how metics will save economic development
DESCRIPTION
Ben Wright, Atlas CEO & Guillermo Mazier, Atlas’ Director of Strategic Accounts, cover the latest theories, metrics and best practices to prove that economic development makes a difference for communities.TRANSCRIPT
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How Metrics will Save Economic Development
Presented by
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Your Hosts
Ben Wright CEO, Atlas Advertising
[email protected] www.twitter.com/atlasad
Guillermo Mazier Director,
Strategic Accounts, Atlas Advertising
[email protected] www.twitter.com/atlasad
Tim Terrentine, Vice President
Southwest Michigan Frist
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Presenting From Elkhart, Indiana
2009
2014 – Unemployment rate
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About Atlas
Atlas Advertising helps economic developers reach national and international prospect and site selection audiences. We deliver branding, website development, GIS mapping, research, social media, and creative services professionally and with a staff experienced in economic development. Unlike firms with little or no economic development experience, Atlas Advertising uses a proven mix of economic development marketing tactics that generate interest from site selection audiences.
Atlas Advertising is led by a former economic development practitioner and has worked with 140+ different economic development clients in 43+ states. Our approach and experience means that our campaigns generate an average of three to ten times the response of other campaigns.
Featured clients include:
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View the slides, continue the dialogue • Continue the Conversation:
– Follow us on Twitter: www.twitter.com/AtlasAd
– Tweet questions using hashtag #ASKATLAS
– Join High Performance Economic Development LinkedIn Group
• View and share the slides with your colleagues (available now): www.slideshare.com/wright0405
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Outline
1. Introductions
2. Metrics Context – The Trouble with Metrics
3. 3 Organizations That are Succeeding with Metrics
4. 3 Things That Organizations Can do More of
5. Metrics Case Study: Southwest Michigan First
6. ED 101 for your board
7. Wrap up/Questions
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That which is measured improves.
That which is measured and reported
improves exponentially.
Karl Pearson
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Metrics Context
Over 50% of EDOs Don’t TRACK
their performance
80% of “Non Trackers” have considered metrics at one
point
Most widely used metrics: Jobs, Capital Investment, Tax Base, Personal Income
300 menu of metrics provided by the
IEDC
Nearly 2/3rds of EDO’s evaluate their performance
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Lack of accurate
data
The Challenges of Metrics
No Standardized
reporting system
Pressure to show big
wins
Our board misinterprets the
data
If we live by just jobs, do we die by jobs
Time to report data
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Measuring ROI
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Need More Funding? Why Not Use Metrics? “As with many other large corporations, we believe we have a responsibility to a wide scope of stakeholders—to invigorate the economy and address significant social and environmental problems in the communities where we live and work. And as one of the largest financial services companies in the world, we feel uniquely positioned to deliver on this responsibility: to use our strength, global reach, expertise and access to capital to support our clients and communities and invest in them.”
Amy Bell, Executive Director and Head of Principal Investments for J.P. Morgan’s Social Finance business unit.
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Biggest Trend and Need for Metrics – Impact Investing
3 Things Chase Invests in and has metrics for: 1. Education = Test scores
2. The Arts = Engagement, memberships, visits
3. Economic Development = NONE
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Nashville Organizations are Adapting to Today’s Competitive Landscape: Recruiting Workforce
Greater MSP - Organizations are Setting Big, Hairy, Audacious Goals
Columbus 2020 - Organizations are Exhibiting an “If Not Us, Then Who” Mentality
3 Organizations that are succeeding with Metrics
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WE ARE SETTING A BOLD COURSE
1) Return our rate of job growth to be above national average
2) Job growth to meet or exceed peer competitor regions
3) Provide significant ROI for investors
15
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A TOTAL INCREASE OF 100,000 NEW JOBS
2012 2016
100,000 new jobs
Margin of excellence
Projected regional job growth
25% Margin of Excellence
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http://www.slideshare.net/Columbus2020/columbus-region-economic-update-2014-april
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http://www.slideshare.net/Columbus2020/columbus-region-economic-update-2014-april
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http://www.nashvillechamber.com/Homepage/AboutUs/AnnualReports.aspx
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Economic Developers are Slow to Adopt Digital Tactics
There is Too Much Discussion About Whether or Not Economic Developers are Essential
The Spread Between High Performing and Low Performing Organizations is Staggering
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200+146
175
Communities shared their data
Average number of conversations per organization in the last 12 months
$234million
Average capital investment per community in the last 12 months
Website visits per conversation
1,293
15
Average jobs announced per organization, last 12 months
Value of a conversation, in number of jobs
The Surprising EconomicsOF ECONOMIC DEVELOPMENT ORGANIZATIONS
>> 10 << >> 11 <<
200+146
175
Communities shared their data
Average number of conversations per organization in the last 12 months
$234million
Average capital investment per community in the last 12 months
Website visits per conversation
1,293
15
Average jobs announced per organization, last 12 months
Value of a conversation, in number of jobs
The Surprising EconomicsOF ECONOMIC DEVELOPMENT ORGANIZATIONS
>> 10 << >> 11 <<
Fact about digital economic development:
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Budget Level LOW JOBS ANNOUNCED, 2012
HIGH JOBS ANNOUNCED, 2012
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, 2013
Average difference:
978x
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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
Tim Terrentine, Vice President
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catalytic counting SOUTHWEST MICHIGAN’S ACCOUNTABILITY TO ECONOMIC GROWTH
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Governor Snyder’s statewide initiative in 2011 to provide more access to capital, assistance for existing companies and program development joined the seven counties of Southwest Michigan together. Southwest Michigan First engaged with more than 1,000 leaders to elevate economic development in our region and help determine our strategy.
