Business Attraction Programs: the good, the bad, and the room for improvement

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Business Attraction Programs the good, the bad,
and the room for improvement
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Overview/Agenda

• Winning Strategies
• Marketing Strategies
• Business attraction process
• What to put resources against

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Winning Strategies
What you need to know.

• Preemptive Preparedness
• Understand Your Community/Product
• Information to support
• Clusters/ Key Industries
• Tools website building database
• Team in Place Concept - leadership

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Marketing E-Strategy
1 Way Prospects learn about Cincinnati USA
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Marketing Strategy

• Media Placement (PR Firms)
• Firms in US, Germany, Paris, Netherlands, India
• Trade Journals in Germany France
• Daily/Monthly business publications
• International Trade Shows
• Paris Air Show
• K-Fair
• U.S. Midwest Japan Conference
• Site Consultant Outreach
• Market visits
• Secondary outreach through conferences
• Direct Company Outreach
• Seminars in Germany France US
• Company Visits in all markets
• Creative leveraging of assets

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What you need to know. Business Attraction 101

• Primary Decision Drivers
• Geographic Location
• Infrastructure
• Costs
• Workforce
• Product land/building
• Business Tax Environment
• Quality of Life
• Incentives (secondary!!)

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Business Attraction Process The Site Selectors
Role

• Understand company growth strategy
• Model
• workforce strategy
• location real estate strategy
• Transportation
• Business Climate/Quality of Life
• Business strategy
• Tax review
• Incentive Review
• Available product (Building/land)
• Presentation of finalist short-list
  (w/recommendations)

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Sequence of Events Business Attraction Clients

• Client request
• Needs assessment and criteria building
• Initial model driven analysis
• Potential communities review
• Deeper information support (RFI)
• Compilation and community elimination
• Community/site tours scheduled
• Incentive review and application
• Executive team site visit
• Location decision
• The work begins

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Perfect what you can..
Cannot Alter Geographic Location
Climate Physical attributes

Long Term Changes Major Infrastructure Workforce
Quality of Life Regulatory Environment Business
Tax Climate
Shorter Term Changes Marketing/PR Place
Image Support Tools Product available Econ Dev
Service Delivery Workforce Development
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RecapWhat to Focus on

• 1. Competitive Business Services
• Website, website, website
• Data and information
• Strong Recruitment Team
• Business-hosting skills
• Responsiveness
• Understand local product (develop)
• Understand existing company base
• Have future plan for community
• Know the market (State too)
• Workforce Development!

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Recap

• 2. Manage the ED Process
• Streamline
• Perfect
• Build a response team
• Shorten timeframes
• Develop project management skills
• 3. Develop outreach programs
• Marketing materials
• Market visits
• Newsletter updates
• Trade Shows
• International Prospecting
• Other Multipliers

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• THE END