atlas high performance economic development white paper 2015

How High Performance Economic Development Creates Exceptional Communities

presented byPutting Data to Work

H I G H P E R F O R M A N C E E C O N O M I C D E V E L O P M E N T

ii Putting Data to Work

Putting Data to Work

1© 2015 Atlas Advertising | atlas-advertising.com

Table of ContentsIntroduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Economic Development Leadership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4What Does Economic Development Leadership Have to do with Metrics and Performance? . . . . . . . . . . . . . . . . . . . . . 4Does Economic Development Really Work? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Baseball: A Corollary for High Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Economic Development to Transform Economies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Funding in Economic Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8How do Metrics and Private Fundraising go Hand in Hand? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Funding from Within . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9What’s In It for ME? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

The Importance of ‘Digital’ in Economic Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Digital Drives Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Technology Adoption in Economic Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11So how does digital change the way EDOs react to prospects? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Workforce Development Challenges & Successes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13How are High Performing EDOs Handling Workforce Development Challenges? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Deal Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Deal Flow Opportunities Into 2016? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Metrics that Matter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Why a Resistance to Metrics? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16Defining Four Types of Economic Development Organizations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16How Much Does Economic Development Impact your Economy? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Profiles in Success: What do High Performing EDOs Have In Common? . . . . . . . . . . . . . . . . . . . . . . . 19Case Study 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Case Study 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Case Study 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Case Study 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

A Controversy and a Calling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29The Controversy: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30The Calling: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

So What Metrics Actually Matter? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Putting Metrics into Practice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Trends in Metrics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Results Over Time: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Trend that Continues to Hold: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Why Economic Development Performance Can Be So Varied? . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Outcomes are still only operationalized in a few communities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36Outcomes are complex, and it’s hard to prove what causes them . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

The Surprising Economics of Economic Development Organizations . . . . . . . . . . . . . . . . . . . . . . . . . 37

The Top Performing EDOs of 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

The Importance of Driving Conversations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43Next Steps for Your EDO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

Your Success is Our Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47About Atlas Advertising . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

2015 Survey Participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

About the Authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

2 Putting Data to Work



Every year, the purpose of our High Performance Economic Development survey work is the same, but with a twist. What differentiates this year from last is that we've set an updated performance standard for the economic development profession . This includes our initiation of a new conversation, inside and outside the profession, about an elevated role in economic development that better defines why economic development leaders need metrics . We also sorted data and economic development case studies into a playbook for implementation .

OUR COMPANY'S VISION— WHERE WE ARE GOINGFrom now until 2025, we are committed to creating an average of 400 more jobs per week in the communities we work in than would have otherwise been created - 200,000 in total . This will change the lives of over one million people for the better .

Introduction


Economic Development Leadership WHAT DOES ECONOMIC DEVELOPMENT LEADERSHIP HAVE TO DO WITH METRICS AND PERFORMANCE?

Since this is our fourth year producing our High Performance Economic Development white paper, we feel like we can be honest with you about the role of leadership as it relates to high performance and metrics . If you want to be a leader in economic development, part of what you need to do is leverage the tools that you have, the people that you have, and the assets that you have and do something that might not be comfortable, that might not be fun, but takes you to a new place in a way that is productive and increases the sustainability of our profession . After exploring the highest performers, and the communities that have trended up since we first launched the survey, here are the four characteristics that really set apart the stars from everyone else:

» THEY CHALLENGE THE STATUS QUO They are not afraid to push the envelope for their cities, states, or regions. They raise the profile of their communities, and they show fervent passion for the places in which they work and call home .

» THEY BUILD A CULTURE OF TRANSPARENCY AND ACCOUNTABILITY They’re not afraid to be measured . They let their metrics “speak” to their funding sources, to be clear on progress and performance and in case mid-course corrections are necessary .

» THEY ARE RELENTLESSLY CURIOUS They’re always learning from their community, peers, and data . They strive to have meaningful conversations with companies that drive results .

» THEY COMMIT They don’t just talk the talk, they walk the walk . They’re dedicated to making their place the best it can possibly be, and they’re focused on being who they are .

25%

>1%

385X

THE PERCENTAGE INCREASE IN REGIONAL GDP THAT THE GREATER

MINNEAPOLIS ECONOMIC PARTNERSHIP WILL IMPACT

PERCENTAGE OF COMPANIES SERVED IN THE AVERAGE ECONOMIC

DEVELOPMENT COMMUNITY

THE DIFFERENCE BETWEEN A HIGH PERFORMING COMMUNITY AND A LOW PERFORMING COMMUNITY*

* Based on a community budget of $250,000 - $499,000; Assumes staff sizes are equal


DOES ECONOMIC DEVELOPMENT REALLY WORK?

Working in 47 states and six countries, one of the things we were struck by is that there are superstar economic developers everywhere . Similarly, there are communities and economic development organizations everywhere that have lost their way . We all think we know who they are .

So are the high performers the loudest, with the biggest budgets and largest staff? Here are some trends that we found over the past five years that you might consider:

» ONE IN 10 have the five metrics that we asked for readily available to them

» The SEXIEST COMMUNITIES, or those that are known to be the most innovative, or largest, are not necessarily the highest performing

» There are certain PERFORMANCE METRICS that drive others, and create a predictable pattern . For instance, measuring an organization’s inquiry level (the number of conversations it has with expanding or relocating companies)

» Board members need BETTER REPORTING MECHANISMS and are yearning for a leader’s dedicated focus, organizational efficiency, and stakeholder alignment that it takes to do this

With greater emphasis on job creation by state and local officials, economic developers are continually pressured to be the drivers of positive change in their communities—often with little to no funding and in one of the most challenging economic climates our country has ever seen. Yet, the most successful economic development organizations have found ways to leverage innovative technology and partnerships, promote their communities and collaborate with one another to increase the probability of retaining business in their own communities, and attract business from outside their communities. We call those organizations High Performing Economic Development organizations—the very nature of this document, and our work over the last 10 years .

AVERAGE ANNUAL JOB CREATION; 2011-2014

1 IN 10 HAD THE METRICS READILY AVAILABLE

2011 2012 2013 2014

1,6743,1071,3361,920


BASEBALL: A COROLLARY FOR HIGH PERFORMANCE

Consider this: In baseball, most respectable players bat an average of .250, or one hit for every four times at bat. If a .250 batter is also a good fielder, he can expect to do well in the big leagues . But if he hits .300, or three hits out of every 10 at bats, he is considered a star . By the end of a season, only a handful of players will be at .300 and be honored as a star .

But consider this: The difference between the truly great players and the average players is only one hit out of 20 . So what if we were to apply this same principle to economic development and compete at our craft a little bit better, and a little bit smarter? How would a community know how to rise to a level known as high performance?

It’s a question that impacts us all as economic developers, whether we represent a state, large region, or a single city or county, and whether our operating budget is 10 thousand dollars or 10 million dollars. The simple question then is, “Do we as economic developers make a difference?”

Can we really influence location decisions, and can we really increase the vitality of our communities through the work that we do? The model that we will introduce to you suggests that “High Performance Economic Development” does influence location decisions and does increase the economic vitality of a community .

Do we, as economic developers, make a difference?

