Insights
4 Questions to Attract New Business
In the competitive world of economic development, success lies in identifying the unique advantages a community offers and positioning those strengths to attract the right businesses. When done correctly, economic developers position their community as the trusted guide that helps businesses solve challenges and grow.
Using Donald Miller’s StoryBrand model, economic developers can craft targeted messaging that positions their community as the perfect guide for businesses looking to expand or relocate. To do this, they should start by asking themselves four key questions:
1. What challenges do businesses face when expanding or relocating?
Businesses looking to expand or relocate face a range of challenges—whether it’s finding a skilled workforce, accessing reliable infrastructure, navigating complex regulations, or choosing the right market. Economic developers must first understand these challenges from the perspective of the businesses they want to attract to position their community as the solution.
2. Which of these problems can we solve for them?
Next is to determine which challenges your community is best positioned to solve. Smart economic developers focus on highlighting what their community does best. Can you offer competitive incentives that make the transition smoother? Do you have a reliable talent pool or training programs that support workforce development? Do you have the infrastructure, industry expertise, or business-friendly policies that make your community stand out?
3. Which industries and customers fit our community’s unique advantages?
Once you know who you can—and can’t—help, it’s time to get specific. Smart economic developers are quick to narrow down industries and businesses that align with their community’s strengths. This targeting will help stretch your marketing budget and avoid wasting time and resources pursuing businesses that wouldn’t be a great fit. By focusing on attracting businesses that will thrive in your community, you’ll maximize success, foster growth, and become trustworthy.
4. What immediate actions can we take to introduce these businesses to our community?
Now that you’ve built a profile of your target businesses and industries, it’s time to act. Develop custom marketing materials and targeted advertising campaigns that speak directly to the needs and challenges of your ideal prospects. Create messaging and marketing materials that highlight how your community solves specific problems. From personalized site tours and web content to highly targeted digital campaigns, build a brand that speaks to the businesses you want to attract. By being proactive and strategic in your outreach, you make it easy for potential businesses to discover the benefits of your community, further building trust and credibility.
Conclusion: Focus on What Makes Your Community the Ideal Guide
To attract new businesses, it’s essential for economic developers to recognize their community’s specific advantages and position themselves as the guide that helps businesses overcome their challenges. By understanding the unique problems you can solve, focusing on industries that align with your community’s strengths, and taking immediate action to introduce these businesses to your community, you create a path for long-term growth and success.
At EDSuite, we understand the specialized world of economic development and how smart websites and marketing techniques can help developers effectively position their community. By narrowing in on your community’s strengths and focusing on clear, customer-driven messaging, we help you stand out to businesses that are the right fit. Let’s partner to showcase your community’s unique value and attract new business opportunities that drive growth.