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Benchmarking Competitive Identity and Building Your Community's Brand

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Place branding is about creating a compelling case for why your location matters, and the secret to place branding lies in highlighting a city’s unique competitive identity. In this presentation given at the International Economic Development Council's fall conference in Atlanta, Resonance Consultancy President Chris Fair and New York University Schack Institute of Real Estate Professor and Urban Lab Director Steven Pedigo share their latest research on the factors that shape a city’s competitive identity as a place to do business, live, and visit. They also share examples of how economic development organizations can use this information to create authentic, data-driven positioning and marketing strategies to engage the audiences they are seeking to attract.

What you will learn:
• An understanding of why a competitive identity is critically important for attracting investment
• A framework for uncovering factors that help shape a community’s identity
• Best practices and case studies from communities that have effectively built city brands

Published in: Economy & Finance
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Benchmarking Competitive Identity and Building Your Community's Brand

  1. 1. BENCHMARKING YOUR COMPETITIVE IDENTITY & BUILDING YOUR COMMUNITY’S BRAND RESONANCECO.COM
  2. 2. ● Chris is President at Resonance Consultancy ● Masters degree in Studies of the Future ● Vice-Chairman of Urban Land Institute’s Trends Council ● Adjunct Professor in placemaking at New York University ● In 2013, Chris was recognized as the “Place Branding Thought Leader of the Year” at the World Sense of Place Summit ● Featured in Fast Company Magazine and frequent commentator on consumer trends for publications such as the Wall Street Journal, Bloomberg, The Economist and many others CHRIS FAIR
  3. 3. ● Steven is Vice-President Strategy at Resonance Consultancy ● 15 years of experience, advising more than 50+ cities, universities and Fortune 500 companies from Jerusalem and Miami to Converse and EDENS ● Expert in economic and urban development strategy, public-private partnerships, and placemaking ● Director of NYU Schack Institute of Real Estate Urban Lab and clinical faculty at New York University ● VP of the Initiative for Competitive Inner City, working with Harvard Business Professor Michael Porter ● Founding VP of Greater Portland Inc., regional economic development organization. STEVEN PEDIGO
  4. 4. ABOUT US Resonance Consultancy is a leading advisor on real estate, tourism and economic development for countries, cities and communities around the world.
  5. 5. WE STUDY PLACES Resonance produces rankings of the World’s Best Cities and America’s Best Cities each year. World’s Best Cities America’s Best Cities
  6. 6. WE DEVELOP STRATEGIES Our economic development strategies analyze current context and articulate a clear vision for sustainable economic and community development. Destination Assessments Economic Development Strategies Marketing Strategies
  7. 7. WE MARKET PLACES Resonance writes and executes marketing and communication plans that bring the story of place to life and engage audiences in communities, cities and countries all over the world. Place Branding Brand Strategy Brand Storyline
  8. 8. @crfair @resonanceco 01 WHAT IS PLACE BRANDING? 02 ASSETS THAT SHAPE PERCEPTION OF PLACE 03 A MODEL FOR MEASURING COMPETITIVE IDENTITY 04 MAPPING THE COMPETITIVE IDENTITY OF PLACE 05 DEVELOPING A PLACE BRANDING STRATEGY 06 CASE STUDIES AGENDA
  9. 9. 01 WHAT IS PLACE BRANDING?
  10. 10. @crfair @resonanceco TWHAT IS PLACE? @resonanceco WHAT IS PLACE?
  11. 11. @crfair @resonanceco TWHAT IS PLACE? PLACES OF ALL SIZES COMPETE FOR TALENT, TOURISM, AND INVESTMENT
  12. 12. PLACE AND PROSPERITY The prosperity of a place has historically been defined by hardware: geography, industries, or institutions and attractions.
  13. 13. The more freely people and capital move around the world, the more important a city’s perceived brand becomes in determining where talent, tourism, and investment flows.
  14. 14. @crfair @resonanceco TWHAT IS BRAND?
  15. 15. @crfair @resonanceco TWHAT IS PLACE? ESTIMATED VALUE OF COCA-COLA’S “BRAND” IS $69.7 BILLION – Interbrand 2017
  16. 16. @crfair @resonanceco BRAND EQUITY Brand Equity is “the set of assets and liabilities linked to a brand’s name and symbol that adds or subtracts from the value provided by a product or service to a firm and/or that firm’s customers.” – David Aaker, Managing Brand Equity
  17. 17. The identity of a place is shaped by many more dimensions than that of a consumer product or service.