""


ECONOMIC DEVELOPMENT TO TRANSFORM ECONOMIES

Working in more than 160 communities, if there is one thing we know for sure, it is that each community defines economic development a little bit differently. These definitions can be driven by belief in what is effective (recruitment versus retention) and by the time frame in which they are set (recession versus growth period).

» DEFINING HIGH PERFORMANCE AGAIN . Though many have their own definitions for economic development, in our estimation, high performance economic development is the dedicated pursuit of any objective, no matter what that objective may be, and the measurement of progress along the way .

» THE U .S . ECONOMY IS IN FLUX . The Bureau of Labor Statistics (BLS) assumes that the economy will fully recover from the recession by 2020, and that the labor force will return to full employment, or an unemployment rate of 4-5% . The biggest growth (5.7 million jobs) will occur in healthcare and other forms of social assistance as the American population ages . In practice, as the United States goes through substantial demographic and global change, the focus on communities’ needs for quality, high paying jobs, and the need to understand how these shifts impact communities, has rarely been higher .

» DOES YOUR SPOUSE KNOW WHAT YOU DO? A very low percentage of the general public, elected officials, investors in economic development organizations, and other stakeholders understand what the core focus is of economic development organizations and what to expect from them. In the teaching and speaking we do, in some communities, fewer than 10% can name specifics about what an economic development organization has done in the past 10 years to impact the vitality of their community .

» HOW TO AFFECT CHANGE . Economic development is complex . Its tactics are varied . Its outcomes truly experienced by a community rather than by individuals . But we can make it better understood .


Funding in Economic DevelopmentHOW DO METRICS AND PRIVATE FUNDRAISING GO HAND IN HAND?

20 years ago, 70% of EDO funding came from public sources, and 30% from private sources . The opposite is now true . In-kind contributions and fee-for-service contracts are two revenue streams that are more commonly used by EDOs .

Economic development organizations work tirelessly to improve their communities and attract and retain businesses and companies who positively impact their bottom lines . The work involved in sustaining economic programs for community betterment continues to be challenging, especially when it comes to funding . Public funding has decreased in recent years (fewer federal and state grants), and there is no sign acquiring this type of funding will get easier—especially when proving your success and the ROI of investors and stakeholders will remain a hardship for a large majority of organizations.

EDO FUNDING SOURCES

70%

30%

30%

70%

PUBLIC

PRIVATE

PUBLIC

PRIVATE

1995

2015


FUNDING FROM WITHIN

Because of the drop in public fundraising, private fundraising is now more important than ever before . According to the International Economic Development Council’s own numbers, private funding is now the norm in more than half of EDOs nationally . In-kind donations, increased investment from member dues or sponsorships, and a variety of other methods have significantly helped economic development organizations sustain, and even grow, operations. Further, in an effort to raise additional funds, many EDOs are now launching fundraising campaigns of their own to help pay for things like workforce development, marketing, education, infrastructure, business retention and expansion, investor relations initiatives, and more . Organizations are formulating multi-year strategic plans that not only increase engagement and communication with their local and business community leaders, but also help drive funding for the aforementioned programs . A true win win!

50% or more of EDOs are structured as some form of public-private partnerships, and this number will continue to grow as federal funding sources continue to decline .

WHAT’S IN IT FOR ME?

If you’re receiving donations and private funding, the most important thing you need to do is communicate your initiatives and outcomes to those who want or need to know “what’s in it for me?” So what methods should your organization employ to satisfy those underwriting your campaigns?

» Use benchmarks to periodically assess your program(s)—an essential tool is understanding the ups and downs of a specific endeavor

» Ask for participation from key stakeholders—this allows them to feel a true sense of pride and involvement in your process

» Analyze and report on the metrics post campaign—a report or summary will prove the work and financial devotion (of all parties involved) was worthwhile and, most importantly, made an impact on the community being served

50% 78%OF ECONOMIC DEVELOPERS BELIEVE THAT A BETTER UNDERSTANDING OF

METRICS WOULD IMPROVE THEIR BOARD RELATIONSHIPS

OR MORE OF EDOS ARE SOME FORM OF PUBLIC-PRIVATE PARTNERSHIP


The Importance of ‘Digital’ in Economic DevelopmentDIGITAL DRIVES PERFORMANCE

“The only thing that is constant is change .” Is that a true statement in economic development? Absolutely . So how do you know when an industry is on the verge of change?

» When people are publicly questioning its relevance

» When its mission is no longer clear

» When major shocks have occurred, such as recessions, and there is no accountability

» When its leaders are reaching retirement age, only to be replaced with a much younger generation

“ The goal is not to reach an end state, but to foster a rate of change. Four hundred years from now, we will still be concerned with issues of economic development. What matters today is not how “good” we are or are not, but rather how fast are we improving.”—The Future of State and Local Economic Development Policy

It’s apparent we are improving in economic development and moving toward a more digitally focused existence. To compete effectively in today’s landscape, economic development organizations have to embrace change, new resources and tools, and an expanding vernacular surrounding budding technologies that seemingly pop up too often for what is comfortable in the profession . And speaking of comfortable, maybe that’s where the profession has gone . Maybe we’ve grown too accustomed to practices and procedures that have been “industry norm” for decades, and now many are noticing that economic development efforts are only somewhat effective or not effective at all.

54%

1%

DIGITAL INBOUND STRATEGIES DELIVER 54% MORE LEADS TO

YOUR MARKETING FUNNEL THAN TRADITIONAL OUTBOUND METHODS

THE AVERAGE WEBSITE CONVERTS 1% OF ITS TRAFFIC INTO LEADS

123=1IT TAKES 123 WEBSITE VISITS TO

EQUAL ONE CONVERSATION


TECHNOLOGY ADOPTION IN ECONOMIC DEVELOPMENT

Economic developers are slow to adopt digital (only 1/3 believe they’re effectively leveraging digital to impact their overall economy), which is one of the main hindrances in experiencing optimal performance; however, the digital revolution that is upon us is helping spawn the shift toward an acceptance of digital practices . There are a plethora of ways this digital revolution will help EDOs start, and continue, doing business solely in the digital sphere:

1. As economic development organizations evolve to company-like organisms, lead generation and customer engagement will go digital .

2. By the end of 2014, the number of global Internet users in developed countries reached almost three billion . For the same year, in developing countries, the number of Internet users reached 1 .9 billion .

3. Crowdsourcing—and other new digital practices—enables online conversations, allows organizations to set priorities, and helps secure future funding—a pressing issue, as we’d mentioned, for a large number of EDOs .

4. Online business permitting—another relatively new digital practice—provides individuals and companies the opportunity to easily understand the rules and regulations of opening a business—and planning and permit submittal is done completely by digital means .

