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

Key Takeaways from Two Recent Studies

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

What Makes Economic Developers Tick

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

7 Practical Ways DMOs and EDOs Can Work Together

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

Thank You…Would Love to Connect

Jeff Finkle, President, IEDC

Andy LevinePresident/Chief Creative

Officer, DCIEmail jfinkle@iedconline.org andy.levine@aboutdci.com

Phone 202/223-7800 212/725-0707 (x-107)

LinkedIn Jeff Finkle, CEcD (IEDC) Andrew Levine (DCI)

Twitter @IEDCtweets @DCI_Andy