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Got Economic Development?
7 PRACTICAL WAYS THAT DMOS & EDOS CAN WORK TOGETHER(July 16, 2015)
JEFF FINKLE President, International Economic Development Council (IEDC)
ANDY LEVINE President/Chief Creative Officer, Development Counselors International (DCI)
AGENDA
I. Key Takeaways from Two Recent Studies (Andy)
II. What Makes Economic Developers Tick (Jeff)
III. Seven Practical Ways DMOs and EDOs Can Work Together (Andy & Jeff)
IV. Q&A/Discussion
Destination Promotion An Engine of Economic Development
• Oxford Economics study on behalf of DMAI
• Research included interviews, literature review, case studies
• Statistical analysis of the economic performance of 237 US Cities over 23 years
Key Takeaways
Fast Growth Industry Tourism employment
growth outpaces all other traded sectors combined (since 1998) Causation Established
Destinations that outperform their peers in
attracting
visitors outperform in the overall economy as well
Tourism Advertising & the Halo Effect
Research undertaken by Longwoods International finds tourism advertising campaigns have strong economic development benefits
Economic Developers Are Everywhere
Economic developers are found at all levels of government, in public-private partnerships, in chambers of commerce, in utilities, in universities…
EDOs work behind the scenes to spur economic opportunity and attract investment
Economic Developers Are Everywhere …in Every Region
Economic developers operate in the most attractive places in the U.S. from Napa Valley, to Manhattan, to Denver…
… to more distressed areas like Camden, Appalachia, and Chicago’s South Side
Economic Developers Are Multitaskers
Economic developers have 6 key roles
• Analyst
• Catalyst
• Gap filler
• Advocate
• Educator
• Visionary
Collaboration Fosters Competitiveness
From site selection, to helping firms to expand, to attracting talent and a qualified workforce…
Collaboration with public and private stakeholders is crucial to keeping the community competitive
Economic Development Plans Are Vast
Economic developers are the link to
• Infrastructure development & revitalization
• A qualified workforce
• Attracting investment
• Marketing a region's assets
Metrics That Drive Economic Developers
• Job Creation-Workforce
Development
• Entrepreneurship-Small
Business Development
• Business Retention & Expansion
• Technology & Innovation
• Regulation & Permitting
Procedures
Overall Quality of Life
Funding Makes the World Go Round
DMO funding: primarily bed taxes, and a mix of public funds, member dues, or improvement districts
If only we had more money in the budget for…
EDOs may be funded by: public entities, the private sector, member dues, utilities, grants… it varies widely and often fluctuates
Making the Money Work for All
It is important to understand each
organization’s respective funding
stream…
… clarity and support of the role
and mission of each organization
is key to effective collaboration!
Common goal: make a place attractive for
living, working, AND playing!
Supporting Tourism is Vital
EDOs support tourism
Incorporate tourism into
long-term local strategic plans
Promote workforce
programs for jobs in tourism
Encourage investments to improve
public facilities
Aligning Strategies is Paramount
Community success is contingent on aligning strategies among all stakeholders Clearly
identifygoals
Understand
strengths & limits
Recognize funding
differences
Present a unified
message
Outline roles in
strategic plan
1. Conduct Joint Marketing Missions
• Combine forces & travel together to promote your community in key markets
• Manage a mix of separate & combined special events, media interviews and influencer meetings
Cincinnati Takes New York City
• Cincinnati Ballet Performs at Joyce Theatre (May 6-11)
• CCM Jazz Alumni at Lincoln Center (May 6)
• National Media Reception at Edwards (May 7)
• Cincinnati Symphony Orchestra at Carnegie Hall (May 9)
• Cincy Chefs at the James Beard House (May 10)
• CCM’s Ariel Quartet at 92nd Street Y (May 12)
2. Building Transportation Networks
Denver gets a new international
air destination: Panama City
United 787 flies nonstop to Tokyo from Denver
Lufthansa starts nonstop Denver-Frankfurt flight
• Work together to bring better “air lift” to your region
• Denver success story
3. Influence the Business Traveler(when in your hometown)
• Identify “choke points” business travelers pass through (airport business lounges, upscale hotels, limo services)
• Look for creative ways to communicate your community’s business message
Dia
logue
with In
dustry
Pee
rs
New
spap
ers an
d Mag
azin
es
Busines
s Tr
avel
0%
10%
20%
30%
40%
50%
60% 55.0%
43.6%
37.0%
Influencing Executive Perceptions Leading Sources of Information
4. “Strategic Conference” Pursuit
• Identify and pursue conferences that align with a community’s target industry clusters
• Pursue business conferences that reach executives with site selection responsibilities
Five Conferences Your ED Colleagues Would Love to Host…
Conference Audience Attendees
2015 Locations
CoreNet Global Summits
Corporate Real Estate Executives
2,000 Los Angeles & London
IAMC Professional Forums
Corporate Real Estate Executives
500 Palm Desert & Cleveland
Site Selection Guild Annual Conference
Site Selection Consultants
250 Puerto Rico
Inc. 5000 Conference & Gala
Entrepreneurs/Fast Growth Companies
1,500 Orlando
IEDC (Leadership Summit & Annual Conference)
Economic Developers & Site Selection Consultants
350 (LS)1,200 (AC)
Palm Beach Gardens & Anchorage
5. Align Your Brands
• Collaborate closely to develop complimentary messages and graphic design
• Should communities adopt a single brand? No!!!
6. Collaborate on Tourism-Related Investment Opportunities
• Include hotel & retail attraction in EDO portfolio
• DMOs can identify needs & provide data for EDOs to use in pursuing investors
• Cleveland’s resurgence
• Las Vegas’ vision for a Global Business District
7. Lobby the Public Sector Together
Identify community problems where your policy positions match
• Homelessness
• Transportation infrastructure
• Building Code “Red Tape”
Summing It Up
1. Conduct Joint Marketing Missions
2. Build Transportation Networks
3. Influence the Business Traveler (when visiting your hometown)
4. Strategic Conference Pursuit
5. Align Your Brands
6. Collaborate on Tourism Related Investment
7. Lobby the Public Sector Together
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