INNOVATORS EARLY ADOPTERS EARLY MAJORITY LATE MAJORITY

ECONOMIC DEVELOPERS

LAGGARDS

TECHNOLOGY ADOPTION LIFECYCLE

ONLY 1/3 OF ECONOMIC DEVELOPERS BELIEVE THEY'RE EFFECTIVELY LEVERAGING DIGITAL TO IMPACT THEIR OVERALL ECONOMY

13


SO HOW DOES DIGITAL CHANGE THE WAY EDOs REACT TO PROSPECTS?WITH A DIGITAL ENTERPRISE, YOUR EDO CAN:

» Respond faster and more accurately, knowing what a prospect needs or wants

» Progress a lead through your sales cycle as slowly or as quickly as necessary

» Succeed in driving revenue at a faster rate, opening opportunities for increased visibility and spending on community awareness

» Let your website and other online assets do the heavy lifting

*Source: InsideSales .com**Source: Forrester Research †Source: Gartner Research††Source: Aberdeen Group

50%

33%

COMPANIES THAT EXCEL AT LEAD NURTURING

GENERATE

LOWER COST**

AT AMORE SALES-READY LEADS

35-50%OF SALES GO TO

THE VENDOR THAT RESPONDS FIRST*

10%OR GREATER INCREASE

IN REVENUE IN 6-9 MONTHS†

COMPANIES THAT AUTOMATE LEAD MANAGEMENT SEE A

PERSONALIZED EMAILS IMPROVE CLICK-

THROUGH RATES BY

14%

10%

AND IMPROVE CONVERSION RATES BY

††


Workforce Development Challenges & SuccessesHOW ARE HIGH PERFORMING EDOs HANDLING WORKFORCE DEVELOPMENT CHALLENGES?

Have we reached a point where, in the near future, finding labor and personnel will be an issue in many of our communities? The short answer is yes . Projections show that in the U .S ., the 2020 job market will have 1 .5 million fewer college graduates than are needed, and CEOs are worried about acquiring talent with the right skills. This year, 63% have expressed concern about available workforce, and that’s up from 58% in 2013 and 53% in 2012 .

While this is a growing concern for CEOs, companies, and those looking to fill positions, there are ways to address the problem, and innovative EDOs are working hard to address the workforce shortage .

††Source: International Economic Development Council

HOW MANY CEOs ARE WORRIED ABOUT ACQUIRING TALENT WITH THE RIGHT SKILLS?

2012

53% 58% 63%2013 2014

32%OF ECONOMIC DEVELOPERS

REPORT WORKFORCE DEVELOPMENT AS A CONCERN,

BUT NOT AMONG THEIR TOP THREE CONCERNS††

60/20THE U .S . DEPARTMENT OF EDUCATION ESTIMATES

THAT 60% OF ALL NEW JOBS CREATED WILL REQUIRE SKILLS POSSESSED BY ONLY 20% OF THE

CURRENT WORKFORCE


Spotlight: Nashville Chamber of Commerce

In 2008, the Nashville Chamber of Commerce invested in a workforce sustainability study . The detailed assessment of the region examined the current workforce and where future worker demand was likely to emerge . The study also considered the capacity of regional educational institutions to help meet the region’s future demand for skilled and educated workers . The report found, overall, the Nashville Economic Market Area had a relatively strong and diverse economy . The region also possessed several unique strengths in areas such as music and entertainment, auto manufacturing, health care administration, distribution, and postsecondary education . While the region possessed the institutional infrastructure to meet the needs of these industries, its leaders also needed to ensure that the education and training programs offered closely aligned with industry needs.

TACTICS:

» Recruited and retained talent, collaborated to find innovative workforce solutions, funded programs that helped Nashville-area human resources professionals hone specific skills, and provided educational and professional development opportunities for current and future workforce

» Focused on workforce education and were the nation’s most improved education system in 2014

» Developed and deployed economic development sponsored portals like WorkIT Nashville, an online hub for tech jobs

» Designed innovative, entrepreneurial programming aimed at small business growth support

RESULTS:

» Nashville was named a top city for young entrepreneurs, and a great city for starting a small business

» Chamber ranked #4 “best in class” regional economic development agency in the nation (per a survey of U.S. corporate executives and location advisors), with 11% of respondents identifying Nashville as a top economic development organization

» Chamber ranked #6 in the nation for capital investment generated (per our 2014 High Performance Economic Development survey)

» Nashville announced more than $1 .9 billion in capital investment

Ralph Schulz, President and CEO


Deal FlowSHIFTING OPPORTUNITIES INTO 2016?

In 2014, the number of companies served held steady, jobs announced dropped, and capital investment held steady .

On a macro level, executives are expressing increased optimism in the global economy, with much broader consistency across geographies than in 2014. This economic optimism, combined with steady confidence in corporate earnings and other leading market indicators, is fostering an environment where companies are preparing bolder moves to generate future value .

For the first time in five years, more than half of Ernst and Young’s Global Capital Confidence respondents are planning acquisitions in the next 12 months, as deal pipelines continue to expand .

Contrarily, many site selectors are predicting a slow in deal flow.

The important piece to remember as economic developers is that we have to be ready . We have to evolve . And implementing metrics is part of that evolution .


Metrics that Matter WHY A RESISTANCE TO METRICS?

The reasons you hesitate to implement metrics are actually excuses—excuses from fear and those not based on your, or your EDO’s, particular abilities or things that you can tangibly control . However, once you are able to leverage metrics and talk about their influence, you can be a true game changer for your community .

DEFINING FOUR TYPES OF ECONOMIC DEVELOPMENT ORGANIZATIONS

We think, and we know, economic developers can do a lot—during the workday, over a month’s time, throughout a quarter, and over the course of a year. But realistically, we think an economic development organization can focus keenly on two metrics that impact their day-to-day operations . We’ve developed four areas of focus that make up most of which an EDO might consider important, and like we mentioned, choosing two for which your EDO can excel is best practice .

THE FOUR AREAS OF FOCUS ARE: DEALS: Creation of jobs and wealth from outside

your organization PROMOTIONS: Generation of awareness and

inquiry for your organization RETENTIONS/ENTREPRENEURSHIP: Creation

of jobs and wealth from inside your organization INFRASTRUCTURE: Improvement of the business

community through policy, transportation infrastructure, and workforce development .

1 .

2 .

3 .

4 .


THE FOUR AREAS OF FOCUS FOR EDOs: WHICH TWO DO YOU EXCEL AT?

1. DEALS

2. PROMOTIONS

3. RETENTION/ENTREPRENEURSHIP

4. INFRASTRUCTURE

MISSION Jobs and wealth from outside Awareness, inquiry Jobs and wealth

from insideImprove the business environment

KEY AUDIENCE

Site selectors, prospective companies

Site selectors, prospective companies

Local companies and entrepreneurs

Local elected officials, government

METRICS Deals closed, deals in the pieline

Awareness, Inquries/mo.

Meetings, issues solved, policy

Projects built, legislation passed

STAFFING1/2 business developers, 1/2 marketers

2/3 marketers and information producers

1/2 business developers, 1/2 service providers

1/2 lobbyists 1/2 policy/infrastructure

CORE SKILLS

Service, person-to-person communication, sales

Content creation, digital communications

Service, consulting Lobbying, public affairs

PRODUCT MANAGERS ARE RESPONSIBLE FOR:

» Community P&L

» Meeting stakeholder needs with the product

» Data driven decisions

» Focusing on the future

» Ideation of new product extensions

» Partnering

» Identifying opportunities

HOW MUCH DOES ECONOMIC DEVELOPMENT IMPACT YOUR ECONOMY?

