marketing and attracting, tn basic economic development course 2013

Marketing Strategies To Break Through the Clutter

GC Hixson, CEcD, Janet Miller, CEcD, Jeff Hite

US City Slogans: (These are for Real)

• What happens here, stays here. Las Vegas.• The aliens aren’t the only reason to visit. Roswell, NM.• Where horses have the right of way. McKinleyville, CA.• It’s not the end of the earth, but you can see it from here. Bushnell, SD.• Where the people are warm even when the weather isn’t. Andover, KS.• Live large. Think big. Dallas, TX.• Get ‘Er Done. Havre, MT.• Cleveland Rocks.• Rare. Well done. Omaha, NB.• Music City. Nashville.

Source: Tagline guru.com

Executive Summary

• Marketing Defined

• Research

• Target Audiences

• The Importance of Brand

• Marketing Methods that Work

• The Importance of Measuring

• Attract, retain & expand businesses

• Improve a community’s image

• Promote policies & programs

• Attract & retain a competitive labor force

Marketing Helps To……

The ECD Marketing Funnel

6

Business Development Strategy

Conditioning the

Market

Conditioning the Client

Conditioning the Deal

Opening Game• Market Analysis

• Resource Analysis

• Strategic Planning

• Business Planning

• Account Planning

• Branding/Image Management

Middle Game• Initial Contact

• Relationship Management

• Perception/Branding Management

• Information Management

• Opportunity Management

• Pursuit Management

• Capture Management

End Game• Proposal Management

• Next Steps

Con

tract

RFP

Aw

ard

Source: TVA, ECD

Research FIRST, Not LAST

Prioritize Your Target Audiences

• Existing pipeline of prospects – relocations & expansions

• Targeted marketing to top 200 relocation consultants in America 84% of relocations to Metros historically represented by these firms

• National and regional media Business publications, industry trades for target sectors, general business

• Local business leaders and opinion leaders Getting the talk on the street right

• Proactive pursuit of relocations in five sectorsHQs, health care, music/entertainment, advanced manufacturing, logistics

Target Audiences (in priority order)

Great Brands Include…

Functional &Emotional Benefits

Nashville’s Brand:• Creative, Risk-Taking• All Communications Reflect It

Be Ready for the Prospect

BEFORE you spend the first $

on outward marketing

www.nashvilleareainfo.com

www.doingbiz.org

Community Profile Brochures: Electronic and Print

Target Industry Brochures

RFI Template

Marketing Methods That Work

spend 10% of their budget on marketing

have a median marketing budget of $70,000

population size

≤250k

Data: Economic Development Marketing: Present and Future, Anatalio Ubalde and Eric Simundza, 2008

Marketing Spending

spend 11%+ of their budget on marketing

have a median marketing budget of $300,000

population size

>250k

Data: Economic Development Marketing: Present and Future, Anatalio Ubalde and Eric Simundza, 2008

Marketing Spending

Nashville Ranked #3 Next Big Boom

Nashville Ranked #6 Best Place for Business & Career

Nashville Ranked #3 of Top 10 Best Value Cities for 2011

Nashville Chamber named 4th Best Regional ECD Group in America

Nashville Ranked #1:Music Scene in America

#1 Manliest City in America

Nashville in the News

Nashville in the News

Wilson County Feature in Site Selection Magazine

Direct Mail Newsletters

Electronic E-Newsletters

Direct Mail

Out of Market – Planned Visits With Corporate Executives

Out of Market – Planned Visits With Corporate Executives

Special Events

• Strategy– Create organizational presence– Supplement to existing methods; becoming PRIMARY tool for most,

particularly with small budgets– Serve as independent news publisher/information center– Be careful…….easy to violate business / personal lines

• Goals: Set Measures before you launch if possible– Attract 500 followers on Twitter– Attract 500 fans on Facebook– Generate 250 visits per month to web site– Communicate consistently & frequently

Social Media

Social Media

Social Media

• “Dialogue with industry peers” is the number one influencer on corporate decision makers on future facility locations

• Building strong relationships with local leaders is key: leverage their out-of-market relationships (alumni networks, suppliers, vendors, etc.)

• Peer to Peer marketing examples– Louisiana Pacific HQ example– Oreck HQ example

Peer to Peer Marketing

The Importance of Measuring in Economic

Development

Type of Operation Project Numbers

Investment Square Footage New Employees

Distribution 6 $130,500,000 2,375,000 1,049

HQ 10 $108,660,000 903,000 2,520

Back Office 11 $146,600,000 1,218,000 5,495

Manufacturing 4 $478,000,000 1,950,000 2,240

Other 6 $284,830,000 383,000 1,740

Total 31 $863,760,000 6,446,000 11,304

Metrics

Objectives

2008-2009 Goal

2008-2009 Actual

3 Year Goal

3 Year Actual

% of 3 Year Goal

1) Employment Growth of 1.5% per year in the region

11,500 - 14,733 34,500 9,895 28.7%

2) Maintain average unemployment rates below 5% each year

< 5% 7.4% 5.3%

3) Population growth of 2% per year in the region

33,410 30,485 97,763 111,145 113.7%

4) Increase per capita personal income at a rate that exceeds the CPI index by 0.5%

$1,663 $414 $4,261 $3,330 78%

Metrics

Marketing Strategies To Break Through the Clutter

GC Hixson, CEcD, Janet Miller, CEcD, Jeff Hite