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Four Things Economic Development Prospects Want


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Atlas and leading economic development professionals are always trying to find ways to be more targeted, more precise, and more relevant to the needs of recruitment and retention prospects. As a way to help economic developers refine their marketing and business development offerings to prospects, Atlas presents “Four Things Economic Development Prospects Want"

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Four Things Economic Development Prospects Want

  1. 1. Four Things ED Prospects Want<br />
  2. 2. Outline<br />The prospect’s mindset today <br />Steps prospects go through when evaluating a location <br />Four things prospects want from you <br />How to differentiate your organization in this climate <br />Wrap up<br />
  3. 3. About Atlas <br />Atlas Advertising helps economic developers reach national and international prospect and site selection audiences. We deliver branding, website development, GIS mapping, research, social media, and creative services professionally and with a staff experienced in economic development. Unlike firms with little or no economic development experience, Atlas Advertising uses a proven mix of economic development marketing tactics that generate interest from site selection audiences. <br />Atlas Advertising is led by a former economic development practitioner and has worked with 50+ different economic development clients in 30 states. Our approach and experience means that our campaigns generate an average of three to ten times the response of other campaigns. <br />Featured clients:<br />State of Ohio<br />Indy Partnership<br />City of San Francisco<br />Greater Phoenix Economic Council <br />Greater Omaha Economic Development Partnership<br />
  4. 4. Your Hosts <br />Ben Wright<br />CEO, Atlas Advertising<br /><br /><br />Guillermo Mazier<br />Business Development, Atlas Advertising<br /><br />
  5. 5. Atlas Agency Services<br />Website Design Services<br />GIS Websites<br />Brand Development<br />Search Engine Marketing<br />Social Media Marketing<br />Website Hosting <br /><ul><li>Marketing, Media and Lead Generation
  6. 6. Content Services
  7. 7. Research Services
  8. 8. Training Services</li></li></ul><li>Atlas Technology and Data Products<br />Content Management Software <br />Robust Media Center <br />Calendar<br />Data Cart/Brochure Generator <br />Mobile friendly websites<br />Blog or Microsite Software <br />Project Tracking Software<br />Email Marketing Software<br />Data Products<br />Demographic Data<br />Business Lists<br />Enhanced Prospect Lists<br /><ul><li>Geographic Information Systems (GIS)
  9. 9. Commercial Property databases
  10. 10. Business databases
  11. 11. Data Search (Data Tab)
  12. 12. Other Data Management (Map Overlays)
  13. 13. Community Data Management
  14. 14. GIS System Analytics
  15. 15. GIS Data Reporting
  16. 16. Data Widgets
  17. 17. Website Analytics </li></li></ul><li>Cool stuff to do/download<br />Download our “Compete Smarter” webinars at our Slidespace,<br />Follow us on Twitter:<br />Read more at our Blog, “Latitude”:<br />
  18. 18. The Prospect Mindset Today <br />
  19. 19. Overview of today’s corporate relocation climate <br /><ul><li>Many companies are conservatively awaiting the rebound.
  20. 20. Companies are tremendously cost conscious
  21. 21. Some industries continue strong, bucking the trends
  22. 22. Nearly all companies are constrained by lack of debt financing
  23. 23. Incentives are playing a bigger role</li></li></ul><li>What Industries are Most Actively Expanding or Relocating?<br />
  24. 24. What Events are Spurring Expansion or Relocation?<br />
  25. 25. What are the Top Five Decision Making Criteria for your Clients in Selecting a Location?<br />
  26. 26. Have These Criteria Changed?<br />
  27. 27. If “Yes”, How Have The Criteria Changed?<br />Considering Moves To Less Expensive Places Now<br />Incentives matter more now<br />Green is Less Important Right Now<br />Everything Is More Competitive Now<br />Less About Labor, More About $<br />Finances Are At The Head Of The Table<br />
  28. 28. What Was the Most Important Thing an Economic Development Organization Did For You?<br />
  29. 29. What Advice Can You Give EDO’s today? <br />Keep It Clean<br />Stick To The Basics<br />ED is about Networking, Get Out Of Your Office<br />Do Something Outrageous<br />Be prepared with all the facts<br />Focus On Retention<br />Be experts in your targeted industries<br />Provide Valuable Incentives<br />Buy Land And Give It Away<br />Don’t Overstate The Situation<br />
