Columbus Chamber - Economic Development

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Economic Development presentation by Matt McCollister, vice president of economic development, Columbus Chamber. Presented 2/24/10 at the Columbus Chamber's 2010 Annual Meeting post-session on attraction.

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Columbus Chamber - Economic Development

  1. 1. Economic Development<br />Attract Pillar Discussion<br />February 24, 2010<br />
  2. 2. 1<br />Today’s Objectives<br />1<br />Attract pillar mission and goals <br />2<br />Overview of Attract strategies<br />3<br />Attract strategy key initiatives<br />
  3. 3. 2<br />The Attract Pillar objectives stem from the Columbus2020! vision<br />The Attract Pillar<br />1<br />Vision<br />The attract pillar will develop and execute strategies that will create jobs in support of Columbus 2020 goal of stimulating the increase of 180,000 net new jobs and will proactively target and pursue projects that positively impact the per capita income and position Columbus 2020 as one of the most aggressive and successful business attraction organization.<br />Mission<br />In 2020, Columbus will be recognized as a vibrant and successful region where emerging innovation, thriving talent, and a collaborative culture generate one of the fastest growing economies in the nation and one of the nation’s leaders in economic development<br />4 Pillar Strategy<br />Pillar Metrics<br />Number of jobs created by Attract<br />Average income of jobs created<br />Ranking/Rating<br />1<br />Attract<br />2<br />Create<br />3<br />Retain/Expand<br />Goals<br />Number of jobs created – Goal being set<br />Average income of new jobs – Goal being set<br />Ranking and/or benchmark rating– Top 10<br />4<br />Civic infrastructure<br />SOURCE: 2007 Reports from the Columbus Partnership; The Columbus Partnership Statement of Principles report<br />
  4. 4. 3<br />Today’s Objectives<br />1<br />Attract pillar mission and goals <br />2<br />Overview of Attract strategies<br />3<br />Attract strategy key initiatives<br />
  5. 5. 4<br />2<br />Why is it important?<br />Attract will pursue 3 core strategies to achieve its goals <br />What does success look like?<br />Strategy Descriptions<br />1<br />Research-led targeting yields a greater percent of leads than shotgun approach<br />Improvement in the perception of business climate and awareness of target industries among CEOs and site selectors leads to increased pipeline<br />CEOs and site selectors consider a preferred business location <br />Columbus identified for its strength in targeted industry sectors<br />Significant increase in the number of leads that are identified, qualified and pursued<br />Marketing & Lead Development: Aggressively market the Columbus Region as a viable location to relocate/expand operations and proactively pursue key companies in targeted industry sectors<br />2<br />Columbus2020! is the single point of entryfor attraction projects<br />Conversion rate of leads to prospects to locates is among top performing organizations<br />Significant increase in company visits and projects that receive incentive proposals<br />Prospect Management: Position Columbus2020! as the single point of entry for attraction projects and develop and execute a comprehensive lead management process to ensure the highest probability of success<br />Competitive and comprehensive prospect management services are a requirement to compete and win attraction projects<br /> Efficient and professional prospect management services can lead to repeat business from site location advisors<br />All LEDO’s actively support Columbus2020 and leverage prospect management services<br />Community leaders, CEO’s, and key organizations consistently articulate regional assets and actively engage in the closing process<br />Majority of high performing attraction organizations have active community engagement<br />Site selectors tend to favor locations with strong regional collaboration<br />Increases level of professionalism<br />3<br />Community Engagement: Engage and empower the public and private sector partners in the Attract strategy to ensure the highest probability of success<br />
  6. 6. 5<br />Today’s Objectives<br />1<br />Attract pillar mission and goals <br />2<br />Overview of Attract strategies<br />3<br />Attract strategy key initiatives<br />
  7. 7. 6<br />Columbus will launch a series of initiatives to optimize marketing and lead development <br />1<br />Strategy description<br />Aggressively market the Columbus Region as a viable location to relocate/expand operations and proactively pursue key companies in targeted industry sectors<br />Rationale for initiatives<br />Key initiatives to implement strategy<br />Key initiatives<br />90% of location projects begin on the Internet. Social media continues to grow as a means of engaging our audience and driving traffic to the web site<br />Key differentiated compelling reasons to consider Columbus are not commonly held in the marketplace<br />Articles are more respected as factual than paid advertising<br />Paid advertising, while not a significant lead generator, does influence brand and awareness. It is essential at the outset of a campaign<br />Annually, 75% of location projects in the US are done without benefit of site consultants<br />Site selectors led projects account for over 50% of industrial investment (large investments)<br />Foreign direct investment is expected to increase as the dollar’s value continues to slide. Columbus has been especially successful in international al markets<br />Develop an optimized web presence and social media campaign<br />Develop key domestic and international marketing collaterals (print and digital)<br />Execute an earned and paid media campaign <br />Launch a targeted industry lead development program<br />Launch a site location advisor relationship/marketing campaign <br />Launch a consultant based international lead development initiative <br />
  8. 8. 7<br />Columbus prospect management process will become best in class by…<br />2<br />Position Columbus2020! as the single point of entry for attraction projects, leverage a team of economic development professionals to cultivate and foster all qualified opportunities and execute a best in class lead management process to ensure the highest probability of success<br />Strategy description<br />Rationale for initiatives<br />Key initiatives to implement strategy<br />Key initiatives<br />Executing a best in class response process leads to a higher conversion rate<br />Site selection consultants value excellence in practitioner response/facilitation.<br />54% of candidates indicate Information/assistance in obtaining financial/tax incentives are most important<br />Ability to provide value added services like research differentiates high performing organizations<br />Develop a robust response program that triples the throughput rate of response packages<br />Create excellence in Prospect Management Services i.e. provide excellence in incentive facilitation<br />Build quality research capacity to enhance response materials<br />7<br />
  9. 9. 8<br />Increased community engagement will make Columbus attraction distinctive by…<br />3<br />Engage and empower the public and private sector partners in the Attract strategy to ensure the highest probability of success<br />Strategy description<br />Rationale for initiatives<br />Key initiatives to implement strategy<br />Key initiatives<br />Due to the number of potential parties that can be involved, collaboration on site location process is critical <br />Regionalism is the number #1 organizational shift in the delivery of economic development services <br />Local business leaders communicating with external colleagues about a region’s business advantages offers a potentially blockbuster marketing opportunity<br />Corporate executives are more credible resource than traditional marketing<br />Continue to build the regional capacity to identify and pursue leads and prospects. <br />Private sector executive engagement, i.e., Ambassadors for lead identification during corporate travel, supplier meetings<br />Engage Columbus corporate leaders to meet as peers with prospective corporate locates<br />8<br />
  10. 10. Economic Development<br />Attract Pillar Discussion<br />February 24, 2010<br />

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