Fourth Economy Helps Launch North Dakota-Minnesota Regional Action Plan

Valley-Prosperity-Partnership6 Key Priorities Shape the Economic Development Agenda

Regional industry, especially homegrown industry, must be an integral stakeholder in the development of strong and effective regional economic development partnerships. It cannot be said enough. This was emphasized once again in Fourth Economy’s recent engagement with our friends from the Red River Valley in North Dakota and Minnesota.

By far the Valley Prosperity Partnership (VPP) is one of the strongest industry-led efforts we have seen, both in terms of time and money.  In addition to industry, it included two of the region’s regional economic development organizations and, oh yeah, two states.  For those who have worked in regional efforts like this, you know it is no small task. Continue reading “Fourth Economy Helps Launch North Dakota-Minnesota Regional Action Plan”

Who’s on the Front Lines of your Economic Development?

130828-Front-LinesI’ve always been a huge believer that customer service is one of the most valuable pieces of brand development. Companies who have superior customer service are recognized as a stronger brand and tend to have better sales numbers than those without. Associations who put customer service first tend to have a greater number of members than those who do not. The fact of the matter is that sales are directly proportional to customer service. The same can be said for economic development.

So, how are you manning the front lines of your economic development efforts? 
Continue reading “Who’s on the Front Lines of your Economic Development?”

Fourth Economy Releases Economic Development Data Analysis & Assessment for Rhode Island

Economy-RI-cover

Today, Fourth Economy will be meeting with Rhode Island’s Governor Chafee, members of the legislature, and other stakeholders to discuss the findings of our Economic Development Data Analysis and Assessment. The report comes after two months working closely with the Rhode Island Economic Development Corporation, the Statewide Planning Program, and the Office of Regulatory Reform as part of a larger Sustainable Communities Regional Planning Grant. The report analyzes Rhode Island’s business climate, industry clusters, regulatory environment, financial resources, and marketing efforts. Continue reading “Fourth Economy Releases Economic Development Data Analysis & Assessment for Rhode Island”

Marketing Fourth Economy Communities

The release of our latest Fourth Economy Community Index is a good opportunity to reflect on major shifts impacting economic development marketing strategies.  As we research our fourth economy communities, we see common success factors they employ to help attract and retain new investment.  Earlier this month I conducted an economic development marketing training session with economic developers from throughout the eastern U.S. and shared some key trends and lessons learned from both our project experience and through our Fourth Economy Index initiative. Here are some key take-a-ways. Continue reading “Marketing Fourth Economy Communities”

5 Tips for Economic Development Websites

 

We spend a lot of time visiting community websites as part of our strategy and community assessment work. Here are a few helpful hints (offered in order of priority) we find incredibly useful.

  1. Contact information – Above all else, on the “contact us” or similar page, include the names of each staff person, their title, direct email and phone number. Contact information forms or “info@” emails don’t cut it. It costs time and delays the process.
  2. Maps – On the home page, clearly identify the name of your community, the state in which it is located and a map (Google maps work great).
  3. Info Links – Avoid repurposing your industry or demographic data in a marketing or promotional format. Find a valid data source (government preferred) and link directly to the relevant data set when possible.
  4. Reports – These are helpful. Comprehensive plans, strategic documents, cluster studies, workforce analyses – the more the merrier – Just make sure they are the most recent reports or indicate which report is the most recent.
  5. Social Media – It’s here to stay. Building online communities are just as important as building physical communities. By creating and promoting your community or organization online, you increase stakeholder and funder interest in what you are doing.

Live by these five points and your website will be liked and useful.