Have you ever wondered what would happen if economic development wasn’t part of your community? And more specifically, how you can help improve your local economy, to increase the amount of money flowing within the area and improve the standard of living for the people who live and work in the community?

While it is a daunting task, we see this as an easy answer: become a product manager for your community.

This will help in the facilitation and creation of more industry jobs, which pay a higher wage than the average in a given area . Ultimately, by doing this, more money will enter the economy and the quality of the economy will improve over time .


What do High Performing EDOs Have In Common?

Profiles in Success:

» They challenge the status quo

» They build a culture of transparency and accountability

» They are relentlessly curious

» They commit



IN 2014/2015, YOUR RESULTS WERE COMMENDABLE. WHAT DO YOU ATTRIBUTE THE RESULTS TO?

In 2014, we were involved in 33 projects expanding, relocating or renewing leases in Richardson, which yielded 1,406,806 square feet of occupied space and 5,333 new or retained jobs . One of these companies relocated to our community as a result of a targeted recruitment trip to California . Two of these projects were companies who chose to build or relocate their massive facilities to our community due to its central location within the Dallas-Fort Worth area and the availability of transit-oriented land . The new facilities are adjacent to a DART (Dallas Area Rapid Transit) light rail station .

HOW DOES YOUR BOARD, OR HOW DO YOU, MEASURE THE SUCCESS OF YOUR EDO? WHAT METRICS MATTER THE MOST?

Our top three measures of success are 1) Number of projects expanded, relocated or renewed; 2) Total number of square feet occupied by these projects; and 3) Number of jobs created or retained by these projects . We also use commercial vacancy rates and value of commercial permits to evaluate our annual success . Ultimately, the metric that matters the most is the total amount of tax revenue generated for our city as a result of our economic development efforts.

WHAT WAS THE ONE THING YOU DID IN 2014/2015 THAT DROVE YOUR RESULTS MORE THAN ANY OTHER EFFORT?

Our team traveled a lot in 2014, particularly to California . We took trips to the Silicon Valley area, Los Angeles and Sacramento . The visits primarily served the purpose of retention, as we met with companies headquartered in California with offices in Richardson. They also helped with recruitment . One of these visits resulted in a company opening an office in Richardson . We worked with a lead generator to help us maximize our success on our recruitment trips.

WHAT EXTERNAL FACTORS IMPACTED YOUR RESULTS POSITIVELY?

Texas' favorable business climate, the availability of move-in ready real estate in our community, access to public transportation (DART light rail line).

WHAT EXTERNAL FACTORS IMPACTED YOUR RESULTS NEGATIVELY?

Competition from neighboring communities in the Dallas-Fort Worth area .

WHAT TOOLS DO YOU USE TO TRACK YOUR PERFORMANCE (CRM SYSTEM, EXCEL SPREADSHEET, ETC.)?

We use an Excel spreadsheet to track our economic development efforts.

Richardson, Texas Economic Development PartnershipJenny Mizutowicz Director of Marketing


WHAT IS ONE THING THAT YOU WOULD ADVISE ECONOMIC DEVELOPERS TO BE DOING TO MAKE A DIFFERENCE IN THEIR COMMUNITIES IN 2016?

It depends on the unique needs of your community. Talk to your employers and community stakeholders to identify where you should focus your time and resources . We use our Human Resources Committee, comprised of HR professionals from our leading companies, as a resource . Upon speaking with them last year, we confirmed that our community has more high-tech job openings than it has experienced professionals to fill them. This year and into next year, our organization is focused on cultivating and recruiting an experienced workforce in Richardson . We are conducting a talent attraction campaign, hosting a technology job fair in our community and working with our local educational institutions to bridge the gap between job openings and what students are studying .

A rendering of CityLine, Richardson's newest Live, Work and Play community . State Farm recently chose CityLine to build its North Texas hub, where approximately 5,000 employees have already moved in . The company expects to employ up to 8,000 at the site over the next year . In addition, Raytheon will employ 1,700 workers at CityLine . CityLine is attracting young professionals to Richardson, as it is/will also be home to apartments and townhomes, parks, restaurants, a movie theater, Whole Foods grocery store and other retail .




We’ve been in the lucky position of having three back-to-back years of record job creation . I’d love to say that it’s all due to the work of the Chamber, but there are so many factors that impact job creation numbers . The Nashville region is fortunate to have an experienced and passionate group of economic development partners in our 10-county region . This regional approach toward economic development has benefited the region greatly in recent years.

In recent years, we have focused on recruiting and building a strong tech sector in Nashville and aligning the skills of high school and college graduates to match the types of jobs coming to the region . Leadership at the state and local level has worked to keep the region affordable from both a business and cost of living perspective . Nashville’s strongest sectors – health care, corporate operations, distribution and manufacturing – are growing and adding jobs . Recent national media attention has put a spotlight on Nashville . When working on projects, we have always focused on highlighting Nashville’s unique strengths, livability and business advantages, but that process is always easier when our prospects are seeing good news about Nashville everywhere they turn .


The board receives a Partnership 2020 progress “scorecard” that measures the results of the past year against goals set at the beginning of each five-year strategy . The scorecard tracks announced projects, new jobs and capital investment, as well as other “prosperity” metrics, including overall employment, per capita income, and GDP growth in the region . These prosperity metrics help us focus on the larger impact our economic development efforts have on the Nashville region and keep track of Nashville’s progress .

Nashville Area Chamber of CommerceCourtney Ross Chief Economic Development Officer



The Partnership 2020 team maintained an aggressive marketing calendar in 2014-2015 . With our regional partners and P2020 investors, the economic development team visited nine different markets for proactive out-of-market trips . Meeting one-on-one with site selection consultants and active or potential projects helped us build relationships in other markets and helped land several projects in the Nashville region .


From the ABC TV series "Nashville" to coverage in publications such as The New York Times, Forbes, Condé Nast Traveler and Men's Journal, Nashville has received extensive positive national media coverage in recent years . The media coverage helps send the message that the Nashville region is thriving, diverse and has many cultural offerings. People are beginning to understand that Nashville is so much more than country music – the entrepreneurial culture and vibrant creative energy in this region is attractive to companies .


Success comes with its own set of challenges . To continue Nashville’s momentum, we are focused on growing jobs in strategic target sectors, driving the development of a workforce with the skills essential to meet the needs of businesses and addressing regional growth and affordability.


We are in the process of implementing a new CRM system which will streamline the process of pulling reports and tracking relocation and expansion projects .


Taking the time for long-term planning is essential for success. Having a defined community-led regional strategy with goals and metrics helps our mission stay at the core of what we do .




