2009 Prospectus - Missouri Partnership

I I I . H O W W E A P P R O A C H O U R M I S S I O NThe recipe for a successfuleconomic developmentmarketing andbusiness recruitmenteffort is straightforward:Successful business attraction beginswith a compelling “product” – everythingfrom Missouri’s workforce and educationalinstitutions, to its location and infrastructure,to its taxes and quality of life, comprises theattractiveness of Missouri as a destination fornew business investment.M I S S I O NWith a quality product in place, a consistentand targeted marketing message is criticalto ensure that expansion-minded companiesremain aware of the benefits of doing businessin Missouri. In other words, even if Missouri hasa great story to tell to the global business world,companies won’t hear the story if no one isinvesting any resources in telling it.Just as consumer marketing firms invest heavilyin advertising their products to potentialcustomers, states like Missouri must also investin promoting themselves to businesses whomay be considering a new manufacturingfacility or headquarters location.For statewide economic development organizationslike the Missouri Partnership, the businessrecruitment effort involves two basic platforms:• Developing and communicating a marketingmessage to a targeted audience of prospectiveinvestors; and• Developing and managing relationships withkey decision-makers and decision-influencersinvolved in the process of determining wherenew business investment will be located.Any marketing message developed byMissouri should be delivered to the targetaudience (i.e. expansion-minded companies)with consistency and frequency. Withoutconsistency of message, Missouri will be hardpressedto clearly define its unique competitiveadvantages to a company considering multiplestates for a new investment project. Withoutfrequency of message, Missouri will find itdifficult to remain visible or “top-of-mind” tobusinesses when they are ready to begin anational search for a new facility. Disruptionsto either the consistency or frequencywith which the marketing message iscommunicated will negatively affect Missouri’sability to promote itself for new businessinvestment.Likewise, strong relationships are absolutelynecessary to the sales process involved inbusiness recruitment. The broader marketingeffort is designed to generate interest inMissouri as a possible option for a company’snew investment; the sales effort is designed totranslate that interest into specific action thatresults in the new investment being placedin the state. Key to any sales effort, includingthat of business recruitment, is the effectiveuse of relationships with decision-makers anddecision-influencers.In business recruitment, one of the mostimportant groups of decision-influencers isrepresented by the site selection consultingprofession: As their title implies, site selectionconsultants are hired to advise companies onthe advantages and disadvantages of locatingnew investments in different states, regions,and communities. As “gatekeepers” to thecapital investment decision-making process,site selection consultants interact frequentlywith economic developers of all types whenrepresenting their clients’ investment projects.More importantly, because of their experienceworking projects across the nation, consultantsare keen evaluators of the quality of service,responsiveness, and professionalism that theycan expect from economic developers at thestate level. What consultants determine aboutan individual economic developer’s performanceand capabilities can have a significantimpact on whether and how often a stateis considered for new investment projects,as well as the ultimate success of a state inwinning a consultant-driven decision.As a result, maintaining strong relationshipswith site selection consultants, and thenconsistently delivering high-quality serviceto them and their clients during a project, iscritical to Missouri’s success in recruiting newbusinesses to the state.MARKETING DATA CENTERSMissouri is home to the 5 th mostaffordable data center marketin the United States.v