This is the first of a series of blogs on Economic Development Marketing. Our experience working with Eric and the McSweeney team has introduced us to numerous communities - many of whom seem to face a similar challenge: How do we attract new investment, while retaining our existing businesses? At least a part of the answer: a good marketing plan.
An economic development marketing plan involves three components:
- An assessment of your community's marketing preparedness
- The development of marketing tools, tactics and timing
- Evaluation and refinement
Marketing preparedness is when you compare your current marketing efforts with where you want to be, and confirm the target audiences identified in your economic development strategy. It's also a chance to assess whether your community's brand reflects your new future direction - or whether it needs to be enhanced or refined.
With your marketing preparedness assessment complete, strategies can be developed, tailored to each specific audience. The strategies will outline the 'tools, tactics and timing' necessary to reach your marketing goals. They'll include identifying the right tools and knowing how and when to use them. Of course, tools will include tangible materials and well as media strategies, events and face-to-face selling. Ongoing evaluation and refinement on a regular basis keeps the plan dynamic and fresh.
The finished plan ought to be a fairly dynamic 'road map', identifying what makes your community a unique place to live, work, play and invest in. It serves to guide the actions of staff and allows for measured results. An effective marketing plan is key to directing the effort that will help attract the right investment to your community.