The value of newsletters has diminished dramatically with the advent of broadcast email and blogging software. Delete, delete, delete is the typical reaction. When we styled Blane, Canada newsletter 13 Tips—formerly Economic Development Marketing Letter—in 1994 we focused on pointed 4-5 lines (Twitter copied this style from us!), providing information that adds value and broadened perspectives.
~~~A hole trilogy… 1st Rule … “The first rule of holes is: If you are IN one, stop digging.” Time Magazine, December 1998; 2nd Rule … “Dig where the gold is … unless you just need the exercise.” John Capozzi, author; 3rd Rule … “If you are IN the bottom of a hole, find a new place to dig.” New Think, Edward DeBono, Avon Books, 1971
~~~“A goal without a plan… is wishful thinking. A plan without action is self-delusion.” Plans have intent. Goals are static. Craft a plan. Quote: Roy Williams, Monday Morning Memo
~~~What is… THE “issue” facing economic development leaders today? Send me your thoughts. We’ll share them in the next issue of ED Marketing Letter.
~~~Avoiding morning cell shock… “I put my phone in airplane mode 30 minutes before bed. It lets me disconnect, and when I wake up, I see only the time, not an anxiety provoking barrage of messages.” Madison Utendahl, head of content and social at the Museum of Ice Cream, via Glamor magazine.
70/30 Rule worth attention… Talking too much is the biggest mistake an economic developer can make when interacting with the prospect. Especially at the beginning. Landing a prospect is a discovery process. If we are talking, we are not asking questions and listening which is where both the prospect and you will discover what is really important in the decision-making process. Source: Rule # 14, the Sandler Rules: 49 Timeless Selling Principles and How to Apply Them, David Mattson. https://www.amazon.com/Sandler-Rules-Timeless-Selling-Principles/dp/0982255489
Dumbing Down Business Retention… spent 90 minutes recently on a national BR|E webinar where the primary message was “Relationship, Relationship, Relationship – it is not about the data.” True, it’s never about the data unless you want to a) identify value added services; b) offer leadership factual information; or c) build a context for making decisions. Relationships will always be part of the puzzle. But, when they are the goal, 55% of the value of the work put into BR|E is lost. Let’s talk about meaningful BR|E goals! Eric 630-462-9222×700
~~~Cracking the Code of Economic Development… “…development goes hand in hand with disruption. As code (the “how” of production) evolves, so does work — and sometimes, the jobs attached to the old versions of work cease to exist.” In his book, The Code Economy: A Forty-Thousand-Year History, Philip E. Auerswald, associate professor at George Mason University’s Schar School of Policy and Government takes on “The Great Man – Machine Debate.” Important reading for those of us in the “jobs” business. Source: Columbia Business School blog. https://www.strategy-business.com/article/Cracking-the-Code-of-Economic-Development?gko=38f12
Is the CRO on your radar? What is the role of the C suite executive with the title CRO? Depends. There are actually 2 contenders for CRO: Chief Revenue Officer or Chief Risk Officer. Both are trending titles in the corporate world. Both are important for economic development professionals.
Chief Revenue Officer… borrowed from the tech startup world is rapidly expanding as companies are increasingly focused on selling solutions and “outcomes”– often comprised of complex bundles of products and services via multiple sales models and channels – all of which need to be managed holistically. Source: Forbes
Chief Risk Officer… there has always been corporate risk, but it used to be concentrated in certain parts of the business: competition, trade secrets, foreign markets, exchange rates where it was treated separately. Not anymore. Corporations are now beginning to take a holistic view of risk. Source: Int’L Risk Mgt. Institute. https://www.forbes.com/sites/sap/2017/02/02/why-every-company-needs-a-chief-revenue-officer/#69795f553fa6 https://www.irmi.com/articles/expert-commentary/implementing-enterprise-risk-management-the-emerging-role-of-the-chief-risk-officer
Congratulations to Pam Cumpata, former CEO McHenry County EDC, IL for forming a CRO peer group to give her CROs (REVENUE) a forum to share and learn. Well done Pam!
~~~Missed this one… Zero Moment of Truth is a marketing concept where the customer is going online to purchase what you have to sell. Will you be picked? True, in economic development… 90% of building searches begin online. But, ZMT assumes all contenders – available buildings – are equal at that moment. ZMT discounts prior marketing to build name recognition or community reputation (good or bad) influence on click options displayed on the search page. You need to solve the whole puzzle
~~~How can we help you accomplish organizational objectives? … Put us on your list for RFP. Not for us, we will pass it along to others in our network who may be able to help. Eric, firstname.lastname@example.org
~~~Feed the spirit that fueled the genius that challenged the system to leverage your talent! Make it a great 2018!
Imagine… a lone long-needle pine on a hillside, bird’s nest and boughs heavy with fresh snow. Smell the crisp fragrance of the still winter air. Listen to the silence, broken only by the sound of the snow squeaking under your every step. Happy New Years! May 2018 be “your year”!
~~~Our inside source… in the Ad industry tells us that the North American film production is moving slowly to and concentrating in Vancouver and Atlanta. Dane Canada, BBDO Worldwide
~~~In memoriam… Blane, Canada Ltd.’s founder and president of 27 years, 1983 – 2010, Nancy A. Blane passed away peacefully in early September after a long battle with a Parkinsonism Syndrome. Nancy is remembered by peers and friends as a pioneer among women in business and economic development.
~~~Tension: Traditional approach in new age… Seldom does the debate over land and buildings move into the light of day, but strategy advisors like Blane, Canada encounter it regularly. This article captures the debate between what appears to be a 70’s economic development strategy and product differentiation. Bold move or delusion? https://www.southbendtribune.com/news/local/st-joseph-county-makes-a-big-bet-on-landing-big/article_ca838e2c-4008-5ef4-984b-3a4462a27986.html
~~~Economic Development for the Team… the new book by Eric Canada, written and illustrated for the new staff member, board members, volunteer, and public official, the book covers the issues addressed and faced by an EDO. Content review will follow the work of editors and designers. Want to be a content reviewer? Shoot me an email email@example.com. Planned release, February 14th 2018. Pre-publishing purchase options coming soon. Bulk order pricing available.
~~~Still a match? Your professional skill set was designed around economic development, but economic development has changed. Is your personal skill set still a fit? Do you need retooling – mindset, skills, strategy, or all? How are you challenging what you know to stay current in an everchanging profession?
~~~Game Changer… Just recently reviewed Gazelle.AI with Steven Jast, Research on Investment, Montreal, Canada. Gazelle.ai deploys trained algorithms indexing companies for growth as well as provides direct access to company info curated for economic development professionals. Access to company info is now a non-factor in economic development marketing. Wow! Great tools Steven & team! More info. http://gazelle.ai/
~~~Potential is frequently found in unexpected places… Do you use your mission statement like blinders, limiting the view of the possible? Or, are you among the 5% who see their mission as a launch point of the possible. For the past six months, I have talked to 50+ people outside my normal network regarding a new manufacturing growth strategy. It has been fascinating to watch 95% say they “love the idea,” BUT “that’s outside our mission,” quickly closing the door. We have seen this behavior before. It is a reality faced by all innovators. Are you open to new ideas or anxious to reject them?