Towns and cities can always benefit from the additional revenue that locally-based businesses can contribute to the tax base. However, many lack the internal resources to conduct a search for ideal target companies that is likely to result in a successful recruitment. One solution to this dilemma is to enlist outside help from economic development experts in order to accomplish their goals.
The Benefits of Business Expansion for Municipalities
All cities and towns value the benefits they receive from having local businesses in the area. With more companies choosing to locate in their area as a result of economic development efforts, they can enjoy a stronger tax base and better employment opportunities for local residents. These benefits have other, secondary effects, such as the potential to attract institutions of higher learning and vocational schools to the area.
At the same time, the specific economic development needs of each municipality vary from one to the next. For example, some are focused primarily on attracting certain types of businesses, such as high-tech, medical device, or manufacturing companies. Others have an eye toward attracting regional tourism dollars by bolstering the presence of businesses in historic downtown areas or near other tourist attractions. Still others want to attract more retail trade to the area as a way to increase shopping and dining-related income from regional consumers.
Our Economic Development Services
At MindEcology, we help municipalities gain a deeper understanding of the current business and consumer climates in their own area. After developing a local area profile based upon multiple demographic, psychographic, business-related and educational factors, we are in the position to compare the city or town to others across the state or region of the country. For municipalities that are shown to have similar characteristics, we create a target list of companies that thrive there.
Our economic development services include:
- Provide descriptive statistical summaries of the local demographic, psychographic, business and educational climate
- Identifying similar municipalities in the state or region
- Determining which industries require more presence in the area, by SIC or NAICS codes
- Locating specific prospective companies belonging to target industry classification(s) for relocation or expansion into the area, including providing contact information of decision-makers
- Providing marketing recommendations designed to attract target companies to the area, including recommendations for messaging, talking scripts, marketing channels, frequency and reach
- Assistance with directly contacting target companies? internal real estate site selection teams via e-mail, phone, or in-person visits to explain the benefits of relocating to the municipality
Beyond Mere Data: Results-Oriented Marketing Support
All too often, we here of economic development efforts by outside consultants that resulted in reams of data ? but little in the way of results-oriented recommendations and outreach assistance.
At MindEcology, we are data experts. But, importantly, we turn the data about your city or town into actionable, useful information connected to actionable marketing recommendations. And our economic development services do not stop there. We are also seasoned marketers, with decades of combined real-world marketing experience that you can leverage to execute your marketing plan.
We can put together a complete marketing package to assist your economic development efforts. Our marketing services are a direct extension of our marketing recommendations. Our services represent the tactical execution of our recommendations. Services include:
- Landing page & website design for best-possible conversion
- E-mail campaign creation and execution
- Text or banner ad campaign design and implementation
- Custom video creation for showcasing your area in the best-possible light and inspiring prospective companies to visit
- Messaging and script creation for phone-based outreach
- Outbound phone calls to target companies? in-house real estate site selection teams
Our economic development process involves both Data Discovery and Predictive Modeling services. We then implement our findings via our Marketing Services.
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