  18. 18. @crfair @resonanceco A PLACE TO LIVE
  19. 19. @crfair @resonanceco A PLACE TO DO BUSINESS
  20. 20. @crfair @resonanceco A PLACE TO VISIT
  21. 21. @crfair @resonanceco PLACE EQUITY Place Equity is the set of assets and liabilities linked to a place’s name and identity that adds or subtracts from the perceived attractiveness of a community as a place to live, visit and invest.
  22. 22. 02 WHAT ASSETS SHAPE OUR PERCEPTION OF PLACE?
  23. 23. QUALITY OF PLACE WHAT’S THERE The combination of the built environment and the natural environment; a stimulating, appealing setting for the pursuit of creative lives.
  24. 24. QUALITY OF PLACE WHO’S THERE Diverse people of all ethnicities, nationalities, religions, and sexual orientations, interacting and providing clear cues that this is a community where anyone can fit in and make a life.
  25. 25. QUALITY OF PLACE WHAT’S GOING ON The vibrancy of the street life, café culture, arts, and music; the visible presence of people engaging in outdoor activities – essentially active, exciting, creative goings-on.
  26. 26. WHAT IT TAKES TO BE THE BEST PLACE... BUSINESS PLACE TO LIVEVACATION
  27. 27. @crfair @resonanceco Air Quality Museums Jobs Safety Sports Teams Living Standards Weather Home Prices Fortune 500 Parks / Outdoors Nightlife TripAdvisor Reviews Neighborhoods Dining Google Searches Higher Education Shopping Google Trends Connectivity Culture Facebook Check-ins Conventions Diversity Instagram Mentions Attractions Languages Healthcare Transportation Education Attainment Schools PERCEPTION IS SHAPED BY 30 FACTORS
  28. 28. 03 A MODEL FOR MEASURING PLACE EQUITY
  29. 29. HOW DO YOU MEASURE THE COMPETITIVE IDENTITY OF ONE PLACE TO ANOTHER?
  30. 30. User generated ratings and reviews provide a new source of intelligence to help measure a city’s competitive identity.
  31. 31. COMPETITIVE IDENTITY IS SHAPED BY 30 FACTORS GROUPED INTO 6 CATEGORIES
  32. 32. @crfair @resonanceco COMPETITIVE IDENTITY
  33. 33. PLACE
  34. 34. PLACE The perceived quality of a city’s natural and built environment, including the sub-categories of: WEATHER – number of sunny days SAFETY – crime rate ENVIRONMENT – air quality index URBAN FABRIC – neighborhoods and landmarks OUTDOORS – parks and outdoor activities
  35. 35. NEW YORK Times Square – 1970s
  36. 36. NEW YORK Times Square – 2015
  37. 37. NEWYORKCITYCRIMERATE/ANNUALVISITORS Source: NYC & Company / U.S. Census Bureau
  38. 38. @crfair @resonanceco LARGE CITIES SMALL CITIES 01 NEW YORK 01 HONOLULU 02 SAN DIEGO 02 CHARLESTON 03 LAS VEGAS 03 NAPLES 04 VIRGINIA BEACH 04 TYLER 05 MIAMI 05 LAKE HAVASU CITY 06 TAMPA 06 SAVANNAH 07 LOS ANGELES 07 ANCHORAGE 08 AUSTIN 08 BOULDER 09 SAN FRANCISCO 09 YUMA 10 PORTLAND 10 CORPUS CHRISTI TOP U.S. CITIES FOR PLACE
  39. 39. PRODUCT
  40. 40. PRODUCT Product is a city’s key institutions, attractions and infrastructure, including the sub-categories: MUSEUMS – number of museums HIGHER EDUCATION – university rankings CONVENTIONS – Convention Center AIRPORT CONNECTIVITY – number of destinations ATTRACTIONS – number of attractions
  41. 41. GUGGENHEIM MUSEUM BILBAO Monthly overnight stays of foreign visitors in the province of biscay from January 1980 to December 2010.
  42. 42. BISCAYPROVINCE:OVERNIGHTSTAYS
  43. 43. @crfair @resonanceco T America’s Best Cities TOP CITIES FOR PRODUCT @resonanceco LARGE CITIES SMALL CITIES 01 CHICAGO 01 ALBUQUERQUE 02 NEW YORK 02 HONOLULU 03 LOS ANGELES 03 RENO 04 LAS VEGAS 04 TULSA 05 HOUSTON 05 OMAHA 06 ORLANDO 06 KNOXVILLE 07 PHILADELPHIA 07 HARRISBURG 08 DALLAS 08 MYRTLE BEACH 09 DETROIT 09 ANCHORAGE 10 ATLANTA 10 GREEN BAY TOP CITIES FOR PRODUCT
  44. 44. PROGRAMMING
  45. 45. PROGRAMMING Programming measures the arts, culture, entertainment and culinary scene in a city, including the sub-categories: SHOPPING – number of quality shopping exp. CULTURE – number of quality culture experiences DINING – number of quality restaurants NIGHTLIFE – number of quality nightlife exp.
