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International Economic Development Council (IEDC)

International Economic Development Council (IEDC). Facing Up to the Challenge: Effective Use of Information by IPAs. Jeffrey A. Finkle, CEcD President & CEO. About IEDC.

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International Economic Development Council (IEDC)

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  1. International Economic Development Council (IEDC) Facing Up to the Challenge: Effective Use of Information by IPAs Jeffrey A. Finkle, CEcD President & CEO

  2. About IEDC The International Economic Development Council (IEDC) is a membership group that serves the economic development profession. With nearly 5,000 members, we are dedicated to helping economic developers do their jobs more effectively. Our members create more high-quality jobs, develop more vibrant communities, and generally improve the quality of life in their regions.

  3. “In this dynamic economy marked by globalization, rapid technological innovation, industrial restructuring and demographic change, there is an accelerated demand for information to back up business and investment decisions. Providing the right data to the right audience at the right time is the central marketing issue.” ~Marketing Communities in the Information Age, International Economic Development Council

  4. The Importance of Sophisticated Information Gathering: • Hones your investment attraction targeting • Captures your unique value proposition • Identifies factors which are stunting your competitive advantage • Informs your marketing/messaging and strengthens your pitch

  5. Will we remain Relevant? • Is our role as a broker and information advocate for our countries or communities still relevant? • Will site selection consultants or purchasable databases make our role irrelevant?

  6. Outline I. Assessing the Economy • An overview of the core elements II. A Data-based Approach to Investor Targeting • A step-by-step methodology for understanding your economic base, performing target diagnostics and determining your investor-appropriate value proposition

  7. Assessing the Economy • The foundation of an information-backed trade and investment pitch is a comprehensive economic profile which addresses: • Economic conditions and activity • Attributes of the country or region • Development capacity • Levels of analysis include regional, metropolitan and sectoral

  8. Assessing the Local Economy: Core Competitiveness Factors • Competitiveness factors to evaluate include: • Industry and activity concentrations • Demographics • Location-specific amenities • Labor: Availability, cost and skills • Consumer base characteristics • Higher education opportunities • Vocational training programs • R&D Capacity • Payroll costs by industry

  9. Assessing the Local Economy: Core Competitiveness Factors (Cont) • Average salaries • Workers comp/labor relations issues • Availability and quality of infrastructure • Taxes and incentives • Utilities • Site/building and equipment resources • Permit processing time frames • Business support services • Financial resources • Government accessibility • Quality of life variables

  10. Assessing the Economy: Questions • A well-executed economic profile answers: • Do we know our competitive advantage? • What are our obstacles to attaining our economic development objectives? • What are the prevailing opinion and perceptions of your community? • What are the existing resources for implementing your investment promotion strategy?

  11. A Data-based Approach to Investor Targeting 1. Build an inventory of economic information which comprises the following aspects: • Economic condition • Population characteristics • Labor force characteristics • Physical condition • Business climate • Knowledge-based resources • Quality of life/Quality of place

  12. A Data-based Approach to Investor Targeting 2. Keep tabs on businesses • Identify businesses looking for strategic international partnerships to match them to potential foreign investment opportunities 3. Conduct Market Research • Track macro-economic trends which could affect business activities and investment patterns • Develop knowledge base of industry requirements, thresholds for business location and inter-industry relationships

  13. A Data-based Approach to Investor Targeting 4. Perform targeting diagnostics/prospect intelligence • Rate your competitive strengths in relation to industry requirements • Identify target industry segments, locations, firms • Consider tie-in opportunities to existing industry • Build on existing international connections 5. Determine your competitive advantage or investor-appropriate value proposition • Integrate into ads and communications

  14. www.iedconline.org

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