The most recent edition of DCI’s continuing research study, “Winning Strategies in Economic Development Marketing,” was released last week.  Since 1996, we have surveyed corporate executives with site selection responsibilities to determine the “customer’s perspective” on best practices in place marketing.  In the 2008 survey, 281 senior corporate executives participated.  

How in tune are you with corporate decision makers’ frame of mind? Try the following, four-question quiz.  The correct answers appear at the end of this post.

1. Executives were asked to select the top three sources of information influencing their perceptions of a state or region’s business climate.  Which of the following is NOT considered a top information source?

     a. Articles in Newspapers and Magazines
     b. Business Travel
     c. National Surveys (e.g. Fortune or Money magazine)
     d. Dialogue with Industry Peers

2. What do executives consider the most useful feature of an economic development organization’s website?

     a. Current comparisons to competitor locations
     b. Directory of available buildings & sites
     c. Information on available incentives
     d. Testimonials from local companies

3. In the 2008 study, which of the following tools was rated as the most effective way to reaching corporate executives who may be considering a new location?

     a. Internet/website
     b. Advertising
     c. Hosting special events
     d. Public relations/publicity

4. At what point during the site selection process is a company most likely to contact an economic development group?

     a. During the initial screening of all possible locations, to request preliminary data.
     b. After developing a shortlist of potential communities, to request specific data or arrange site visits.
     c. After the field has been narrowed to a few finalists, to negotiate incentive offers.
     d. After a location has already been selected, for assistance in identifying a suitable building/lot.

The Answers

1. c
In every edition of the survey, we’ve asked executives with site selection responsibilities to tell us which sources of information influence their perceptions of a community’s business climate.  While the order has changed somewhat over the years, the top three selections have consistently been “dialogue with industry peers,” “articles in newspapers and magazines” and “business travel.”  In the 2008 study, “national surveys” is the sixth most important influencer of executive perceptions. 

2. c
Executives were presented with twelve features that are commonly included in the design of an economic development organization’s website.  “Information on available incentives” was selected by 82% of respondents, earning it the top spot.

3. a
In the 2008 study, “internet/website” captured the highest rating among all economic development marketing tools for the first time. 

5. b
The most frequent response to “At what stage in a site location search would you first contact economic development organizations?” was “After we have developed a shortlist of potential communities, to request specific data or arrange site visits” -- 40% of those surveyed selecting this option. 

Want to download the 2008 edition of the report? Click here.