Why are we here?
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Who are we as a region?
778,384 People
Source: U.S. Census Annual Estimates, 2011
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Who are we as a region?
Source: Michigan Department of Labor and Economic Growth, July 2013, Unemployment – Not Seasonally Adjusted
343,074 Jobs
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Who are we as a region?
Source: National Center for Education Statistics | Integrated Postsecondary Education Data System, Fall 2012
56,421 College Students
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Who are we as a region?
Source: U.S. Department of Commerce, U.S. Census Bureau, Private Non-Farm Establishments, 2011
15,875 Companies
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Who are we as a region?
Source: Individual County Data
186 Cities, Townships & Villages
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Who are we as a region?
74 School Districts
Source: Michigan Department of Technology, Management & Budget, Michigan School Districts and Intermediate School Districts Map
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Who are we as a region?
19 Economic Development Groups
Source: Individual County Data
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Who are we as a region?
7 Counties
Source: State of Michigan Map
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Who are we as a region?
5 Community Colleges
Source: National Center for Education Statistics | Integrated Postsecondary Education Data System, Fall 2012
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Who are we as a region?
3 Private Colleges & Universities
Source: National Center for Education Statistics | Integrated Postsecondary Education Data System, Fall 2012
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Who are we as a region?
1 Research University
Source: National Center for Education Statistics | Integrated Postsecondary Education Data System, Fall 2012
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q Commitment (Follow the why)
q Conviction (Core and enabling)
q Context (Short term, long term)
q Consistency in Capturing – W.E. Upjohn Institute Relationship
q Communication – Different strokes for different folks
Building a culture of accountability requires:
√ √ √ √
√
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Establish a reporting system that works for you
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Keeping score
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What We Measure
Internally
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What We Measure
Externally
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REGIONAL 2022 GOALS | snapshot scorecard
Business Growth
Vital Urban Cores
Capital Formation
Education
Local Government
Unemployment People New & Accelerated Companies New Jobs Household Income
New Capital Growth
Urban Anchor Projects Urban New Investment Residents in Urban Cores Earning $50,000+
Annual Internships Number of College Grad Citizens
Top 10 Governments Achieve Financial Stability Community Satisfaction
Bureau of Labor Statistics U.S. Census Southwest Michigan Partners Bureau of Labor Statistics American Community Survey
Southwest Michigan First
Southwest Michigan First Southwest Michigan First American Community Survey
Southwest Michigan First American Community Survey
Plante Moran Gallup-Healthways Well-Being Index, State of Well-Being, 2011
5.2% 850,000 100 47,767 $62,520
$500,000,000
8 $200,000,000 60%
2,000 Top 100
TBA Top 20%
7.8% (10/13) 778,384 83 10,540* $45,005
$35,046,500
2 $30,500,000 32%
45 #216
TBA Top 40%
9.2% (12/11) 778,384 46 -2,276 $45,005
$30,846,500
0 $0 32%
45 #216
TBA Top 40%
01.01.2013 11.30.2013 2022 Goal Source
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The greatest force for change is a job
6,244 direct jobs 9,336 indirect jobs 15,560 total jobs
$1.17 billion in new investment
159 2012+2013 announcements
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What We Measure
Relationships
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What We Measure
Community | Quality of Life
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ECONOMIC DEVELOPMENT 101 - FREE DRAWING
1. How to use metrics to lead and educate others in your community 2. How to use modern commuications to engage stakeholders and
prospects
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Question for Tim: Whats the conversation like with your board when you are behind
with your metrics?
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Question for Tim: Why did you initiate a metrics
program in the first place?
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Get the report: http://www.slideshare.net/wright0405/atlas-high-performance-
economic-development-white-paper Take the survey to participate: http://atlas-advertising.com/
Community-Benchmarking-Study.aspx
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Questions
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Thank you! Contact information: 1128 Grant St Denver, CO 80203 Contact: Guillermo Mazier t: 303.292.3300 x 232 [email protected] www.Atlas-Advertising.com LinkedIn Profile | LinkedIn Group | Twitter | Blog | Slidespace