  30. 30. Is There Anything Else That Would Be Useful for an EDO to do?<br />Lower ourCapital Investment<br />Offer New Buildings<br />20% of incentives are used 80% of the time<br />Provide Quick Loading GIS Data<br />Show me the money<br />Be The Coordinator Throughout The Process<br />
  31. 31. The Steps Prospects Go Through in Considering a Location <br />
  32. 32. How you can calibrate your marketing to connect with companies or site selectors when they need you<br />
  33. 33. Four Things Prospects Want From You<br />
  34. 34. What Prospects Want<br />Incentives to ease the financial costs and risk of expanding and relocating. <br />Existing buildings, not Greenfield sites. <br />A meaningful deep dive into your community, on their timetable. <br />For you to be experts on your industries. <br />
  35. 35. Prospects want incentives, perhaps more now than ever. <br /> “Incentive requests have changed somewhat and have been geared more toward mitigating financial risk to the company and insuring workforce development and training than what we have seen in the past.” <br /> - Ed McCallum, McCallum Sweeney Consulting, August 2010 <br />
  36. 36. Incentives that are more meaningful today include:<br />Build-to-Suit/Leaseback<br />Financing<br />Flexible clawbacks on other incentives that have performance based metrics <br />Federal incentives including:<br /><ul><li>Department of Energy
  37. 37. New Market Enterprise Credits
  38. 38. 48c credits
  39. 39. Loan guarantees</li></li></ul><li>Prospects want existing buildings. <br />“There certainly is a greater interest in existing buildings compared to Greenfield sites.” <br /> - Ed McCallum, McCallum Sweeney Consulting, August 2010 <br />“I do see more emphasis on existing buildings and at a bargain. Fewer will look at Greenfield sites.” <br /> - Lisa Rivera Skubal Waterloo Iowa, August 2010 <br />
  40. 40. Prospects want to conduct a meaningful deep dive. <br /><ul><li>When you are contacted, you are in the finals.
  41. 41. They are only interested in learning things that they can’t find online – and this is where you can help:
  42. 42. What is the “story” of your community?
  43. 43. What are the recent developments that are not publicly known?
  44. 44. Who in your community should they talk to?
  45. 45. How should they navigate through the community?
  46. 46. Though some deals move quickly and others take time, you must react the same way – quickly and comprehensively. </li></li></ul><li>Prospects want you to be experts in their industry. <br /><ul><li>Know the characteristics and makeup of your industries, including:
  47. 47. Largest companies
  48. 48. Innovative/growing companies
  49. 49. Unique technologies
  50. 50. Supporting infrastructure: University programs, trade groups
  51. 51. Where you aren’t, bring in experts in your community to teach you.
  52. 52. Share the facts – don’t oversell.
  53. 53. Tip: Join online trade groups, such as:
  54. 54. Clean tech
  55. 55. Biotech and Pharma</li></li></ul><li>How to Differentiate your Community in this climate. <br />
  56. 56. Make your services and incentives clear and available. <br />
  57. 57. Make sure that your buildings inventory is up to snuff. <br />Complete records for all buildings, updated within 90 days<br />Featured properties that you believe are the best value or most unique<br />
  58. 58. Make sure you have a community team ready. <br />Staff internally that can respond quickly and comprehensively, plus industry and municipal partners<br />Set tour routes that put the best face on your community but which allow for client input, direction, and discovery<br />Fast and comprehensive ways to submit buildings and data brokers, economic development partners, and other stakeholders to you <br />
  59. 59. Support your targeted industry program with real content. <br /><ul><li>Research and report on the characteristics and makeup of your industries, online
  60. 60. Largest companies
  61. 61. Innovative/growing companies
  62. 62. Unique technologies
  63. 63. Supporting infrastructure: University programs, trade groups
  64. 64. Links to local and national industry trade groups </li></li></ul><li>Summary: What Prospects Want<br />Incentives to ease the financial costs and risk of expanding and relocating. <br />Existing buildings, not Greenfield sites. <br />A meaningful deep dive into your community, on their timetable. <br />For you to be experts on your industries. <br />
  65. 65. To view this presentation:<br />Visit our slide share <br />And, join our LinkedIn Group: <br />Next Gen Economic Development Marketers<br />(Once you sign up, you will need to be approved)<br />We look forward to having you! <br />
  66. 66. Contact information:<br />2601 Blake Street, Suite 301<br />Denver, CO 80205<br />Contact: Ben Wright<br />t: 303.292.3300 x 210<br /><br /><br />