In FY 2015 (July 1, 2014 – June 30, 2015), the Arizona Commerce Authority (ACA) exceeded its set goals, as it has done each fiscal year since the organization was formed in 2011 . This performance can be attributed to the ACA’s proactive and highly customized approach to growing businesses, as well as Arizona’s pro-business leadership and environment . Chaired by Governor Doug Ducey, the ACA’s mission is three-pronged: attract businesses to Arizona, expand businesses already in Arizona, and support entrepreneurs and early-stage growth companies to scale, commercialize innovations and create new jobs . The public-private structure of the ACA is highly unique, bringing together private industry, the executive and legislative branches of state government, and academia all to accomplish a common goal that helps drive economic development success . Arizona is investing in growing businesses, and the ACA offers a robust suite of economic development programs to help companies expand and create new jobs . The programs are designed so that companies must qualify based on specified criteria and meet milestones before the benefit is given out. All ACA programs and incentives are on-target for both developing businesses statewide and also those looking to come to Arizona. The ACA takes a highly customized approach to economic development, providing assistance tailored to each company’s individual needs . This approach, combined with Arizona’s unique value proposition for businesses – including low operating costs, streamlined regulations, skilled and available workforce and high quality of life – drives the ACA’s impressive results .


The primary objective of the ACA is to generate measurable improvements to Arizona’s economy and success is measured based on three key metrics: job creation, capital investment and average salary . The mission of the ACA is to grow and strengthen Arizona’s economy and facilitate the creation of quality jobs for its citizens by supporting and attracting businesses in targeted, high-value base sectors throughout the state . The ACA’s economic development efforts are focused on high-value “base sectors” that will add quality to the current employment base, which results in the creation of additional local market job opportunities for state residents . High wage jobs in high-value industries are critical to growing Arizona’s Gross State Product (GSP) and building long-term economic vitality .


The highly customized approach the ACA takes to economic development is unique and a driver of strong results year after year . Each client is treated in a very specialized manner. The ACA team works closely with the client to understand their needs and how to best assist in improving their operations . Proposals are all custom created for each client . Each project is also assessed to ensure it makes sense for Arizona – the focus is on quality and businesses in targeted, high-value industries, rather than focusing simply on

Arizona Commerce Authority Sandra Watson CEO


quantity. The ACA’s efforts have also benefitted greatly from the Arizona’s pro-business leadership under Governor Ducey .


Arizona’s enhanced relationship with international markets, such as Mexico and Canada, has led to substantial increases in bilateral trade, increasing jobs and investment in Arizona. An economy with an increasingly diverse makeup of industries has allowed for sustainable and stable growth in our state . Access to a pipeline of educated, skilled workers thanks to continued efforts by universities and community colleges allows companies to attract and retain top talent, their most important asset .


While the ACA’s results well exceeded goals, volatility and sequestration (U.S. government reductions in military spending) have had impacts on companies in the aerospace and defense sector – one of the ACA’s target industries – and their ability to expand, invest, or create new jobs at existing facilities .

WHAT TOOLS DO YOU USE TO TRACK YOUR PERFORMANCE (CRM SYSTEM, EXCEL SPREADSHEET, ETC.)? The ACA uses Salesforce .com to track its performance and maintain its client database .


Economic development organizations should be deeply involved with companies of all sizes in their community – understanding their needs, who their suppliers are, and how their organization can help improve their operations. It is also important to ensure that there is an ecosystem in place to support the creation and expansion of businesses within their market . A vibrant, robust community that consists of a variety of businesses from innovative, early stage startups to small and medium sized businesses to enterprise level corporations demonstrates economic development success that speaks for itself . Strong working partnerships with academia, local and regional economic development organizations, trade associations, and chambers of commerce are also critical for success .




Allen’s performance is a testament to the strong support we receive from our board, city leaders, and regional partners. This makes us flexible to create aggressive incentive packages that suit each project’s particular needs or preferences . In fact, all of our large projects combined different incentive programs from multiple levels of government ranging from direct incentive grants, tax incentives, securing EB-5 funding, to selling EDC-owned land .


We ultimately measure the success of our organization by the economic and fiscal impact of our projects. Our latest study shows that our projects account for 48% of the employment growth and 67% ($1.696 billion) of the commercial tax base in the city . Beyond that, we generally measure each project’s jobs creation or retention, capital investment, and square footage. We are also emphasizing lead and inquiry tracking to fine-tune our programs and become even more successful .


We are equally approachable with large and small projects, which is important because those small projects often evolve into larger projects that take our success to the next level .


Allen benefits from the state’s friendly business climate and being located in a hotbed of growth that’s occurring in the entire Dallas-Fort Worth area .


The incredible growth in the region has increased competition between cities in terms of incentive offers. While we are competitive with incentives, we go a step further and use Allen’s unique strengths and assets to build a value proposition for our community . This makes it easier for companies to say yes when they’re deciding between several cities .

Allen Economic Development CorporationDan Bowman Executive Director/CEO



We currently use a spreadsheet to track our performance as we go, which we will transition into our new CRM .


Economic developers should embrace a more holistic approach to their practice . Now more than ever, most companies don’t focus exclusively on the bottom line or raw data, they search for a compatible culture and amenities that attract talent . Relocating employees and executives especially want to know that they’re moving to a great place for their families, not just somewhere that’s cheap for business . To address these concerns, practitioners must adopt an outsider’s perspective to examine their community’s strengths and opportunities . Practitioners have to use data to tell their community’s story and build that value proposition . And most importantly, we have to represent not just our communities, but the vision of what our communities want to become .


A Controversy and a CallingWe’ve heard every excuse in the book . Or as many EDOs put it, “the reasons why we don’t use metrics .” We get it . We’re empathetic . We understand that implementing procedures to capture data can be time consuming. Organizing data requires the right team of people . Drawing conclusions from the data means utilizing resources who might be allocated to do other things . And formulating goals for future growth and improvement involves strategic planning . What we don’t understand, and what we’re not willing to accept, however, is that all of the aforementioned steps don’t make a difference. Because they do, and here’s a brief story that illustrates our argument .

If you measure your EDO, it can improve."

"Ben Wright CEO, Atlas Advertising


The Controversy:Not all economic development organizations believe in measuring something

Believe it or not, EDOs have been measuring their performance for years; however, with differing viewpoints, metrics have gotten muddy and misunderstood. Many organizations also report that to gather, analyze, and report on data is time consuming and not a good way to spend organizational resources.

In 2011, in an effort to find clarity amongst EDOs, their activities, and their measurables, Atlas put together its first survey of EDO outcomes to assist organizations in planning their marketing, business attraction, and business retention programs . In 2014, IEDC published “Making it Count: Metrics for High Performing EDOs” to further assist EDOs in being able to measure their economic development actions and report on their findings. The problem? The general public still doesn’t understand the value of what we do in this industry .

Does that mean we simply rid of the practice of gathering, analyzing, and reporting on metrics? Of course not . But there are implications if we don’t use metrics. And to be honest, almost a quarter of economic developers fall into this category, specifically, of “being accountable for things that I can’t fully control makes me nervous .”* Here is what they are really saying:

» They say what you don't know won't hurt you

» You make decisions based on gut instinct

» Our board is happy, so we don’t care

*Atlas Advertising 2014 survey of economic development professionals

22%OF ECONOMIC DEVELOPERS SAID THAT BEING ACCOUNTABLE FOR THINGS THEY CAN'T CONTROL

MAKES THEM NERVOUS


The Calling:All economic development organizations can find value in metrics that drive outcomes

Metrics are only going to grow in importance as investors continue to ask: “What have you done for me lately?” And, as public funding continues to decrease, private funders will move to fill the gap, but will need impact metrics to commit to their investment long term .

