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