  46. 46. PORTLAND, OREGON
  47. 47. PORTLAND, OREGON Annual growth of population aged 25 to 34, between 2007-2017.
  48. 48. @crfair @resonanceco T America’s Best Cities TOP CITIES FOR PROGRAMMING @resonanceco LARGE CITIES SMALL CITIES 01 NEW YORK 01 HONOLULU 02 CHICAGO 02 ALBUQUERQUE 03 LOS ANGELES 03 OMAHA 04 LAS VEGAS 04 CHARLESTON 05 SAN FRANCISCO 05 ASHEVILLE 06 HOUSTON 06 SAVANNAH 07 SEATTLE 07 COLORADO SPRINGS 08 PHILADELPHIA 08 RENO 09 SAN DIEGO 09 MYRTLE BEACH 10 PORTLAND 10 EL PASO TOP U.S. CITIES FOR PROGRAMMING
  49. 49. PEOPLE
  50. 50. PEOPLE The People category ranks the immigration rate and diversity of a city, including the sub-categories: EDUCATION – educational attainment MULTICULTURALISM – languages spoken at home DIVERSITY – foreign born residents
  51. 51. TOP CITIES FOR PEOPLE IN THE WORLD 01 SAN JOSE 06 DUBAI 11 NEW YORK 02 TORONTO 07 BOSTON 13 LONDON 03 VANCOUVER 08 ZURICH 13 WASHINGTON 04 SAN FRANCISCO 09 ABU DHABI 14 CALGARY 05 MIAMI 10 DOHA 15 SINGAPORE
  52. 52. AMAZON HQ2 RFP INCENTIVES – Tax credits, relocation grants. LABOR FORCE – Educational attainment, university system. CONNECTIVITY – Daily direct flights to Seattle, New York, San Francisco Bay area & Washington D.C. INFRASTRUCTURE – Mass transit, inter-connected highway system. CULTURE – Diversity, inclusion. QUALITY OF LIFE – Programming, recreational opportunities.
  53. 53. @crfair @resonanceco T America’s Best Cities TOP CITIES FOR PEOPLE @resonanceco LARGE CITIES SMALL CITIES 01 MIAMI 01 BROWNSVILLE 02 SAN FRANCISCO 02 MCALLEN 03 SAN JOSE 03 OXNARD 04 LOS ANGELES 04 SALINAS 05 NEW YORK 05 LAREDO 06 BOSTON 06 SANTA MARIA 07. SAN DIEGO 07 EL PASO 08 PROVIDENCE 08 ANN ARBOR 09 HOUSTON 09 HONOLULU 10 SEATTLE 10 ATLANTIC CITY TOP U.S. CITIES FOR PEOPLE
  54. 54. PROSPERITY
  55. 55. PROSPERITY Prosperity measures a city’s employment and workforce, including the sub-categories: EMPLOYMENT – unemployment rate STANDARD OF LIVING – median household income ECONOMY – Fortune 500 companies
  56. 56. GREENVILLE
  57. 57. BMW
  58. 58. @crfair @resonanceco T America’s Best Cities TOP CITIES FOR PROSPERITY @resonanceco LARGE CITIES SMALL CITIES 01 NEW YORK 01 OMAHA 02 SAN FRANCISCO 02 TULSA 03 SEATTLE 03 NAPLES 04 SAN JOSE 04 BOISE CITY 05 AUSTIN 05 CEDAR RAPIDS 06 DENVER 06 MADISON 07 VIRGINIA BEACH 07 SIOUX FALLS 08 WASHINGTON 08 LITTLE ROCK 09 DALLAS 09 WINSTON-SALEM 10 MINNEAPOLIS 10 DES MOINES TOP U.S. CITIES FOR PROSPERITY
  59. 59. PROMOTION
  60. 60. PROMOTION Promotion refers to the quantity of stories, references and recommendations shared online about a city, including the sub-categories: TRAVEL MEDIA – TripAdvisor reviews ONLINE PRESENCE – Google search results NEWS – Google Trends SOCIAL MEDIA – Facebook Check-ins SOCIAL MEDIA – Instagram mentions