Accountability must be established whereby your EDO can prove its activities and functions are flourishing, and you can demonstrate their success for all the right groups of people: board members, stakeholders, the general public, and location decision makers . Explained another way, consider the importance of a culture of responsibility – one where commitment, consistency, and communication are all held in high regard and every team member is dedicated to building and maintaining that very culture. What’s more? If your economic development organization employs a transparent and forthcoming philosophy, it will resonate with investors, who, we hope, will continue to endow your EDO for years to come .

And if you need more reasons to implement metrics for your EDO, here they are:

BETTER FOCUS Defining the metrics that are most important to your EDO allows you to tune out everything that isn't related to those key measurements . As a result, you'll find that you – and your EDO – are much more efficient.

BETTER VISION EDOs that monitor metrics can spot threats and opportunities faster than EDOs that don't . Your metrics will give you keen insights into what's happening within the four walls of your EDO as well as overall trends in your industry .

BETTER DECISIONS Metrics provide a framework for making business decisions for the trajectory of your community . With the numbers in black and white, you can make well-reasoned decisions on how to proceed . If it improves your key metrics, consider it . If not, move on .

65%

78%

OF ECONOMIC DEVELOPERS BELIEVE JUST HAVING METRICS CAN

INCREASE THEIR PERFORMANCE

OF ECONOMIC DEVELOPERS BELIEVE THAT A BETTER UNDERSTANDING OF

METRICS WOULD IMPROVE THEIR BOARD RELATIONSHIPS


SO WHAT METRICS ACTUALLY MATTER?

There are hundreds of metrics your organization can track, but to make things easier for your EDO, we’ve narrowed down a long list to just four that we find are the most important, and relevant, in economic development . These four metrics calculate performance based on work done by your internal team (in the relationship management phase), and they measure findings from the relationship management phase (in the outcomes phase) .

PUTTING METRICS INTO PRACTICE

So how does an EDO go about putting metrics into practice? There are a few main steps to follow to get your organization engaged in the process.

First, discuss your organizational priorities for marketing, business recruitment, and business retention, and start with a simple scorecard . Second, assign metrics to certain staff. Third, set a plan to influence that metric for each staff person. Fourth, make the plan transparent and share with stakeholders . Lastly, execute, report, and adjust .

AWARENESSCOMPANIES SERVICED JOBS

CAPITAL INVESTMENT

Visits to your community’s economic development website

Companies served (or conversations with companies)

Jobs announced in your community

Capital investment announced in your

community

RELATIONSHIP MANAGEMENT OUTCOMES

DISCUSS

ASSIGNEXECUTE

PLANSHARE


A scorecard, like the one below, will help you grade your EDO per data gathered from a variety of sources including your own organization, Google Analytics, Atlas’ High Performance Economic Development benchmarking survey, and Census data . Our scorecard is intended to help every EDO track progress and implement strategies for improvement, year over year .

SAMPLE


Results Over Time:Trends from 2011-2015

YEARLY WEB VISITS COMPANIES SERVED JOBS LAST 12 MONTHS

CAPITAL INVESTMENT LAST 12 MONTHS

2014/2015 27,601 223 1,674 $279,581,505

2013/2014 27,063 219 2,444 $280,281,760

2012/2013 25,562 146 1,293 $234,366,814

2011/2012 29,181 148 1,768 $244,629,502

The purpose of this chart is to show the historical differences in terms of outcomes reporting over the past four years.

The most significant change we observed in the data over time was the conversion from a website visit to a conversation with a company . Over the last two years, the rate at which a website visit has converted to a conversation has increased by 29% .


Tremendous Variance in Results:A Trend that Continues to Hold

Budget Level

Low Jobs Announced

High Jobs Announced

Low Capital Investment Announced

High Capital Investment Announced

Low Conversations

High Conversations

Avg Annual Website Visits

Under 100,000 9 422 $125,000 $74,750,000 3 137 7,094

100,000 to 249,000 25 559 $11 $389,200,000 15 150 11,811

250,000 to 499,000 5 1,929 $90 $417,000,000 6 447 11,157

500,000 to 999,000 30 13,246 $250,000 $3,000,000,000 7 1,000 33,317

1,000,000 to 2,500,000 15 60,300 $50,000 $8,500,000,000 25 2,577 25,949

Over 2,500,000 5 14,134 $10 $1,000,000,000 2 4,066 51,424

AVERAGE FOR ALL SIZES 15 15,098 $70,852 $2,230,158,333 10 1,396 23,459

The purpose of this chart is to reflect the tremendous variance between high performing communities and low performing communities. For example, the difference between a high performing community and a low performing community, with a budget under $100,000, is 47x .

It's important to note that there are a variety of reasons for the variance in results, which may include, but are not limited to: the focus of the organization, the number of staff per organization, and the statewide economic climate.


Why Economic Development Performance Can Be So Varied OUTCOMES ARE STILL ONLY OPERATIONALIZED IN A FEW COMMUNITIES.

If we revisit our “Controversy,” we see that not all economic development organizations believe in measuring something. It’s our job to empower EDOs and communities, and provide them with the tools they need to see the value that metrics provide . We believe that by showing some of the industry’s highest performers who are committed to measuring, and improving upon, performance, we’ll be able to show groups like ‘the late majority’ and ‘laggards’ that such a practice really can influence and improve an entire organization’s operations, deal flow, and incoming investments.

OUTCOMES ARE COMPLEX, AND IT’S HARD TO PROVE WHAT CAUSES THEM.

We understand the measurable outcomes we recommend for your EDO are complex. We know it can be difficult to keep track of an influx of data, especially over a long period of time. We are cognizant of the fact that sometimes there isn’t a dedicated resource to crunch the numbers, analyze the data, and report back on findings. And we are empathetic that, if you do capture outcomes, proving what has caused them is demanding . What we challenge you with, however, is to be tenacious in your approach – your approach to gather data, to interpret that data, and to use that data for the betterment of your organization. Remember, if you measure your EDO, it can – and will – improve .


27,601

1,674

158

123$279,581,505

AVERAGE NUMBER OF WEBSITE VISITS PER ORGANIZATION

WEBSITE VISITS PER CONVERSATION

AVERAGE NUMBER OF JOBS ANNOUNCED PER ORGANIZATION

NUMBER OF COMMUNITIES SHARING THEIR DATA

AVERAGE CAPITAL INVESTMENT PER ORGANIZATION

The Surprising Economicsof Economic Development Organizations

223AVERAGE NUMBER OF CONVERSATIONS PER

ORGANIZATION

7VALUE OF A CONVERSATION

IN NUMBER OF JOBS


The Top Performing EDOs of 2015

Presenting:

It's important that we recognize the organizations that top our lists every year . We think their hard work is worthy of acknowledgment, and we hope other organizations find inspiration from the great work they do .

On the following page, we've identified the top performers based on jobs announced, conversations/inquiries generated, capital investment announced, and website visits generated .


Top Performers for Number of Jobs Announced (Based on Population Size)

TENNESSEE VALLEY AUTHORITY

ECONOMIC DEVELOPMENTOver 2,500,000

1,000,000 to 2,500,000

250,001 to 1,000,000

100,001 to 250,000

25,001 to 100,000

Less than 25,000


TOP PERFORMERS FOR NUMBER OF CONVERSATIONS/INQUIRIES GENERATED (Based on Population Size)

Over 2,500,000 Texas One

1,000,000 to 2,500,000 The Right Place, Inc .

