Best Practices: Effective...Best Practices: Effective Reporting, Tracking & Goals July 25, 2018...

Best Practices: Effective Reporting, Tracking & Goals

July 25, 2018

ECONOMIC DEVELOPMENT

METRICSUNDERSTAND

YOUR AUDIENCE

PRIORITIZE DATAPOINTS

DATA VISUALIZATION

TIMING

EXAMPLES

EDUCATION, PACKAGING AND POSITIONING

UNDERSTAND YOUR AUDIENCE

UNDERSTAND YOUR AUDIENCE

INTERNAL

VS.

EXTERNAL

WHO WITHIN YOUR UTILITY

TRACKS ECONOMIC

DEVELOPMENT PROGRESS

• C-suite Executives• Leadership Team • Other Departments• Others?

• What is their level of knowledge of economic development?

• What do they consider “wins”?• How do they prefer to receive

information?• How often?

A FEW QUESTIONS

TO ASK:

PRIORITIZE DATAPOINTS

WHAT YOU WANT TO SAY

RELEVANCE

WHAT THEY’RE INTERESTED IN

PRIORITIZE DATAPOINTS

• Loads• Leads• Revenue• Social responsibility• Local partners / LEDO

support services• State / community

involvement and investment

• Project wins• Other?

ARE OBJECTIVES

CLEARLY DEFINED?

ARE YOUR INITIATIVES IN

LINE WITH THOSE OBJECTIVES?

WHAT METRICS

ARE MOST RELEVANT?

EDUCATION, PACKAGING AND POSITIONING

I N T E R N A LC O M M U N I C A T I O N

EDUCATION, PACKAGING AND POSITIONING

• Does your audience understand your role

• Is there an education component

• Tell stories

• Visualize data

• Cross-promote your services/successes with other departments

THE VALUE OF ECONOMIC DEVELOPMENT

PACKAGING YOUR RESULTS

POSITIONING YOUR DEPARTMENT WITHIN

UTILITY

12 SECONDSThe average attention

spaN of a HUMAN in

2000

8 SECONDSThe average attention

spAN of a HUMAN in

2013

9 SECONDSThe average attention

spaN of a

GOLDFISH

THE AVERAGE HUMAN ATTENTION SPAN

DATA VISUALIZATION

ATTENTION SPANS ARE SHRINKING…

DASHBOARD/SNAPSHOT

HIGHLY VISUAL; GRAPHIC LOOK

HIGHLIGHTS AT-A-GLANCE

TIMING IS CRITICAL

HOW MUCH IS TOO OFTEN; NOT OFTEN ENOUGH?Monthly • Quarterly • Bi-annually • Annual

BE CONSISTENT!Once you start reporting; maintain a consistent schedule

ASK FOR FEEDBACK & ADJUST ACCORDINGLY

WHAT HAVE YOU DONE FOR ME LATELY?

EXAMPLE

$14,235,936

$19,163,760 $21,901,440$24,091,584

$9,470,582

$0$5,000,000$10,000,000$15,000,000$20,000,000$25,000,000$30,000,000

EI‐MeetsSome EI‐Meets EI‐Exceeds EI‐FarExceeds YTDEI

EconomicImpact(EI)*Scorecard

5511

22011330

DemandbyTariffArea

GMOKCPLKSKCPLMO

$7,946,657

$98,874

$3,261,900

$81,324

Projected Revenue by Industry

Data Center

Logisitics

Manufacturing

Office

2018 Announcements  CompanyName

AnnualRevenue ($)

Projected Operational

Spear Power Systems

$296,739 2nd Q 2018

Faurecia Interior Systems

$2,426,386 4th Q 2019

Mail Print/Next Page

$628,775 3rd Q 2018

Grow Safe System

$81,324 1st Q 2018

HopkinsManufacturing

$98,874 2nd Q 2018

NOCIX $7,946,657 3rd Q 2018

Projected Revenue $11,388,755

March2018

543

$46,275,000