Competing in Economic Development? Use Metrics.
2 likes415 views
The document discusses the importance of metrics in economic development, presented by Guillermo Mazier, CEO of Atlas Advertising. It emphasizes the need for a benchmarking approach to help economic development organizations measure their performance and outcomes effectively. The presentation outlines steps for implementing metrics and highlights trends impacting the profession, showing the necessity of accountability to improve community well-being and economic activity.
Competing in Economic Development? Use Metrics.
- 1. Competing in Economic Development? Use Metrics Presented by
- 2. 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 guillermom@atlas-advertising.com www.twitter.com/atlasad How my kids describe me:
- 3. 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
- 4. 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
- 5. 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
- 6. Setting the Stage for Our Metrics Talk
- 8. Do We As Economic Developers Make a Difference?
- 10. Heraclitus of Epheseus, 535 BC – 475 BC Albert Einstein? Steve Jobs?
- 12. 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
- 13. Poll Question: As a practitioner, how much do you think you impact the overall economic activity in your area?
- 14. The Metrics Situation in Economic Development
- 15. 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
- 16. 125 < 25,000 Average 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
- 17. 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
- 18. Why We Need Metrics for Economic Development
- 19. There is Too Much Discussion About Whether or Not Economic Developers are Essential, While Interest in Economic Development Organizations Wanes
- 20. Implications if we Don’t Use Metrics
- 21. 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 is Staggering at All Sizes
- 22. How to Put Metrics Into Practice
- 23. How Does Your Organization Prioritize Business Recruitment, Retention, and Marketing/Promotion?
- 24. 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.)
- 25. 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
- 26. Start With the Big 4, Then Get More
- 27. Poll Question: Should we use outcomes to measure ourselves?
- 28. Poll Question: Did your organization set measurable goals for your marketing, business development, and business retention programs this year (2017)?
- 29. Poll Question: What is stopping you from implementing metrics for your role within the organization?
- 30. 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 staff 3. Set a plan to influence that metric for each staff person 4. Make the plan transparent to your stakeholders 5. Execute, report, and adjust
- 31. What Type of Organization Do You Want to be When You Grow Up?
- 32. Assigning Metrics to Staff: What Metrics Does Each Function Influence? WEB VISITS INQUIRIES /CONVERSATIONS JOBS ANNOUNCED CAPITAL INVESTMENT ANNOUNCED CEO/Executive X X X X Business Developer X X X Marketer X X Researcher X
- 33. Setting a Plan so That Each Staff Person Can Drive High Performance BUILD THIS
- 34. Economic Development CEO / Executive Metrics He/She Should Influence 1. All Role He/She Plays 1. Setting the vision for the organization 2. Creating a culture of accountability and transparency 3. Setting the parameters for a metrics score card 4. Allocating staff and resources 5. Building capacity to ensure board engagement Sphere of Influence
- 35. Business Developer Metrics He/She Should Influence 1. Inquiries/Conversations with Companies 2. Jobs Announced/Conversations 3. Capital Investment Announced/Conversations What He/She Should Focus On 1. Rapid response to prospects 2. Investigating prospect needs 3. Providing customized responses 4. Proactively prospecting 5. Filling, monitoring and maintaining BD pipeline Sphere of Influence
- 36. Marketer Metrics He/She Should Influence 1. Website visits 2. Ratio of website visits/inquiries What He/She Should Focus On 1. Creating opportunities for BD, through marketing 2. Driving traffic to the website via search engines, social media, email 3. Keeping content fresh and relevant 4. Leveraging the latest marketing tools and software to create a competitive advantage for her community Sphere of Influence
- 37. Researcher/Economist Metrics He/She Should Influence 1. Website Visits 2. Jobs Announced 3. Capital Investment Announced Role He/She Plays 1. Creating outstanding and differentiated content for all teams 2. Providing customized data to the business developer 3. Managing and reporting on benchmarked data 4. Leveraging the latest data sources and tools Sphere of Influence
- 38. 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!
- 39. “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
- 40. 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
- 43. WHY Metrics?
- 46. HOW WE GOT HERE
- 53. KEEP SCORE
- 56. BUSINESS GROWTH
- 58. EDUCATION
- 59. LOCAL GOVERNMENT
- 61. RELATIONSHIPS
- 65. Questions
- 66. Thank You! Guillermo Mazier 303.292.3300 x 232 1860 Blake St., Ste. B101 Denver, CO 80202 Guillermom@Atlas-Advertising.com www.Atlas-Advertising.com