Six Biggest Mistakes in Economic Development Marketing

The Biggest Mistakes in Economic Development Marketing

(and How To Fix Them)...

6

Development Counsellors InternationalOctober 5, 2015

A Quick Word About DCI

From your perspective, what are some of the biggest mistakes in

ED marketing?

Swimming in a Sea of Sameness1

“Our workforce is terrific!”

“Once people move here, they never want to leave.”

“We’re number 1 in United Way giving per capita.”

“We have a microbrewery downtown!”

“We have an excellent quality of life.”

Target industries: IT, life sciences & advanced man.

“We’re at the crossroads of America.”

Swimming in a Sea of Sameness

The Fix

Rankings are great, but…

Fish Where the Others Are Not

Swimming in a Sea of Sameness

The Fix

Answer Two Questions:

What makes your community different?

Why should your target audience care?

Failure to Connect with Existing Investors2

Q:What are the three leading

sources of information influencing your perceptions of an area’s

business climate?

Leading Sources of Information

Dialogue with industry peersNewspapers and magazines

Business travelMeetings with ED groups

Rankings / surveysOnline sourcesWord of mouthPersonal travel

OtherTV and radio

AdvertisingDirect mail

Social media

0% 10% 20% 30% 40% 50% 60%

55%44%

37%31%

24%

Failure to Connect with Existing Investors

The Fix

Look for Every Opportunity to Connect with your Corporate Community:

BRE visitsCommunity events LinkedInOne-on-one meetings

Designing Your Website as an Information Only Resource3

What usually happens?

Designing Your Website as an Information-Only Site

The Fix

The ED Website of the Future Will Be a Lead Generation Engine

Does it meet your audience where they are?

Tailor the Contact Information(and make it easy to find!)

Viewing a New Logo/Tagline as a Silver Bullet

4

The strength to be there

A good place to sit and eat

We make it better

Just do it

What happens in Vegas, stays in Vegas

Life Elevated

Some Cautionary Tales…


The Fix

Be a voice of reason with politicians

bitten by the branding bug


The Fix

“The calf rarely brands itself”


The Fix

Perfect the art of storytelling

Viewing a Logo/Tagline as a Silver Bullet

The Fix

Turn to Credible Third Parties To Tell Your Story• News Media• Industry Experts• Corporate Executives in Your Community

What Others Say About Your Community is More Important Than What You Say About Yourself

Shouting Rather Than Engaging5

The best part of waking up is Folger’s (or Starbucks) in your cupLeggo my

Eggo!

“If I can’t meet or beat any bonafide deal, I’ll give you the car!”

“O-O-O-O’Reilly’s…Auto Parts. Whoa!”

Let’s Make America Great Again

Site Selection Consultants

BRE Suspects

“New incentive deal creates 25 jobs”

Chamber members

“Lions Club Breakfast this Monday”

New Business Prospects

Board of Directors

“We’re the No. 1 City……for singles in their 20s in the food industry per capita in communities under 150,000!”

Shouting Rather Than Engaging

The Fix

Telling Your Story via Digital Ambassadors…

159 active agentsAverage age: 37

Reach: 145,000Have shared 7,350 links; 37,475 visits

to website

Hi Susan, Metro Denver has been all over national media lately for its booming economy and job market. Just earlier this week The Wall Street Journal featured Denver for its ability to lure millennials. Today, Forbes became yet another publication to showcase the impressive nature of Denver’s economy, highlighting the success of luring business and jobs to the region. The magazine ranked Denver as the best place in the nation for business and careers, an honor the Metro region has never received before. The Mile High City topped the list “for its diverse economy, highly educated labor force and outdoor lifestyle.” We are proud of Metro Denver’s booming economy and the coverage that it is rightly attracting; will you help us spread the word with your digital networks? Thank you!

SHARE NOW Here's what will be shared on your networks:

Forbes: Metro Denver leads the nation in business & careers Forbes ranks Metro Denver #1 for business & careers in its annual ranking of the 200 largest metro areas

.@Forbes says Metro Denver is 2015's best place for business & careers

Forbes: Metro Denver leads the nation in business & careers Forbes ranks Denver #1 for business & careers in annual ranking of the 200 largest metro areas

SHARE NOW Share With Comment

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Don't Post This Time.

Measurement Malfunction6

Measurement Malfunction

The Fix

Before you begin, determine what you are going to measure.

Website Traffic• % increase from previous

month and YTD• % increase of call-to-

action • Traffic Sources • Top Pages • Top Blogs

Create a Dashboard

Relationships

# of New Meetings % increase of engagement on

social networks % increase of blog comments % increase on e-mail

Media Relations Ad equivalency Impressions Key Messages and Sentiment


The Fix

Present metrics in a digestible, easy to read

manner.


The Fix

Ask your stakeholders what they want you to

measure.


The Fix

Summing It Up: 6 Marketing Mistakes to Avoid

1. Swimming in a Sea of Sameness

2. Failure to Connect with Existing Investors

3. Designing Your Website as an Information Only Resource

4. Viewing a New Logo/Tagline as a Silver Bullet

5. Shouting Rather Than Engaging

6. Measurement Malfunction

Thank You! We’d Love to Connect

Julie CurtinExecutive VP/Partner

[email protected]

@marketingplaces

Steve DuncanDirector, Lead Generation

[email protected]

@LeadGenSteve

Six Biggest Mistakes in Economic Development Marketing

Marketing

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