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High Performance Economic Development Tying Marketing to Metrics
 

High Performance Economic Development Tying Marketing to Metrics

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    High Performance Economic Development Tying Marketing to Metrics High Performance Economic Development Tying Marketing to Metrics Presentation Transcript

    • 1
    • 2 We are Atlas Advertising And we do things like this…
    • 3
    • 4
    • 5 Tucson concepting
    • 6
    • 7
    • 8
    • 9
    • 10
    • 11 Screen shot of Jobs Ohio Promotion of Atlas developed GIS mapping tool, easily view able on IPad devices
    • 12 That lead to things like…
    • 13 “If I thought for a minute that I could get the same product in the end, even for a higher price, by going local, I would have done it,” Downs said last week. “I have no interest in sending money away to Denver except to get the best product.” -Timothy Downs, CEO City of Dayton Office of Economic Development
    • 14
    • 15
    • 16
    • 17 All because…
    • 18 We Believe Economic Development Makes a Difference! Our Goal: To Create Vital Communities Our process, knowledge and background enables us to take a comprehensive approach to economic development marketing and attraction. Featured Clients:
    • 19 Your hosts Ben Wright CEO, Atlas Advertising benw@atlas-advertising.com www.twitter.com/atlasad Guillermo Mazier Director of Strategic Services Atlas Advertising guillermom@atlas-advertising.com www.twitter.com/atlasad
    • 20 Questions we will answer 1. Who is Atlas? 2. What does the outside world think of economic development today? 3. How should we act differently if we want to make a difference in this landscape? 4. What defines success in economic development? 5. What are the basic principles that should drive your economic development marketing? 6. How can we implement High Performance programs in our own communities?
    • 21 View the slides, continue the dialogue • Continue the Conversation: – Follow us on Twitter: www.twitter.com/AtlasAd – Tweet questions using hashtag #ASKATLAS – Join Next Gen Economic Development Marketers LinkedIn Group • View and share the slides with your colleagues (available now): http://bit.ly/fQB6hC
    • 22 Get the report: http://www.slideshare.net/wright04 05/atlas-high-performance- economic-development-white-paper Take the survey to participate: http://atlas- advertising.com/Community- Benchmarking-Study.aspx
    • 23 What does the world outside think of economic development?
    • 24 “Economic development organizations increasingly operate under much tighter budgets at a time when the need for economic development programming is becoming more crucial to the continued vitality and competitiveness of a community.” International Economic Development Council in “High Performing Economic Development Organizations,” 2011
    • 25
    • 26
    • 27 Do we as economic Developers make a difference?
    • 28 Why is Economic Development Misunderstood? 1. The definition of what an economic development entity is supposed to accomplish is vague, and varies from community to community. 2. As a result of 1), there has not been a standard for setting, measuring, and comparing outcomes in the industry. 3. As a result of 1) and 2), boards, key stakeholders / investors/ leadership in economic development do not believe that they can hold staff and leadership accountable for specific outcomes. They have not created a culture of accountability. 4. Though there is significant turnover in staff/executive leadership in economic development due to “performance issues,” the replacement of those positions rarely come with renewed commitment at the board/stakeholder level for the outcomes that should be produced.
    • 29 How should we act differently if we want to make a difference in this landscape?
    • 30 What worked 20-50 years ago is not the same as what works today.
    • 31 What hasn’t changed: To make a difference, we have to serve companies directly. If we are not having conversations, we are not making a difference.
    • 32 What has changed: The ways we start conversations have changed forever.
    • 33 A simple framework to help EDO’s define success:
    • 34 What’s Your Version of Economic Development?
    • 35 What High Performance Economic Development is • It is the first measurement of the outcomes (Inquiries, jobs, capital investment) that EDO’s create on this scale. • It proves the ways we make a difference, and in some cases, the ways we don’t. • It can help drive your strategic and marketing planning using actual outcomes, instead of activities, using national benchmarks as your guide.
    • 36 The High Performance Framework 1. Getting buy-in on a few key goals. Push hard to track the following: a. Awareness: Website visits b. Conversations / inquiry c. Jobs Announced d. Capital Investment Announced 2. Implement strategies and technology platforms that drives those goals.
    • 37 EDO Performance, benchmarked by population POPULATION YEARLY WEB VISITS CONVERSATIONS PAST 12 MONTHS AVERAGE JOBS ANNOUNCED LAST 12 MONTHS AVERAGE CAPITAL INVESTMENT ANNOUNCED LAST 12 MONTHS Less than 25,000 7,779 43 115 $24,951,083 25,001 to 100,000 5,790 90 411 $81,263,040 100,001 to 250,000 23,339 112 737 $330,501,622 250,001 to 1,000,000 48,533 157 1,696 $335,914,394 1,000,000 to 2,500,000 42,753 327 3,035 $378,869,231 Over 2,500,000 23,516 603 6,134 $502,258,333 Average for all Sizes 25,562 146 1,293 $234,366,814
