Marketing & Attraction      Trends, Tools, and Tactics                   Stephen McKnight                       Vice Presi...
4 Key Discussion Points:1.   What is Economic Development2.   Product vs. Economic Development Marketing3.   Getting to Kn...
Strategic Planning                           Economic Developers     Impact Studies                                  Highe...
This business of economic developmentis not getting any easier…  National Issues to be Determined:   Global Financial Unc...
How Do You Define             Economic Development?                          Create Good JobsRetention           Family Su...
Why Here?Great Place To Raise A Family           Low Cost of Living             Live, Work, Play            Quick Commutes...
City/County & Economic Development WebsitesPhrase                            Million   Phrase                         Mill...
SO WHAT?                                Investment Decision Process:                              Competition is Fierce, F...
So What Do You Need to Know         to Compete?First, things Are Happening FastSecond, Investment Priorities are Shifting
Raw Material Extractors & Farmers                                1700s – 1850s (150 Years)      Industrialists1850s – 1950...
Recognize the Shift                            New Strategies                                Tools                        ...
Jobs                        Jobs Model    Products       SitesWater / Sewer / Roads
Customers Characteristicsin a Jobs Model  Heavy Manufacturing    Large, Centrally Located Employment Base    People fol...
We know Things Have Changed…Large Traditional Expansions and Relocations Within the     U.S. Are Increasingly Rare and Mar...
Wealth                                                   Wealth Model               Knowledge                  Technology ...
“Average Space Required                                          Customer Characteristics   Per Person Down from          ...
Higro businesses are those that expanded netemployment at least twice between 2004 and2009, with at least one year of expa...
Most Job Gains Continue to Come from Smaller Firms
And new changes on the way….
Manufacturing                                 1850s – 1950s (100 Years)                               Advanced Manufacturi...
Product vs. EconomicDevelopment MarketingBoard Education Is Required
I never knew I needed somuch crap…  Happy Holidays!!
Product Marketing                                               Impulse Option – I need That!!                            ...
Economic Development Marketing                   Very Narrow/Specific Consumer Base                       Big Investments ...
Stapleton, COEffective Economic DevelopmentMarketing Strategies and Services                            will…     Help Cl...
Yes, Continue to Market your Sites and Buildings, put a map on our homepage, but also take on New Roles as Economic Develo...
Modern Definitions and GoalsCreate Good Jobs             Attract and Sustain InvestmentExpand Tax Base                  Ef...
Big Picture Take-A-Ways   Recognize Your Customer   Identify What Sets you Apart   Align Your Assets   Make Sure You C...
Thank you!               Stephen McKnight                   Vice President  Community & Market Assessments         Fourth ...
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Economic Development Marketing & Attraction: Trends, Tools, & Tactics

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  • A Key closing point: This takes timeYou all here I feel are on the right side of the development equation – Ask yourselves – What Sets you Apart, what are you key value propositions and leverage those,
  • Economic Development Marketing & Attraction: Trends, Tools, & Tactics

