You must understand your product before you can market it.As economic developers your product is your community. And one way you come to understand your community is by analyzing the data, the facts that tell the story of your product.Are any of you economists? Do you have economists on staff at your organizations? Are you afraid of the word “data”?I am not an economist and I have sat through many painful economic reviews in my short career – anyone agree? So this presentation could be the least exciting one of the day, but my goal is to help you learn to appreciate and embrace data. It’s not scary it is helpful! Data helps you be an honest marketer, not a cheesy salesman.
So, I’m a bit of a trekky and I love Data! And every time I say data I think of this guy. I can’t help it.
This is what she said. This goes back to the qualitative versus quantitative data. The site selectors have all the quantitative stuff. What they need from you is the qualitative data that they cannot take the time to track down when they are in the midst of a fast paced project.
The point here is that the timeframe for site selection has dramatically decreased in recent years which we all know. So the site selectors need your help to get their jobs done fast. If you have good data, you will look good, your community will look good and they will want to work with you in the future. Also on this slide is property data. How do you all collect property data and keep it up to date? (discussion)This is one of the most challenging types of data we contend with because it changes more than any of the other data.
This slide is to my point that the site selectors have the quantitative data – they have all they need and more because they have all these tools in house. But you better be prepared to tell them who has expanded or contracted in your market in the last 5 years because that’s a lot harder for them to find out.
Here is a case study from Keith so that you can catch a glimpse into their thought process. How do they use the data? In this case the project was a mfg company looking for a new headquarters and a showcase mfg facility. They did a whole analysis around the “executive lifestyle” clusters and found the best places to live…
Benchmarking! Another thing economists love! We have started this benchmarking project, again, my boss being an economist, and we’d love for all of you to participate. It gives you a chance to see how you stack up against other communities of your same size.Just go to this site or scan the code here to get started.
IEDC Marketing and Attraction: Understanding the Product
IEDC Marketing andAttraction: Understanding the Product 1
Questions We Will Answer1. What data should I measure about my community?2. Who are the audiences for the data I produce?3. What formats do those consumers want information in?4. How to use data to position your community5. What data should I measure about my organization?6. How should I go about selecting targeted industries?7. Who in the organization should do this work?8. What tools make it easier for me?9. What should I outsource versus do in house? 3
Download the slides, listen to thevideo, 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 4
What Data Should IMeasure about my Community? 5
Don‟t reinvent the wheel – startwhere others have left off Demographics Four year colleges Labor Union information Labor Force Community colleges Transportation assets Employment by Vocational/ technical Real estate industry centers occupancyNew companies to the Payroll costs by Utilities area industry Military bases Average salary by Environmental occupation information Research institutions Workers comp costs GovernmentInternational resources Quality of Life Available Real Estate 6 http://www.iedconline.org/?p=data_standards
Who Are the Audiences for the Data I Produce? 7
Consider your audience whenspending your time:1. Site selectors and companies value workforce, labor, cost, and other comparative data.2. Your investors, stakeholders, and other local businesses want to know about the performance of the economy over time. 8
Tracey Hyatt Bosman• Midwest Practice Leader – Biggins, Lacy and Shapiro• Based in Chicago, IL• Former economic developer• Specializes in renewable energy and data centers 9
What Tracey needs and doesn‟t needWhat We Need What We Don‟t• Contact information • General labor statistics• Incentive programs • Secondary source wage• Tax rates information• Recent announcements • Real estate listings• Industry-targeted info • Rankings• Map of your territory • Distance to other major• Largest employers cities• Area colleges and universities 10
Keith Gendreau• Based in Cushman & Wakefield‟s headquarters in New York City, NY, moving to Minneapolis this fall• Consulting Manager within C&W‟s Global Business Consulting division• Geographer by Trade. Master‟s Degree in Economic Development• Very specialized skills in GIS analysis and tools 11
Site Selection Trends• The location strategy process has remained largely unchanged over the past decade. What has changed are the timeframe and tools for which to deliver results and recommendations. Today, more so than ever, clients are: • Making decisions quickly and efficiently; • Seeking available buildings meeting specific requirements; • Cost sensitive (labor, utilities, freight, occupancy, incentives offset); and, • Interested in the „bottomline‟ operating cost vs. non-cost environment classic tradeoff.• General Trends • C&W Business Consulting has experienced a significant uptick in site selection activity by foreign companies seeking to manufacture products locally in the United States vs. abroad • Exchange rates and rising transportation costs a possible contributing factor to foreign interest • Continued revelation of spatial integration of data 12
