest companies― Innovative/
growing companies
― Unique technologies
― Supporting infrastructure: University programs, trade groups
• Links to local and national industry trade groups
Support your targeted industry program with real content.
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Summary: What Prospects Want
1. Incentives to ease the financial costs and risk of expanding and relocating.
2. Existing buildings, not Greenfield sites. 3. A meaningful deep dive into your
community, on their timetable. 4. For you to be experts on your industries.
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Contact information:
2601 Blake Street, Suite 301Denver, CO 80205
Contact: Ben Wrightt: 303.292.3300 x 210