    1. 1. Marketing & Attraction Trends, Tools, and Tactics Stephen McKnight Vice President Community and Market Assessments www.fourtheconomy.com
    2. 2. 4 Key Discussion Points:1. What is Economic Development2. Product vs. Economic Development Marketing3. Getting to Know the New Customer (Pace of Change and Shifts Occurring)4. New Roles & Tactics
    3. 3. Strategic Planning Economic Developers Impact Studies Higher Ed Asset Mapping DevelopersCorporate Site Selection The Fourth Economy Non-Profits
    4. 4. This business of economic developmentis not getting any easier… National Issues to be Determined:  Global Financial Uncertainty  Political Divides  Federal Innovation Investment vs. Spending (NIH/NASA/DOD R&D?)  Transportation Funding  Revenue Generation (Taxes/Incentives/Global Competition)
    5. 5. How Do You Define Economic Development? Create Good JobsRetention Family Sustaining WagesCreation Expand Tax Base Keep Our Children LocalAttraction Land Development
    6. 6. Why Here?Great Place To Raise A Family Low Cost of Living Live, Work, Play Quick Commutes Available Land
    7. 7. City/County & Economic Development WebsitesPhrase Million Phrase Million Pages PagesBusiness friendly 2.1 Good place to raise a family 1.81Creative 2.1 Great business climate 1.79Innovation / innovative 2.02 Beautiful parks 1.75Natural resources 2 Biotechnology 1.69Quality of life 1.98 Friendly business climate 1.26World class technology 1.95 Hip 1.09Leading research 1.95 Nanotech 0.673Good or great work ethic 1.84 Most livable 0.638Great place to raise a family 1.83 World class amenities 0.333
    8. 8. SO WHAT? Investment Decision Process: Competition is Fierce, Fluid and Sites Global… Buildings What Sets You Apart? Communities Lifestyle & Incentive DriversRegions Within/Across States Cost & Lifestyle Drivers State/Multi State Level Logistic Drivers Global or National Level Market Drivers
    9. 9. So What Do You Need to Know to Compete?First, things Are Happening FastSecond, Investment Priorities are Shifting
    10. 10. Raw Material Extractors & Farmers 1700s – 1850s (150 Years) Industrialists1850s – 1950s (100 Years) The Virtuals 2020s + (Every 3 to 5 Years) The Digitals The Law of Manufacturers Advanced2010s to 2020s (10 Years) 1950s – 1980s (30 Years) The Fourth Economy Technology Developers and Communicators Economic Cycles and Years) 1980s to early 2000s (20 Disruptive Events Will Occur Every 3 to 5 Years
    11. 11. Recognize the Shift New Strategies Tools TacticsJob Based Model Required Wealth Based Model “Job Creation” “Sustainable Wealth and Value” Product Driven Knowledge Driven Cost Sensitive Value Sensitive Market Driven Place Driven“Making the Sneakers” “Designing the Sneakers”
    12. 12. Jobs Jobs Model Products SitesWater / Sewer / Roads
    13. 13. Customers Characteristicsin a Jobs Model  Heavy Manufacturing  Large, Centrally Located Employment Base  People followed Jobs  Cost and Wage Sensitive  Use of Natural Resources  Large Tracts of Land
    14. 14. We know Things Have Changed…Large Traditional Expansions and Relocations Within the U.S. Are Increasingly Rare and Market Driven
    15. 15. Wealth Wealth Model Knowledge Technology Human Capital Financial Capital PlaceCorporate / Retail / Housing Quality and Options Transportation Infrastructure Community – Civic Spaces “The Built Environment”
    16. 16. “Average Space Required Customer Characteristics Per Person Down from in a Wealth Model 250 sq/ft to less than 150 sq/ft”  Innovation is a Cornerstone  Smaller Sizes – Many Locations – Higher Growth ULI  Talent Driven / Attract and Retain  Grow by Buying or Joining Other Companies  Business Follows the Talent  Corporate Image Important Businesses with fewer  Both Rural and Small Urban Settings than 20 employees  Serial Reinvestmentaccount for 90 percent of all U.S. firms and are responsible for more than 97 percent of all new job SBA
    17. 17. Higro businesses are those that expanded netemployment at least twice between 2004 and2009, with at least one year of expansion overthe last two recession years. Higros accounted for 2,322 of the 757,556 business establishments operating in the state at the end of 2009. Together these higros created a total of 60,850 net new jobs between 2004 and 2009, or an average of 26.2 new jobs each.The other 755,234 businesses in PA created atotal of 100,713 net new jobs over the sameperiod, or an average of just 0.1 jobs each.
    18. 18. Most Job Gains Continue to Come from Smaller Firms
    19. 19. And new changes on the way….
    20. 20. Manufacturing 1850s – 1950s (100 Years) Advanced Manufacturing 1950s – 1980s (30 Years) Technology Development 1980s to early 2000s (20 Years)BUT – Most EconomicDevelopment Marketing Digital GenerationsStrategies are Stuck Here 2010s to 2020s (10 Years) The Virtuals 2020s + (Every 5 Years)
    21. 21. Product vs. EconomicDevelopment MarketingBoard Education Is Required
    22. 22. I never knew I needed somuch crap… Happy Holidays!!
    23. 23. Product Marketing Impulse Option – I need That!! Broad Consumer Base Product Duplicity is OK It is Expected to Wear Out (Short-term/Small Investment) Advertising Works – Immediacy Relatively Quick and Easy Product ChangesCentral Control of Product and Process (Design/Manufacturing/Distribution) Cost Often Tops Value
    24. 24. Economic Development Marketing Very Narrow/Specific Consumer Base Big Investments for the Long Term Cultural and Community Implications Human Element / Variable Impressions / Tomato Vs. Tomawto Sophisticated Modeling and Research Behind TheScenes Without Your Awareness or Control of the ProcessYour Product Improvements Are A Long-term Proposition Value Factors Increasingly Top Cost Factors
    25. 25. Stapleton, COEffective Economic DevelopmentMarketing Strategies and Services will… Help Clients Connect & Collaborate Enhance The Corporate Brand Attract and Retain Talent Oakland City, CA Attract Capital Provide Live-Work-Play Settings Offer Quality Housing Diversity Access Knowledge Centers Southside Works Pittsburgh, PA
    26. 26. Yes, Continue to Market your Sites and Buildings, put a map on our homepage, but also take on New Roles as Economic Development Intermediaries Land Use Planning Transit Linkages / Options Design Guidelines Green Space Development Technology Transfer Housing Options Risk Capital Recreation Knowledge Network Management Education & Training
    27. 27. Modern Definitions and GoalsCreate Good Jobs Attract and Sustain InvestmentExpand Tax Base Effectively Manage GrowthKeep Our Children Local Attract and Grow TalentFamily Sustaining Wages Strengthen Community AppealLand Development Community Development
    28. 28. Big Picture Take-A-Ways Recognize Your Customer Identify What Sets you Apart Align Your Assets Make Sure You Can DeliverTactical Level Take-A-Ways Maps on Home Page Clear Contact Information Sites and Buildings Communicate Challenges
    29. 29. Thank you! Stephen McKnight Vice President Community & Market Assessments Fourth Economy Consultingsteve.mcknight@fourtheconomy.com www.fourtheconomy.com

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