Local Governments with more resources are better equipped to provide for their communities. Investment Promotion is key to attracting these resources, spurring increased tax revenues, job creation, and other opportunities for receiving communities.
Investment Promotion is critical for highlighting local investment opportunities aligned with public objectives. Effective investment promotion paired with strategic investor facilitation can act as powerful catalysts for economic growth and public-private sector alignment.
This Innovation Group is designed to identify and develop tools and strategies for local governments to promote these investment opportunities through services focused on digital strategy, image building, lead generation, investor facilitation and business intelligence.
Why Local Government Investment Promotion?
As companies have become more mobile, competition between locations to attract investment has intensified. Almost every major city, state or region now has an investment promotion agency responsible for promoting it as a business location to investors.
Most investment promotion and economic development agencies target similar industries and use comparable promotional messages. It has become difficult for agencies to differentiate themselves and position their location as being different or better than others. Political expectations and budget constraints are increasing the pressure on agencies to do “more with less”.
The investors will not just arrive; they need to be targeted, wooed, developed and secured. At a time when competition among cities and regions to attract more quality investment becomes stiffer, promoting investment effectively and linking it strongly to the local economy has become increasingly important for cities and regions across the US.
Developing an Investment Promotion Strategy.
Successful investment promotion requires a strategy that is focused on areas with the greatest opportunity. Unfortunately, government initiatives and public organizations often have poor supporting systems for collaborating around these strategies. Identifying these opportunities begins with a realistic assessment of a location’s strengths, combined with a review of market developments to identify sectors and regions with the most potential for attracting investment.
Local governments and public organizations can leverage platform technologies, business intelligence tools and listing systems to collaborate around key investment opportunities and develop a clear investment promotion strategy aligned with public and private incentives.
Promoting & Marketing a Location.
Raising awareness of a location with key target groups is critical for any investment promotion effort. Critical for this is identifying the right combination of promotional measures and channels for connecting. While digital channels are among the most important, local governments often lack in their digital marketing capabilities.
Platform technologies, listing systems and online resource portals can be invaluable tools in sharing and promoting investment opportunities to targeted audiences.
Investor Management & Investment Facilitation.
An effective investment promotion agency requires a range of tools to facilitate and support its activities. These include research sources for identifying potential investors as well as specialized customer relationship management systems for managing a pipeline of investment opportunities and relationships with existing investors. Unfortunately, most local governments lack this technical capacity, resulting in sub-optimal investor prospecting and investment facilitation.
CRM systems, recurring inbound content and tailored investor messaging allows governments to make the most of current and potential opportunities.