ECONOMIC DEVELOPMENT QUARTERLY
IS YOUR REGION OPEN FOR BUSINESS?
Who hears this on a regular bias or even worse still, who of you are responsible for telling the market that your local region, state, territory or other is“ open for business”? Let’ s assume that no one is shut for business so conversely, everyone is open. The marketing of regions has always been done in very simple terms, a glossy brochure, with nice shots of some buildings and maybe even industrial space available to lease for low cost. So now we are open and cheap! Why wouldn’ t you want to uproot all your staff or take a huge financial risk to relocate or expand to that empty product? In 2017 my Council won an EDA award for a cheeky marketing campaign( Mensa Test – Your HQ with IQ) which sought to test clients to see if they would qualify to enter our region as investors. Yes, it was successful, but it demonstrated that we as an industry particularly here in Australia, we need to get away from glorified pamphlets and understand our clients, what they aspire for in their business and personal lives and appeal to those values. Rational or expansion decisions are complex, pamphlet and newspaper adverts are not.
" In my time, I have seen the interest in commercial grade fibre go from non-existent to as important as the electricity to power the lights. The market changes. Understanding your key strengths and product offerings in a changing market and playing to them, is paramount to attain cut through with your target audience."
In my time, I have seen the interest in commercial grade fibre go from non-existent to as important as the electricity to power the lights. The market changes. Understanding your key strengths and product offerings in a changing market and playing to them, is paramount to attain cut through with your target audience. On many occasions, your key strengths might to others be viewed as a negative. My region won one of its greatest investments not because it was open for business( it wasn’ t at the time) but because there was no other business here and thus provided a good test bed location. Not something one would want to sing from the roof but being aware of what pushes the buttons of your target market and then expressing that regional advantage as a cost benefit to the client’ s balance sheet bottom line is paramount. So, what are the things you should know before taking that next half page advert in that industry magazine, because it is a week before deadline and the editor is desperate to shift the space?
• Have clear professional research of what your locals and your audience think of your location as it appears today
• Have a clear understanding of what gap exists between what they think today and how it may need to be thought of tomorrow to attract investment
• Understand what issues need to be addressed to achieve this mindset and the tools you can use to achieve
• Have your 30-second pitch for your region clear, just as others looking for investment need to have their pitch, so must you. The pitch may change by industry
• Make sure your pitch is focused on commercial outcomes and not aspirational statements,
• Lifestyle is important but dollars are more important, you must pitch how the client can have both, and;
• Make sure everything you say and everything you do is backed with a clear and transparent value proposition that substantiates the claims being made.
TIME TO SELL, SELL, AND SELL …. BUT SELL WHAT?
Every region wants to be a smart region, attract high value employment opportunities for their residents
VOL. 11 NO. 1 2018 | 10