    • 38 EDO Performance, benchmarked by staff size STAFF SIZE AVERAGE YEARLY WEB VISITS AVERAGE CONVERSATIONS PAST 12 MONTHS AVERAGE JOBS ANNOUNCED LAST 12 MONTHS AVERAGE CAPITAL INVESTMENT ANNOUNCED LAST 12 MONTHS 1 11,603 56 176 $45,676,585 2 to 3 9,269 85 493 $186,364,000 4 to 9 45,237 161 1,696 $267,705,000 10 to 19 47,977 184 2,859 $469,212,381 20 or more 49,836 799 6,279 $548,110,000 Average for all Sizes 25,562 146 1,293 $234,366,814
    • 39 EDO Performance, benchmarked by budget Budget Level AVERAGE YEARLY WEB VISITS AVERAGE CONVERSATIONS PAST 12 MONTHS AVERAGE JOBS ANNOUNCED LAST 12 MONTHS AVERAGE CAPITAL INVESTMENT ANNOUNCED LAST 12 MONTHS Under $100,000 1,240 45 85 67,050,000 $100,000 to $249,000 5,635 59 300 40,047,027 $250,000 to $499,000 12,006 85 542 219,461,767 $500,000 to $999,000 13,755 129 712 210,183,125 $1,000,000 to $2,500,000 30,552 335 1,617 212,146,897 Over $2,500,000 68,819 193 3,987 499,600,294 Average for all Sizes 25,562 146 1,293 $234,366,814
    • 40 Highs and Lows: Some EDO’s and communities outperform others Budget Level LOW JOBS HIGH JOBS LOW CAPITAL INVESTMENT HIGH CAPITAL INVESTMENT LOW INQUIRIES HIGH INQUIRIES Under $100,000 20 243 $500,000 $442,000,000 5 214 $100,000 to $249,000 2 1,500 $600,000 $250,000,000 1 400 $250,000 to $499,000 5 5,000 $300,000 $4,500,000,000 3 600 $500,000 to $999,000 4 4,283 $235,000 $2,500,000,000 15 670 $1,000,000 to $2,500,000 35 8,000 $10,000,000 $650,000,000 5 4,000 Over $2,500,000 6 16,835 $1,500,000 $2,200,000,000 3 1,425
    • 41 US Canada Comparison Performance Relative To Benchmarks Respondents POPULATION YEARLY WEB VISITS CONVERSATIONS PAST 12 MONTHS AVERAGE JOBS ANNOUNCED LAST 12 MONTHS AVERAGE CAPITAL INVESTMENT ANNOUNCED LAST 12 MONTHS 198 US Performance 25,562 146 1,293 $234,366,814 6 Canadian Performance 34,473 112 169 $42,933,000
    • 42 How Communities are Performing Using This Model The first cut at the data gave us an overall baseline for the performance of the average participating EDO: The average community gets: 24,635 visits to their website per year or 2,053 per month or 474 per week or roughly 103 per working day The average community announced: 1,319 jobs in the last 12 months or 109 per month or 25.3 per week or 5 per day The average community announces: $202,805,022 in capital investment per year or $16.9 million per month or $3.9 million per week or $780,000 per day The average community generates: 143 conversations per year or 12 per month or 3 per week or 1 every other working day
    • 43 A Day in the life of an average economic developer… The average community receives: 103 visits to its website every working day Which yields an average announcement of: 5 Jobs per working day And an average announcement of: $780,000 in capital investment per working day Which drives an average of: One conversation with a company every other working day
    • 44 This framework gives us key conversion metrics to work into our own planning 194 25 Yield this many conversations One Yields this much capital investment $6.6 Million The following number of website visits Yield this many jobs:
    • 45 Can all Countries and Regions Compete? (US Example)
    • 46 How can we implement High Performance Marketing Programs in our Own Communities?
    • 47 So what should we be focusing on? • Attracting and retaining firms? • Attracting and retaining top flight workforce, including freelancers? • Attracting and retaining entrepreneurs?
    • 48 What does marketing look like for attracting firms?
    • 49 What does marketing look like for attracting workforce?
    • 50 What does marketing look like for attracting workforce?
    • 51 What does marketing look like for attracting entrepreneurs?
    • 52 Is your community prepared to be relevant in the following? • Attracting and retaining firms? • Attracting and retaining top flight workforce, including freelancers? • Attracting and retaining entrepreneurs?
    • 53 We are not sure EDO’s should be choosing one path.
    • 54 Putting High Performance Into Practice: The Steps 1. Benchmark your community – get a baseline. 2. Cut through the clutter: Set goals and Plan for Performance with your board and stakeholders. – Website visits – Inquiries / Conversations – Jobs Announced – Capital Investment Announced 3. Implement the basics, plus additional tactics that your organization can support. 4. Adjust to improve your execution. 5. Report out and celebrate your results.
    • 55 Plan for Performance. 1. Get buy in from your leadership and stakeholders on a few key goals. Push hard to track the following: a. Awareness: Website visits b. Conversations / inquiry c. Jobs Announced d. Capital Investment Announced 2. Set a marketing plan that drives those goals.
    • 56 Chat High Performance in your text box if you are interested in a Free High Performance Review from Atlas
    • 57 Get the report: http://www.slideshare.net/wright04 05/atlas-high-performance- economic-development-white-paper Take the survey to participate: http://atlas- advertising.com/Community- Benchmarking-Study.aspx
    • 58 Thank you! Contact information: 1128 Grant St Denver, CO 80203 Contact: Ben Wright t: 303.292.3300 x 210 Benw@Atlas-Advertising.com www.Atlas-Advertising.com LinkedIn Profile | LinkedIn Group | Twitter | Blog | Slidespace