250,001 to 1,000,000 Prince William County

100,001 to 250,000 Bowling Green Area Chamber of Commerce

25,001 to 100,000 Town of Conception Bay South

Less Than 25,000 Steamboat Springs Chamber of Commerce

TOP PERFORMERS FOR CAPITAL INVESTMENT ANNOUNCED (Based on Population Size)

Over 2,500,000 TVA Economic Development

1,000,000 to 2,500,000 Nashville Area Chamber of Commerce

250,001 to 1,000,000 Indy Partnership

100,001 to 250,000 Bowling Green Area Chamber of Commerce

25,001 to 100,000 Leduc-Nisku Economic Development Association

Less Than 25,000 City of Albertville

TOP PERFORMERS FOR NUMBER OF WEBSITE VISITS GENERATED (Based on Population Size)

Over 2,500,000 Texas One

1,000,000 to 2,500,000 Orlando Economic Development Commission

250,001 to 1,000,000 St . Louis Development Corporation

100,001 to 250,000 Pearland Economic Development Corporation

25,001 to 100,000 Stillwater Chamber of Commerce

Less Than 25,000 Irondale Commercial Development Authority


The Importance of Driving ConversationsThe more conversations economic developers can spark, the more qualified leads they can garner. An increase in qualified leads can turn into profitable location decisions and company relocations, eventually giving way to an increase in capital investment generated . Capital investment can open doors for communities seeking to spread awareness, attract more business, and stake a claim in regional economic development .


Next Steps for Your EDO

DEFINE YOUR EDO, DEFINE YOUR GOALS

Start by defining your EDO type. Next, make a list of your EDO’s goals that might include business development objectives, target industry growth, or success at signing new projects .

BENCHMARK CURRENT STATUS

Now that you established your metrics, you need to measure them . You must determine exactly how your EDO is doing, even if the truth is hard to swallow . By establishing the current value of each metric, you will be able to track your improvements in the future .

PUT A SYSTEM IN PLACE TO MONITOR AND REPORT METRICS

You may need to add new business processes that will help you calculate and report your metrics .

DEFINE THE METRICS

For each goal on your list, write down a metric that will help you track your progress to success .

1 2

3 4


COMMUNICATE METRICS WITH EMPLOYEES

Once you've defined the key metrics that are important to your EDO, be sure to let your staff know. Then, everyone can make decisions that help improve the metrics .

REVIEW THE METRICS AND MAKE DECISIONS

With your metrics in place, you have greater insight into which strategies work and which don't . Review the metrics and take steps to improve your results .

PROMOTE SUCCESSES

When your EDO experiences growth, or your organization hits an important goal, recognize that win. Ensure you’re building upon each success that will help your EDO continue to reach milestones based on established metrics .

56 7



If your organization is managing a thriving community, and that community is producing jobs and an acceptable quality of life, we have done our jobs.

"

"


Your Success is Our SuccessAt Atlas, we believe that economic developers make a difference in the communities they serve . We also believe in RESULTS, which is why we continue our quest of helping economic development organizations gauge the value of their EDOs, their community brands, and their performance across the country .

It is our continued objective with High Performance Economic Development to shed light on and recognize the people and organizations that are the high performers of the profession . In doing so, we hope to help leadership, board members, and the profession overcome the challenges faced in helping communities understand just how important economic development is to the vitality of the places we serve .


About Atlas AdvertisingOriginally founded in 2001, Atlas has helped more than 160 communities in 46 states and six countries lead and support economic growth and development in their communities . Unlike firms with little or no economic development experience, Atlas uses a proven mix of marketing tactics that generate interest from a variety of audiences, and we tailor our marketing strategies to fit each community and their unique differentiators, goals, and economic climates. Our past experiences bring a perspective to our work that is unmatched in the community branding, marketing, and business attraction realm .

We view ourselves as community marketing professionals on a mission to create vital communities and results for places around the nation and the world . We are economists, strategists, and digital marketing evangelists working together to create vital community brands that generate results . We believe that our work has a direct and indirect ROI for all of the communities with whom we work .

Our tried and true values show us as a team that spares no expense in doing the very best for our clients and each other . . . all in the name of empowering community greatness!


OUR VALUES

WE GO ABOVE AND BEYONDWe are customer, colleague, and partner focused problem solvers, going above and beyond to empower greatness .

WE DO THE RIGHT THINGIn empowering greatness in others, we are kind, patient, and compassionate in knowing that each customer, colleague, and partner is on their own journey .

WE ARE RELENTLESSLY CURIOUSAs passionate, worldly explorers, we empower greatness by being open minded about new experiences, and we are never satisfied that we have learned or taught enough .

WE PUSH THE ENVELOPEWe understand that to empower greatness, it is our responsibility to innovate and evolve how we do what we do . To achieve this, we constantly generate and share new ideas from what we have learned in new, forward thinking ways .

WE ARE A TRIBEWe are one . We humbly honor our diverse backgrounds, skills, and personal qualities, but are purposeful about the customers, colleagues, and partners we collaborate with .

OUR MISSION

From now until 2025, we are committed to creating an average of 400 more jobs per week in the communities we work in than would have otherwise been created—200,000 in total . This will change the lives of over one million people for the better .


2015 Survey ParticipantsAdams County Economic and Community DevelopmentAddison, Town ofAlbertville, City of Allen Economic Development CorporationAltoona/Blair County Development Corp. Amarillo Economic Development CorporationAPEXAshland Area Council for Economic DevelopmentAthens County Economic Development CouncilBaca County Economic DevelopmentBellevue Development OrganizationBHSBlue Springs EDCBowie Economic Development Office, City ofBowling Green Area Chamber of CommerceBrookings Economic Development CorporationBrunswick County Economic Development CommissionBuchanan County EDC

Buffalo Niagara EnterpriseCalhoun County Economic Development CorpCarbon Co EDCCarlsbad Department of DevelopmentChesapeake Economic DevelopmentCheyenne LEADSChippewa County Economic Development CorpCity and County of BroomfieldCleveland, City ofColleyville, TX, City ofColumbus Economic Development BoardConception Bay South, Town of Converse EDCCorvallis Benton County Economic DevelopmentCovington, City ofCT DECDCumberland Area Economic Development CorporationDCOS


Development Authority of Fulton CountyDevelopment Authority of Milledgeville-Baldwin CountyDowntown Development AuthorityDublin-Laurens County Development AuthorityEast Central Indiana Regional PartnershipEconomic Development Coalition Asheville-Buncombe CountyEconomic Development Corporation serving Tulare County CAEconomic Development Washington CountyElk Grove, City ofEscondido, City ofFairfield, City ofFlagler County Department of Economic OpportunityFort Lauderdale, City ofFort Lupton, City ofFountain, City ofFront Royal-Warren County EDAFundacion-iGADCGallatin Economic Development AgencyGarden Grove Economic Development, City ofGlendale Economic Development CorporationGO TopekaGoodyear, City ofGravenhurst, Corporation of the Town ofGraves County Economic Development Grayslake Business PartnershipGreater Cedar Valley Alliance & ChamberGreater Des Moines PartnershipGreater Fort Lauderdale Alliance Greater Fremont Dev . CouncilGREATER MSP

