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"Economic Development Marketing Letter"
A Blane, Canada Ltd. Publication
Nationally Recognized Experts On Economic Development Marketing and Retention
~~~If marketing... or a marketing plan is on your "to do" list, start today. Register for the Physics of Marketing: Marketing and Sales in an Economic Development Environment. THIS IS THE ONLY ADVANCED MARKETING AND SALES COURSE IN ECONOMIC DEVELOPMENT. There isn't a more important time than now to assess where your community/region is vulnerable and to re-direct goals and funds in order to be more competitive. Next course TBA, please see the WEB site at: http://www.blanecanada.com/BCL_Course.html ~~~Incentives... They can make or break a deal. The market place meets you with more aggressive competitors than a year ago. There are fewer projects, therefore fewer prospects. This combination has generated a flow toward formula-based incentives. Certainly, the budgetary constraints facing state governments and the federal government will affect the range of incentives to be offered. At one of Blane, Canada Ltd.'s marketing seminars, CoreNet/IDRC member, Jack Brophy, said that many economic developers don't know what incentives they have to offer and what their maximum exposure can be with a prospect. Study to be better. Sources: Ronnie Bryant, Pittsburgh, and Jack Brophy, site selector. ~~~Advantage them... According to Pollina Corporate Real Estate's Corporate News, “a well negotiated incentive package could be worth 25 to 35% of the total capital budget for a new facility, or expansion of an existing facility.” If you're serious about wanting a specific company, what are your limits? If you are limited in funding options, what clever incentives have you offered? Write us. ~~~HOW LONG TILL MARKETING WORKS?... Whatever you do, don't hold your breath while waiting for marketing to take affect. Instead, hold your horses because it's not gonna happen instantly. How long does it take for a prospect to become a customer? Well, let¹s first look into the chemistry of prospects. Prospects are like you, except that they¹re probably doing business with one of your competitors. Fortunately for you, that competitor most likely doesn¹t know the full meaning of follow-up, with the result that most customers feel ignored after the sale. 4/11/01 http://www.gmarketing.com/tactics/weekly.html ~~~Feedback on Synchronist... "Actually, it did surprise us that a lot of companies in our area have plans to expand!" "Based on the output, we are developing a strategic plan to help maximize growth of these companies." "The State has been using some custom-made Access program (that doesn't do cross references like the Synchronist) and they are changing to Synchronist soon." Five separate Synchronist users reported within the last several months that they had/are conducting the survey/interview with the following number of businesses: 100-110, 612, 400, 300, and 268, respectively. Congrats to those who have achieved significant returns on their investment! ~~~"Change... is debilitating when done to you, but exhilarating when done by you." Rosemary Moss Kanter, Author, "World Class" ~~~Term of Art... "Scope creep," the slow spread of an organization's agenda that corrupts focus. It is the antithesis of keeping focused. When they (board, council, management) want you to take on one more little thing, you are experiencing scope creep. Scope creep occurs because of the multiple agendas of board members. Plus, staff often introduces scope creep when trying to keep pace with the dual challenges of funding and relevance. The only protection against scope creep is a good plan endorsed by the board. A plan is an excellent foil for random change. e.g., this is the current plan and resource commitment. Something must be given up to allow resources to be reallocated? Source: Paul Butler, NC ~~~ Mentoring... We were asked recently about mentoring programs. The developer is looking for mentor programs that can be brought to scale. Most of the programs seem to work with 10 or 12 business owners at a time. Are there mentoring programs that work with larger groups? Let us know and we will pass it along. ~~~"Ego... is the anesthesia that deadens the pain of stupidity." Quote: Dr. Rigsby, motivational speaker, Entergy/MS Team City Conference. ~~~Ohio is #9... of the number of states which have bought Blane, Canada Ltd.'s outstanding Synchronist business retention software. It is unparalleled technologically. During this tight economy, get a handle on your local businesses, their markets, their employees' skill competencies, their short and long-term plans, and MORE. The 9 states which use Synchronist partially accomplished their purchase strategy as a result of great interest exhibited by some of the largest utilities purchasing Synchronist for their territories: ComEd/an Exelon Co., MidAmerican Corp., FirstEnergy, and Arizona Public Service. Check out details at: http://www.blanecanada.com/frameset_synchronist.html
~~~Video conference... An alternative to on-site presentations, video conferencing is available for the small operation as well as the large. Kinko's, for example, has facilities around the U.S. for such purposes. Check it out as an alternative to the travel, lodging, etc. associated with taking a group of people to work with a prospect. ~~~"Roads" scholar... earning his keep every day. Some of the stops on Eric's 2002 business trips... CA, IL, MS, OH (2), ID, TX, AL, LA (2), MI, IN (2), WA, CO (3), AZ, IA, NM, TN, MO and CT. ~~~Be careful what you wish for... "On the road again going places I ain't never been. Seeing things I ain't ever seen." Quote: Willie Nelson ~~~Hands down... the best airport food - if you're into barbecue - is Da' Blues at the Memphis Airport. Opposite gate B 36, allow extra time during transfers for a stop. If your timing is right, the music is live. ~~~Word of mouth... Who's talking? What story are they telling? If you don't know, you're not in control of marketing your community. How do you find out? Find out which companies send executives to trade shows and professional conferences. Talk to executives, one-on-one. Focus on them first. Bring them together in small groups to discuss telling the community's story while on the road. ~~~Language is a barrier... to change. Using the same terms to introduce or justify new concepts or programs is a shortcut to failure. Inducing change requires new words, terms, and phrases. You have read many applications of this reality in ED Marketing Letter as we push practitioners to adopt new perspectives, to accept and embrace change. Welcome to the inner circle. You can play if you wish. Change the words and terms you throw at leadership next time you pitch a new idea. Then, watch the difference. Almost every hot new business book is based on this principle. ~~~One good question... It doesn't have to be great. As a professional speaker and trainer in economic development, Eric is frustrated by the quantity and quality of questions posed to speakers at professional conferences and training courses. These are missed opportunities. You miss an opportunity to connect the dots or challenge an assumption. The speaker misses the opportunity to be forced to think about the topic from your perspective. At the next professional conference you attend, take a minute while the audience is gathering. Look at the topic. What would you most like to know about this topic? Why are you sitting here? Is there expertise the speaker brings that stimulates a question? Write it down! If a better question is stimulated by the presentation, make a note. Don't be afraid to challenge a speaker's assumptions. Participate in Q&A, and everyone wins. ~~~Good work... We receive too much mail. When we have a chance to review the miscellaneous publications, we try to note techniques drawing our eye. The Burlington/West Burlington (IA) Area Chamber employs a clever strategy with ads in its newsletter. Most of the ads measure 2.5x2.5. A row of same-size ads across the bottom of each page becomes an “art form” while promoting advertisers. Nicely done. ~~~How do you use media?... When announcing increased employment, include improved skill levels required, increased wages, etc. Educate the public on the myriad of benefits accruing from new technologies, industry diversification, etc. ~~~Telemarketing companies... are headed overseas. You might have experienced talking with someone in Ireland when solving a computer problem, or having a telephone solicitation from India. If that long planned group of telemarketing positions suddenly disappears from your community, how will the void be managed? Are you preparing to be proactive rather than reactive? ~~~Success... the only place it is found before work is in the dictionary. Source: unknown, but often quoted by Sherman Dudley, GA ~~~Reading... Are you diversifying your reading selections? The magazine, “Intelligent Enterprise,” addresses “BI”, business intelligence. As an example of an economic developer's BI, the web site http://www.marketguide.com addresses recent company information including the 6-10 most recent articles covering the company.
Blane, Canada Ltd.
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