Posts Tagged ‘Economic Developers’
2012 was a great year for Yfactor! Some of our highlights included:
- We launched our new analytics tool, Prospect ID, which can turn blind web traffic into identified investment leads
- We helped dozens of communities across North America to launch economic development, municipal, tourism, and immigration attraction projects including websites, social media, apps, branding, marketing strategies and design
- We’ve built relationships with 26 new clients representing communities across the United States and Canada, completing over 100 projects
2013 is shaping up to be an even bigger year than last and we are looking forward to sharing more great articles, as well as stories about Yfactor, our staff and some of our client successes.
Economic gardening pre-dates the World Wide Web as a business enabler in widespread use. The web, though, has provided the foundation for the proliferation of economic gardening initiatives in recent years.
Web tools have enriched the ways that economic gardening can be applied. Economic development organizations are finding that they can use the web’s connection-building ability to foster networks that help second-stage businesses thrive.
Talent attraction strategies are quickly becoming more innovative as communities fight to attract great people all across North America.
A growing number of economic development organizations are creating workforce strategies based on identifying the gaps between the talent that is available and the talent that will be needed – and they are coming up short.
In a creative economy place matters. Just as infrastructure and taxes are a competitive advantage for classic industrial development, quality of place and lifestyle amenities are competitive advantages to develop the creative economy.
— From “Canada’s Creative Corridor,” a report by the Martin Prosperity Institute to the Eastern Ontario CFDC Network Inc., 2011
Quality of place is increasingly being recognized as a key factor in attracting talented and creative people to a community, who in turn create and attract business investment. Creative people want and need to feel at home and connected to the community, in which they live, work, and play.
— From Elgin County, Ontario, Economic Development Strategy and Action Plan 2011-14
Competitive advantage for municipal economic development depends more than ever on making connections work.
You need more than data. Your competitors all have data. They all have strengths in one industry or another, just as your community does. They have talented people producing marketing campaigns and administering programs in competition with you, the next county and the next continent. (more…)
One of the key elements of an effective creative economy strategy is the identification of target markets and marketing goals. Social media has become an important tool to help economic developers accomplish this. In fact, it’s hard to see how any such strategy could work without employing social media as a communications vehicle.
It’s worth repeating that the difference between a traditional economic development investment attraction marketing strategy and the new creative economy attraction marketing strategy is that the target audience is not businesses, it is people. And these days you can’t communicate with people more reliably or cost effectively than through social media.
Perhaps “communicate” is the wrong word, though. The word should probably be “connect.” If social media is regarded primarily as a communications vehicle that might imply that it is just another channel for pushing out a general message. That is how many economic development organizations in North America seem to regard social media. They are just getting on board this new mass communications bandwagon.