Decision Support Data Sources and Tools• C&W Global Business Consulting maintains the most up to date demographic databases and spatial analysis tools to execute projects of this type. Geographic Information Systems (GIS) Mapping Comprehensive demographic and segmentation database Comprehensive Industry employment forecast, population mobility data Location specific wage database Spatial and non-spatial data integration C&W Team, 150+ years of specific relevant experience 13
Case Study 1:Workforce Analysis• Situation: – Headquarters relocation from Midwest – Includes a new showcase manufacturing facility – Critical international air service requirement• Once 2 priority metros were identified, a sub-market location screen was conducted: – Headquarters • “Cluster” analysis focused on satisfying executive lifestyles including, quality- of-life, commute times, and airport access. – Manufacturing Facility • Facility must reside within 45-60 minutes of the new headquarters. Human resources driven, other key considerations include sites/buildings and incentives.• Results support: • Site recommendations for due-diligence field study (define top two headquarters and three manufacturing in order of preference) • Viability of least preferred markets 14 • Likelihood and magnitude of incentive benefits
Case Study 1: Workforce Analysis• To identify best HQ submarkets, the analysis focused on resident characteristics aligned with relocatee demographics and quality-of-life indicators.• Plotting of “executive lifestyle clusters” (green shading) within a 60-minute drivetime of Philadelphia airport.• Client expressed interest in considering the Navy Shipyard as a possible co-location scenario for both manufacturing and headquarters operations.• Radnor submarket & vicinity identified as optimally positioned for maximum regional commutable executive housing options. 15
Your local stakeholders want youropinion and analysis1. What are the trends in the local economy?2. What does this data mean?3. What does it mean for their business?LAEDC: 25,000 person mailing list, updates sent weekly 16
What Formats Do Those Consumers Want Information in? 17
Sample Formats and Delivery Delivery Data Format methodWorkforce data Online, in GIS In GIS system, system exporting to excelEmployment data Online Downloadable ExcelCost data Online Downloadable ExcelInfrastructure Online GIS maps and illustrated mapsCommentary on Online, in print Narrative 18the economy
What Data Should IMeasure About My Organization? 19
Key organizational data(for internal use)1. Interactions with the organization a. Web visits b. Inquiries and companies served2. Impact of the organization a. Projects completed b. Jobs created/influenced c. Capital investment3. Other operating metrics 20
Offer to Webinar Attendees: Benchmark your community‟s activity against similarly sized communities http://Atlas2012BenchmarkingSurvey.questionpro.co m 21
How Should I Go About Selecting Targeted Industries? 23
How to select targeted industries•The easy way: Use the industries that states and regionsyou are in have selected•The hard way: Do your own research, and do positioningstatements for each industry. If you have no differentiatorsfor an industry, don‟t select the industry.•The expensive way: Hire a firm for a 3-9 month study 24
How to use data to position your community competitively For: Aerospace, BiomedicalPositioning is answering the location decision makersfollowing questions: Who need: Highly technical workforce, competitive laborWho are my target customers? costs, and access to intl. airportWhat are their needs? Houston is: a large regionWhat type of community are That offers: Workforce trainedwe in their minds? by NASA and the Texas MedicalWhat needs of theirs do we Center, and a cost of doingmeet? business that is 5% below theWhat needs of theirs do we national averagemeet better than other Unlike: Other largecommunities? cities, Houston has a larger workforce pool at costs as much as 30% less than comparable 25 coastal communities.
DIY: Foundation for positioning1. Decide on your audience2. Understand their drivers and needs3. Understand who your comparison communities are4. Do the research on yourself and the other communities5. Find out the one or two unique elements of your community 26
Who in the OrganizationShould Do This Work? 27
Roles in the organization (in house) Title Research they Key audience access servedExecutive All All, including investors, stakeholdersBusiness Product research Relocating, andDevelopment Expanding companiesMarketing Product research Relocating, and Expanding companiesResearch All Internal and external audiences 28
What Should I Outsource Versus do In House? 32
What should I outsource vs. do myself? Data Do in house Outsource Comparative X product data Time series X product data and narrative Organizational X data 33
Questions We Will Answer1. What data should I measure about my community?2. Who are the audiences for the data I produce?3. What formats do those consumers want information in?4. How to use data to position your community5. What data should I measure about my organization?6. How should I go about selecting targeted industries?7. Who in the organization should do this work?8. What tools make it easier for me?9. What should I outsource versus do in house? 34
Contact Atlas Contact information: 1128 Grant Street Denver, CO 80203 Contact: Melissa Pasquale t: 303.292.3300 x 223 melissap@Atlas-Advertising.com In the event of a water landing, I www.Atlas-Advertising.com have been designed to serve as a flotation device. --DATA, Star Trek: Insurrection 35