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Got Economic Development? 7 Practical Ways That DMOSs & EDOs Can Work Together

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Got Economic Development? 7 Practical Ways That DMOSs & EDOs Can Work Together

  1. 1. Got Economic Development? 7 PRACTICAL WAYS THAT DMOS & EDOS CAN WORK TOGETHER (July 16, 2015) JEFF FINKLE President, International Economic Development Council (IEDC) ANDY LEVINE President/Chief Creative Officer, Development Counselors International (DCI)
  2. 2. AGENDA I. Key Takeaways from Two Recent Studies (Andy) II. What Makes Economic Developers Tick (Jeff) III. Seven Practical Ways DMOs and EDOs Can Work Together (Andy & Jeff) IV. Q&A/Discussion
  3. 3. Key Takeaways from Two Recent Studies
  4. 4. Destination Promotion An Engine of Economic Development • Oxford Economics study on behalf of DMAI • Research included interviews, literature review, case studies • Statistical analysis of the economic performance of 237 US Cities over 23 years
  5. 5. Key Takeaways Fast Growth Industry Tourism employment growth outpaces all other traded sectors combined (since 1998) Causation Established Destinations that outperform their peers in attracting visitors outperform in the overall economy as well
  6. 6. Tourism Advertising & the Halo Effect Research undertaken by Longwoods International finds tourism advertising campaigns have strong economic development benefits
  7. 7. What Makes Economic Developers Tick
  8. 8. Economic Developers Are Everywhere Economic developers are found at all levels of government, in public-private partnerships, in chambers of commerce, in utilities, in universities… EDOs work behind the scenes to spur economic opportunity and attract investment
  9. 9. Economic Developers Are Everywhere …in Every Region Economic developers operate in the most attractive places in the U.S. from Napa Valley, to Manhattan, to Denver… … to more distressed areas like Camden, Appalachia, and Chicago’s South Side
  10. 10. Economic Developers Are Multitaskers Economic developers have 6 key roles • Analyst • Catalyst • Gap filler • Advocate • Educator • Visionary
  11. 11. Collaboration Fosters Competitiveness From site selection, to helping firms to expand, to attracting talent and a qualified workforce… Collaboration with public and private stakeholders is crucial to keeping the community competitive
  12. 12. Economic Development Plans Are Vast Economic developers are the link to • Infrastructure development & revitalization • A qualified workforce • Attracting investment • Marketing a region's assets
  13. 13. Metrics That Drive Economic Developers • Job Creation-Workforce Development • Entrepreneurship-Small Business Development • Business Retention & Expansion • Technology & Innovation • Regulation & Permitting Procedures Overall Quality of Life
  14. 14. Funding Makes the World Go Round DMO funding: primarily bed taxes, and a mix of public funds, member dues, or improvement districts If only we had more money in the budget for… EDOs may be funded by: public entities, the private sector, member dues, utilities, grants… it varies widely and often fluctuates
  15. 15. Making the Money Work for All It is important to understand each organization’s respective funding stream… … clarity and support of the role and mission of each organization is key to effective collaboration! Common goal: make a place attractive for living, working, AND playing!
  16. 16. Supporting Tourism is Vital EDOs support tourism Incorporate tourism into long-term local strategic plans Promote workforce programs for jobs in tourism Encourage investments to improve public facilities
  17. 17. Aligning Strategies is Paramount Community success is contingent on aligning strategies among all stakeholders Clearly identify goals Understand strengths & limits Recognize funding differences Present a unified message Outline roles in strategic plan
  18. 18. 7 Practical Ways DMOs and EDOs Can Work Together
  19. 19. 1. Conduct Joint Marketing Missions • Combine forces & travel together to promote your community in key markets • Manage a mix of separate & combined special events, media interviews and influencer meetings
  20. 20. Cincinnati Takes New York City • Cincinnati Ballet Performs at Joyce Theatre (May 6-11) • CCM Jazz Alumni at Lincoln Center (May 6) • National Media Reception at Edwards (May 7) • Cincinnati Symphony Orchestra at Carnegie Hall (May 9) • Cincy Chefs at the James Beard House (May 10) • CCM’s Ariel Quartet at 92nd Street Y (May 12)
  21. 21. 2. Building Transportation Networks Denver gets a new international air destination: Panama City United 787 flies nonstop to Tokyo from Denver Lufthansa starts nonstop Denver-Frankfurt flight • Work together to bring better “air lift” to your region • Denver success story
  22. 22. 3. Influence the Business Traveler (when in your hometown) • Identify “choke points” business travelers pass through (airport business lounges, upscale hotels, limo services) • Look for creative ways to communicate your community’s business message 55.0% 43.6% 37.0% 0% 10% 20% 30% 40% 50% 60% Dialogue with Industry Peers Newspapers and Magazines Business Travel Influencing Executive Perceptions Leading Sources of Information
  23. 23. 4. “Strategic Conference” Pursuit • Identify and pursue conferences that align with a community’s target industry clusters • Pursue business conferences that reach executives with site selection responsibilities
  24. 24. Five Conferences Your ED Colleagues Would Love to Host… Conference Audience Attendees 2015 Locations CoreNet Global Summits Corporate Real Estate Executives 2,000 Los Angeles & London IAMC Professional Forums Corporate Real Estate Executives 500 Palm Desert & Cleveland Site Selection Guild Annual Conference Site Selection Consultants 250 Puerto Rico Inc. 5000 Conference & Gala Entrepreneurs/Fast Growth Companies 1,500 Orlando IEDC (Leadership Summit & Annual Conference) Economic Developers & Site Selection Consultants 350 (LS) 1,200 (AC) Palm Beach Gardens & Anchorage
  25. 25. 5. Align Your Brands • Collaborate closely to develop complimentary messages and graphic design • Should communities adopt a single brand? No!!!
  26. 26. 6. Collaborate on Tourism-Related Investment Opportunities • Include hotel & retail attraction in EDO portfolio • DMOs can identify needs & provide data for EDOs to use in pursuing investors • Cleveland’s resurgence • Las Vegas’ vision for a Global Business District
  27. 27. 7. Lobby the Public Sector Together Identify community problems where your policy positions match • Homelessness • Transportation infrastructure • Building Code “Red Tape”
  28. 28. Summing It Up 1. Conduct Joint Marketing Missions 2. Build Transportation Networks 3. Influence the Business Traveler (when visiting your hometown) 4. Strategic Conference Pursuit 5. Align Your Brands 6. Collaborate on Tourism Related Investment 7. Lobby the Public Sector Together
  29. 29. Thank You…Would Love to Connect Jeff Finkle, President, IEDC Andy Levine President/Chief Creative Officer, DCI Email jfinkle@iedconline.org andy.levine@aboutdci.com Phone 202/223-7800 212/725-0707 (x-107) LinkedIn Jeff Finkle, CEcD (IEDC) Andrew Levine (DCI) Twitter @IEDCtweets @DCI_Andy

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