competing in economic development? use metrics
TRANSCRIPT
Competing in Economic Development? Use Metrics
Presented by
About Your Presenter
Guillermo Mazier – CEO
– Former economic developer and tourism marketer for the Costa Rican Investment and Trade Development Board
– Managed economic development and tourism campaign for Tortugero, CR– Industry speaker, content strategist and digital marketing specialist
[email protected]/atlasad
How my kids describe me:
Introducing Atlas
1. Denver-based marketing services company specializing in economic development
2. Founded in 2001 with 27 employees
3. Has worked with more communities than any other economic development marketing services firm in the past 10 years: 460+ economic development clients in 48 states and 6 countries
4. Specialize in providing branding, marketing planning, digital marketing, and GIS enabled websites, all for economic development
5. Pioneered the industry’s first metrics based benchmarking approach for marketing, business attraction, and business retention: High Performance Economic Development Marketing
6. IEDC’s High Performance Economic Development Marketing Partner
7. Frequent public speaker and lead speaker on benchmarking marketing, business attraction, and business retention programs, as well as on branding, research, digital marketing, websites, and GIS
View the slides, continue the dialogue
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Outline
1. Introductions
2. The Metrics Situation in Economic Development
3. The Need for Metrics in Economic Development
4. What Happens if We Don’t Use Metrics
5. How to Put Metrics into Practice
6. Southwest Michigan First – Authentic Accountability
7. Wrap up/Questions
Setting the Stage for Our Metrics Talk
Do We As Economic Developers Make a Difference?
Heraclitus of Epheseus,535 BC – 475 BC
Albert Einstein?
Steve Jobs?
If you want to 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 to that might not be comfortable, that might not
be fun, but at least takes you to a in a way that is productive and increases the
Poll Question:As a practitioner, how much do you think you impact the
overall economic activity in your area?
The Metrics Situation inEconomic Development
History of Metrics for Economic Development
In 2017, the general public still doesn’t know the value of
what we do
EDOs have been measuring their
performance for years
However, with differing viewpoints, metrics have
gotten muddy and misunderstood
In 2011, Atlas put together its first survey of EDO outcomes, to assist
EDOs in planning their marketing, business
attraction, and business retention programs
2011
In 2014, IEDC published its “Making it Count”
Metrics for High Performing EDOs
2014
2017
125 < 25,000Average companies served Typical number of establishments
in a community
Source: Atlas 2014 Benchmarking Study
EDOs Service Companies that Comprise a Very Small Percentage of Their Economies
Trends in the Profession That Make Metrics a Moving Target
1. Digital is changing the way communities are being evaluated, and changing our roles in the process
2. Workforce drives business locations, and opens up new ways for EDOs to influence economies
3. The debate about whether the profession drives outcomes continues, even as the Great Recession is in the rear view
4. There are more deals happening in communities, leading to more positive impressions of EDOs
5. The investor/stakeholder mindset is changing, as demographics of those involved in EDOs are changing
Why We Need Metrics for Economic Development
There is Too Much Discussion About Whether or Not Economic Developers are Essential, While Interest in Economic Development Organizations Wanes
Implications if we Don’t Use Metrics
Budget Level LOW JOBS ANNOUNCED, 2015
HIGH JOBS ANNOUNCED, 2015
Under $100,000 20 243
$100,000 to $249,000 2 1,500
$250,000 to $499,000 5 5,000
$500,000 to $999,000 4 4,283
$1,000,000 to $2,500,000 35 8,000
Over $2,500,000 6 16,835
Source: Atlas Report - Why Metrics Matter, 2014
Average difference:
978x
The Spread Between High and Low Performing Organizations isStaggering at All Sizes
How to Put Metrics Into Practice
How Does Your Organization Prioritize Business Recruitment, Retention, and Marketing/Promotion?
Four Ways the International Economic Development Council Defines High Performance
1. Internal Segment (Employee satisfaction, funding sources)
1. ED Program Segment (Business Attraction, Business Retention, Business Creation)
1. Relationship Management Segment (Relationships with internal and external stakeholders)
1. Community Segment (Community well being, in terms of demographics, workforce, household income, etc.)
Atlas High Performance Economic Development Focuses on the Relationship Management Segment, plus Outcomes from those Relationships
1. Internal Segment (Employee satisfaction, funding sources
1. ED Program Segment (Business Attraction, Business Retention, Business Creation)
1. Relationship Management Segment (Relationships with internal and external stakeholders)
1. Community Segment (Community well being, in terms of demographics, )
Outcomes for jobs announced and capital investment announced
Start With the Big 4, Then Get More
Poll Question:Should we use outcomes to measure ourselves?