Greater Omaha Economic Development PartnershipGreater Osceola PartnershipGreater Phoenix Economic Council Greater Portland IncGreater Spokane IncorporatedGreene County PartnershipHalton Hills, Town of Hartford, Department of Development Services, City of Henderson Vance County EDCHighland County Economic DevelopmentHTL AdvantageImperial Valley Economic Development CorporationIndiana County Center for Economic OperationsIndy Partnership, a business unit of the Indy ChamberIrondale- Commercial Development AuthorityIVEDCJIDA of Wythe County - Joint Industrial Development AuthoritKahnawake Economic Development CommissionKaty EDCKenosha Area Business AllianceKyle Department of Economic Development, City ofLake County Board of County CommissionersLake County PartnersLakeport, City ofLas Vegas Global Economic AllianceLauderdale Lakes, City ofLeduc-Nisku Economic Development AssociationLee County EDGLenawee NowLiberty County Development AuthorityLogan County Economic Development Council


Los Angeles SBDC NetworkLoudoun Economic DevelopmentMarshall Economic Development CorporationMcMinn County Economic Development AuthorityMike Barnes GroupMiramar, Florida, City ofMontgomery Area Chamber of CommerceNampa, City ofNashville Area Chamber of CommerceNassau County Economic Development BoardNeepawa, Town of Okmulgee Area Development CorporationOntario County Economic DevelopmentOrlando Economic Development CommissionParkland CountyPearland Economic Development CorporationPoquoson, City ofPort Arthur Economic Development CorporationPrince William County Dept . of Economic DevelopmentPutnam Development AuthorityRacine County Economic Development CorporationRadius Indiana Research Triangle Regional PartnershipRichardson Economic Development PartnershipRMWBRoanoke Regional PartnershipSan Angelo Development Corporation, City ofSanger, City ofSanta Clarita Valley Economic Development CorporationSanta Cruz Economic Development Office, City ofSnake River Economic Development Alliance

Sonoma County Economic Development BoardSpringfield Area Chamber of CommerceSt . Charles, MO Department of Economic Development, City ofSt . Cloud, City ofSt . Joseph Chamber of CommerceSt . Louis Development CorporationSteamboat Springs Chamber Resort Assoc .Stillwater Chamber of Commerce Sumner County Economic Development CommissionSumter Payroll Development AuthoritySuwannee County Economic Development OfficeTexAmericas CenterTexasOneThe City of Elk CityThe Economic Development Corporation of UtahThe Right Place, Inc .TVA Economic DevelopmentUniversity of Mary Washington Center for Economic DevelopmenVirginia's Region 2000 AllianceVulcan Business Development SocietyWaterford, City ofWayne County JECDBWaynesboro, City ofWest Des Moines, City ofWestern Alliance for Economic DevelopmentWilliamson Inc .Woolwich, The Township ofWyandot County Office of Economic DevelopmentYork County

TOTAL PARTICIPANTS: 158


About the Authors

BEN WRIGHT CEO

As CEO of Atlas Advertising, Ben Wright is obsessed with helping economic developers grow the vitality in their communities . In the 14 years since he started Denver, Colorado based Atlas Advertising, the company has

grown to serve more than 160 different economic development clients, in 46 states and six countries .

Having worked all over North America, Ben understands how economic development agencies must compete in a global marketplace . He applies this passion for places and knowledge of people into Atlas’ very core, and thus, into every engagement . Ben is also the lead product innovator at Atlas, having been the driving force behind our strategic services, GIS, Prospect Management products, and more .

Ben started his career in economic development as the Chief Economist for the Metro Denver EDC in Colorado in the early 1990s . Ben helps clients develop and execute innovative marketing strategies, and is a frequent speaker with the International Economic Development Council, Georgia Tech Innovation Institute, and various state and regional economic development conferences .

Ben is a graduate of Stanford University in California with a degree in economics, with an emphasis on urban studies . Ben lives in Boulder, CO, with his wife and three adventurous daughters .

e: [email protected] t: 303.292.3300 x210

GUILLERMO MAZIER VP, Strategic Accounts

Guillermo has touched nearly every Agency of Record project Atlas has executed in the last four years. His insights and unique perspectives have helped Atlas gain the credibility and reputation it holds today . Guillermo holds

a BA in International Business and Economics, with a minor in Spanish, from Regis University in Denver, CO, along with an MBA in International Business from Regis University and an International Business Certificate from the Fundacion Ortega y Gasset in Toledo, Spain. Guillermo Mazier is the Communications Chair for the Board of Directors for the American Lung Association .

His primary objective as VP of Strategic Accounts at Atlas is to represent and oversee the company’s business development and strategic marketing activities . Guillermo works with new and prospective Atlas clients to provide strategic recommendations on how to increase inquiry levels, prospect activity, and stakeholder engagement through Atlas’ technology suite and service offerings which include Atlas technology products as well as Atlas’ social media, branding, strategy, and creative services . He has served Atlas for the past five years and his efforts helped grow Atlas into a leading economic development marketing firm.



WHITNEY DALY Writer, Marketer

Having grown up in Colorado, Whitney is one of the few Colorado natives at Atlas Advertising, and prides herself on being an advocate for the Centennial State . Whitney has journeyed to places far

and wide, making her love of (new & unique) places a perfect addition to Atlas’ team of place marketing enthusiasts .

Whitney has been working in sales and marketing in a variety of industries for the past seven years, with each role incorporating some type of writing . Over the years, her roles have varied, but the constant has always been the development of content – content for the web, for print campaigns, for agency and client blogs, social media campaigns, email marketing campaigns, and much more . With a passion for creating compelling content, acute attention to detail skills, and a love for engaging people through words, Whitney thrives as a writer for Atlas Advertising .

Her work as a Proposal Writer has helped our team win multiple website and agency of record accounts from coast to coast .


BRADLEY HEIN Associate Creative Director

Bradley has spent the last 17+ years helping companies, places and his fellow creative team members turn marketing strategies into compelling creative that connects with people and makes a difference. His background is a

unique blend and a definite asset for our clients at Atlas. He’s led creative for tourism efforts for cities like Denver, B2B campaigns and sales enablement efforts for Arrow Electronics, and multi-cultural and multi-national campaigns for MoneyGram International .

He holds a BA in Mass Communication from the University of Denver and an MBA from Regis University in Denver, CO . His culinary and cultural curiosity has taken him to Japan, Colombia, Europe, Guatemala and all over the US, but he's proud to call Denver his lifelong home . And thankfully, his career is one that genuinely appreciates his child-like spirit of asking a lot of questions. He’s at his best when he gets to dive in deep and really understand what makes a place unique.

Since working at Atlas, he has helped shape the brand identities, websites and advertising for Waco, TX and the Sun Corridor in Southern Arizona. He and his team are also developing efforts launching in 2016 for Taos, NM, Gainesville, FL and a mixed use development near Denver International Airport .


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