  61. 61. MARFA
  62. 62. @crfair @resonanceco T America’s Best Cities TOP CITIES FOR PROMOTION @resonanceco LARGE CITIES SMALL CITIES 01 NEW YORK 01 HONOLULU 02 LOS ANGELES 02 MYRTLE BEACH 03 CHICAGO 03 CHARLESTON 04 LAS VEGAS 04 MADISON 05 SAN FRANCISCO 05 EL PASO 06 MIAMI 06 ALBUQUERQUE 07 ORLANDO 07 SAVANNAH 08 WASHINGTON 08 RENO 09 SAN DIEGO 09 OMAHA 10 HOUSTON 10 TULSA TOP CITIES FOR PROMOTION
  63. 63. OVERALL
  64. 64. @crfair @resonanceco T America’s Best Cities TOP 10 AMERICA’S BEST CITIES @resonanceco LARGE CITIES SMALL CITIES 01 NEW YORK 01 HONOLULU 02 CHICAGO 02 OMAHA 03 LOS ANGELES 03 ALBUQUERQUE 04 SAN FRANCISCO 04 CHARLESTON 05 LAS VEGAS 05 EL PASO 06 SAN DIEGO 06 RENO 07 HOUSTON 07 TULSA 08 MIAMI 08 MADISON 09 SEATTLE 09 MYRTLE BEACH 10 BOSTON 10 ASHEVILLE TOP CITIES FOR OVERALL
  65. 65. 04 MAPPING YOUR COMPETITIVE IDENTITY
  66. 66. 1 HONOLULU
  67. 67. 2 OMAHA
  68. 68. 3 ALBUQUERQUE
  69. 69. 4 CHARLESTON
  70. 70. 5 EL PASO
  71. 71. 6 RENO
  72. 72. 7 TULSA
  73. 73. 8 MADISON
  74. 74. 9 MYRTLE BEACH
  75. 75. 10 ASHVILLE
  76. 76. 05 DEVELOPING YOUR PLACE BRANDING STRATEGY
  77. 77. @crfair @resonanceco PERCEPTION PRODUCT TWHAT IS PLACE? @resonanceco FACTORS THAT SHAPE PERCEPTION OF PLACE
  78. 78. @crfair @resonanceco PERCEPTION STRATEGY PRODUCT TTOP CITIES FOR PROMOTION @resonanceco THE STRATEGY
  79. 79. @crfair @resonanceco 01 LONDON 11 MADRID 21 WASHINGTON 02 NEW YORK 12 LOS ANGELES 22 ST. PETERSBURG 03 PARIS 13 TORONTO 23 PRAGUE 04 MOSCOW 14 AMSTERDAM 24 BEIJING 05 TOKYO 15 BOSTON 25 SYDNEY 06 SINGAPORE 16 ROME 26 SAN JOSE 07 DUBAI 17 HONG KONG 27 MIAMI 08 BARCELONA 18 LAS VEGAS 28 BERLIN 09 SAN FRANCISCO 19 SEATTLE 29 VANCOUVER 10 CHICAGO 20 SAN DIEGO 30 ORLANDO TTOP CITIES FOR PROMOTION @resonanceco World’s Best Cities RESONANCE WORLD’S BEST CITIES Top 30 cities based on core statistics and online data.
  80. 80. @crfair @resonanceco CITY % SCORE 2017 RANK 2013 RANK NEW YORK 50 01 01 ABU DHABI 46 02 04 LONDON 41 03 02 PARIS 39 04 03 SYDNEY 36 05 05 ZURICH 36 05 06 TOKYO 36 05 07 ROME 34 08 09 LOS ANGELES 28 09 10 AMSTERDAM 27 10 14 IPSOS CITY INDEX Top 10 cities based on a survey of 18,557 adults aged 16-64 across 26 countries.
  81. 81. @crfair @resonanceco Product Perception RISK OPPORTUNITY RISK&OPPORTUNITY:IPSOSCITYINDEX
  82. 82. @crfair @resonanceco RISK OPPORTUNITY OPPORTUNITYMAPPING
  83. 83. @crfair @resonanceco PLACE BRANDING IS ABOUT MUCH MORE THAN A LOGO OR A TAGLINE. IT’S A STRATEGY BASED ON AN UNDERSTANDING OF BOTH YOUR PERCEPTION AND PRODUCT.
  84. 84. 06 CASE STUDIES
  85. 85. THANK YOU! Chris Fair, President cfair@resonanceco.com Steven Pedigo, Vice President spedigo@resonanceco.com ResonanceCo.com Vancouver | New York

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