Poll Question:Did your organization set measurable goals for your
marketing, business development, and business retention programs this year (2017)?
Poll Question:What is stopping you from implementing metrics for your
role within the organization?
Steps to Put High Performance into Practice
1. Discuss your organizational priorities for marketing, business recruitment, and business retention, and start with a simple score card
2. Assign metrics to certain staff3. Set a plan to influence that metric for each staff person4. Make the plan transparent to your stakeholders 5. Execute, report, and adjust
What Type of Organization Do You Want to be When You Grow Up?
Assigning Metrics to Staff: What Metrics Does Each Function Influence?
WEB VISITS INQUIRIES /CONVERSATIONS
JOBS ANNOUNCED
CAPITAL INVESTMENT ANNOUNCED
CEO/Executive X X X XBusiness Developer X X X
Marketer X X
Researcher X
Setting a Plan so That Each Staff Person Can Drive High Performance
BUILD THIS
Economic Development CEO / Executive
Metrics He/She Should Influence1. All
Role He/She Plays1. Setting the vision for the organization2. Creating a culture of accountability and transparency3. Setting the parameters for a metrics score card4. Allocating staff and resources5. Building capacity to ensure board engagement
Sphere of Influence
Business Developer
Metrics He/She Should Influence1. Inquiries/Conversations with Companies2. Jobs Announced/Conversations3. Capital Investment Announced/Conversations
What He/She Should Focus On1. Rapid response to prospects2. Investigating prospect needs3. Providing customized responses4. Proactively prospecting 5. Filling, monitoring and maintaining BD pipeline
Sphere of Influence
Marketer
Metrics He/She Should Influence1. Website visits2. Ratio of website visits/inquiries
What He/She Should Focus On1. Creating opportunities for BD, through marketing2. Driving traffic to the website via search engines,
social media, email3. Keeping content fresh and relevant4. Leveraging the latest marketing tools and
software to create a competitive advantage for her community
Sphere of Influence
Researcher/Economist
Metrics He/She Should Influence1. Website Visits2. Jobs Announced3. Capital Investment Announced
Role He/She Plays1. Creating outstanding and differentiated content for
all teams2. Providing customized data to the business
developer 3. Managing and reporting on benchmarked data4. Leveraging the latest data sources and tools
Sphere of Influence
Benchmark Your Community Using Atlas’ High Performance Economic Development
1. Take the survey*
2. Opportunity to be featured in Atlas’ annual white paper
3. Opportunity to be honored/recognized at IEDC’s annual conference in Toronto
*We will email you the High Performance Economic Development benchmarking survey!
“Apply yourself. Get all the education you can, but then, by God, do something. Don't just stand there, make it happen.”
- Lee Iacocca
In Closing
A Case Study on Metrics:
SOUTHWEST MICHIGAN FIRST
"The person who says it cannot be done should not interrupt the person doing it.”- Chinese Proverb
AUTHENTIC
TIMTERRENTINEexecutivevicepresident|SouthwestMichiganFirst
managingdirector|ConsultantConnect
@timterrentinewww.catalystconnect.org
AtlasAdvertisingMetricsWebinar(2015)
ACCOUNTABILITY
TheEconomicDevelopmentProfession
WHYMetrics?
NOMetrics?
Yourstorywillbetold…HopefullybyYOU!
AUTHENTICACCOUNTABILITY
HOWWEGOTHERE
In2011,GovernorRickSnyder’sinitiativesdividedthestateintovariousregions.
ThesevencountiesofSouthwestMichiganwerejoinedtogether.
SouthwestMichiganFirstwasselectedtoleadourregion’scollaboration.
HOWWEGOTHERE
THEIMPORTANCEOFDIVERSITY
BUILDINGACULTUREOFRESPONSIBILITY
BUILDINGACULTUREOFRESPONSIBILITYREQUIRES
CommitmentConsistencyCommunication
√√√
ESTABLISHASYSTEMTHATWORKSFORYOU
KEEP SCORE
REGIONAL
SCO
RECA
RD
MEASURINGTHEREGION
BUSINESSGR
OWTH
VITA
LURB
ANCORE
S
EDUCA
TION
LOCA
LGO
VERN
MEN
T
MEASURINGRELATIONSHIPS
RELATIONSH
IPS
COMMUNITY&QUALITYOFLIFEMEASURING
COMMUNITY&QUA
LITY
OFLIFE
[email protected]@timterrentine
www.consultantconnect.orgwww.southwestmichiganfirst.com
HOWTOCONTACTME
Questions
Thank You!
Guillermo Mazier303.292.3300 x 2321860 Blake St., Ste. B101Denver, CO 80202