In this uncertain economic environment, it is more important than ever for economic development organizations to know their audience and how to reach them.
According to a survey conducted among corporate executives with site selection responsibilities, the leading sources of information influencing their perceptions of a community’s business climate is dialogue with peers, articles in print publications, and industry rankings and surveys. This same research also determined that the following resources were also effective in communicating key information to this particular audience:
- Websites: Content is king when it comes to economic development websites. Executives and site selection consultants turn to an economic development organization’s website in their site location search to gather valuable information, including incentives, workforce statistics, demographics, and available buildings and sites. Utilizing a website to generate valuable content can also establish an organization as a leader in the economic development category and may sway an executive committee’s decision.
- Special Events: Establishing and fostering relationships can be highly influential in the site selection process. Typically large companies that are looking to relocate can be influenced by economic development consultants when planned visits are conducted with the organization’s corporate executives. Consider hosting a private luncheon or inviting a prospect to an exclusive concert or sporting event. The personal interaction may lead to meaningful results!
- Media Relations: Content in newspapers and magazines tend to be one of the most valuable resources for executives and site relocation consultants. As would be expected, the most widely read outlet is the Wall Street Journal based on its primary editorial focus, which offers business related news. Secondarily, executives turn to local business newspapers and magazines for information on available buildings and sites, which is why Walker Marketing has successfully established contacts with both national and regional business media to further spread awareness of our clients’ available resources.
- Social Media: According to statistics, LinkedIn is the most widely used social media outlet for executive decision makers and location advisors. In addition to establishing an individualized professional presence, LinkedIn also offers a number of networking groups that bring location advisors and business development professionals together to share best practices, insights and industry news. The International Economic Development Council is one of the largest groups and offers great information related to news and industry reports.
Corporate executives and site selection consultants rely on developers and brokers to educate them about the value proposition for their designated location and site. Location, for many companies, dictates who they can sell to, how they can market, and how much they can charge for their goods or services. With so many options available it’s important to reach these key decision makers how and where they generally seek this type of information.
What successes have you had in establishing and fostering relationships with key corporate decision makers?
