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Economic Development Marketing Assessment In the process of getting back in the “economic development game,” Greater Austin has invested much time, attention and funds on a multi-faceted marketing and outreach program inclusive of print and media advertising, site-selector-hosting events, trade show visitation, business retention and expansion programming, and other methods. By examining the current marketing programs of the Greater Austin Chamber in the context of national best-practices and comparison-community-specific campaigns, Market Street will determine how best for the Chamber to proceed with marketing related to the next phase of Opportunity Austin. The Marketing Assessment will be inclusive of the following components. I. Greater Austin Marketing An analysis of Greater Austin’s domestic and international efforts will shed light on the efforts generated by Opportunity Austin, and potential new focus areas for the “Taking It to the Next Level” strategy. A. Website Review Market Street will review the Greater Austin Chamber (and affiliated) websites to gauge the sites’ effectiveness as tools for recruitment, retention and small business creation. Specifically, the review will include analysis of the websites’:
Analysis will result in the determination of the optimal means to present Greater Austin’s economic development assets to the online community. B. Operational Review Working with key staff and using the original strategy and mid-course correction from 2006 as a basis, there will be a complete review of the operations of Opportunity Austin. Programs, staffing and budgets will all be reviewed and analyzed. A sampling of the program benchmarks from Opportunity Austin will be used to assist with success measurements. Particular attention will be paid to the overall marketing program including its advertising, team trips, public relations, trade shows, site selection professional visits, and other efforts. Market Street will also work with Chamber officials to review and assess the efficacy of the Chamber’s Business Retention and Expansion (BRE) program. The assessment of Opportunity Austin will help set the stage for the new strategy creation. C. International Marketing Market Street will review a recent international marketing report commissioned by the Chamber, in addition to working with Chamber officials, local export professionals and others to gauge the relative importance Greater Austin’s international marketing efforts. The Samsung announcement, visitation and relationship will also be explored. Consideration will be given to a variety of possible next steps. II. Lessons from Other US Regions After an internal review of Austin’s marketing efforts, Market Street will change the perspective on the debate to external models and influences. A. Literature Review Market Street will research top economic development websites and publications to cull a series of current best-practice marketing strategies. We will determine what is currently “working” in economic development marketing, and what does not provide as much “bang for the buck.” Findings will be compared to the Greater Austin marketing assessment to determine if potential changes to Austin’s programs are necessary. B. Three Best-Practice Communities Market Street will profile three U.S. regions considered to be leaders in strategic marketing and economic development programming. The regions’ marketing histories, programs, processes, budgets, and results will be detailed. C. Three Communities that Cut Back Marketing Efforts Conversely, Market Street will examine three U.S. regions that “took a step back” from aggressive economic development marketing and outreach and the effects this had on their economies and current prospects. Market Street will detail the key points to emerge from the research and assess how they will influence the development of the “Taking It to the Next Level” Opportunity Austin Strategy.
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