Business Development Strategies Adapted to Today's Economy

BDA advises communities on the factors that drive regional business development in the global, services-based economy. There is broad recognition that it no longer makes sense to rely solely on manufacturing as the "engine of growth." Further, business attraction alone is unlikely to generate economic growth for a community, given the steady decline in big projects and the increasing number of competitors around the globe.

There is now a greater focus on innovation, creativity, entrepreneurship and information technology as major drivers of regional economic growth. Further, we now live in a services-based economy. In the past, services were viewed as a residual to economic growth. Today they are a driving force. Economic development leaders must adapt their business development strategies to this reality.

BDA has the unique ability to combine an understanding of the factors that are changing our regional economies with knowledge of the operating needs of new, expanding, and relocating businesses. BDA builds on tried-and-true business attraction approaches and broadens their application to businesses that have not been part of the traditional site selection market. BDA supports economic development agencies as they transition their efforts in response to new economic conditions.

Industry Targeting and Prospect Identification

Business attraction remains one of the core responsibilities of economic development agencies. It is high profile and high risk. Many organizations perform target industry studies to support their attraction efforts. Few are fully satisfied with the results.

BDA goes beyond traditional targeting efforts by studying industry needs and identifying companies that match community goals and location attributes. Other target industry studies typically leave economic development professionals without sufficient information to conduct effective marketing efforts. While they have a list of broad industry targets, they have no guidance on how to identify the best companies for their location or how to contact them in an effective manner.

BDA works with clients not only to define target industries, but to:

• Identify the most appropriate market segments within those target industries;
  
• Provide industry information that allows economic developers to speak confidently with executives;
  
• Establish location- and industry-specific screening criteria to identify potential prospect companies; and
  
• Prepare company profiles to support calling/contact strategies.

For more information on BDA's approach to industry targeting, please contact us and request a copy of the BDA Business Attraction Process Overview.

The Bigger Picture
Economic development agencies are often evaluated by the number of new jobs they bring to a community. However, the ability to expand the business base depends on dozens of factors beyond the quality of the recruitment effort. BDA works with communities through strategic planning, competitive assessments, and program and policy development to enhance the location-specific factors that affect business growth. We have worked on initiatives ranging from workforce development to real estate projects. We work with communities throughout these efforts to establish stakeholder support and implement recommended programs.