Drill Down- Maximizing Business Retention Programming
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Transcript of Drill Down- Maximizing Business Retention Programming
DRILL DOWNDRILL DOWNThe key for connecting local
analyticswith business retention &
expansion
The key for connecting local analytics
with business retention & expansion
About this presentation
Provide an overview of Drill Down. The most cost effective business retention & expansion process available
Analytics- a simple definition
Analytics is the process of developing optimal or realistic decision recommendations based on insights derived through the application of statistical models and analysis against existing and/or simulated future data.
• Analytics is emerging as the primary driver of maintaining a market-driven competitive advantage
• Its utilization gives communities an edge in retaining and attracting businesses, jobs and revenue
Analytics- Its role in economic development
Economic Impact
All companies have 3 levels of economic impact on a community
Direct- The goods and services purchased by the companyIndirect- Purchases by the company drives jobs at the suppliersInduced- Purchases by the company and the suppliers within the community
The cumulative impact of all 3= Output
Need vs. Want
Needed- Retain existing companies
Why?•Business generate jobs, property tax and other fees•The job holders buy things from other businesses•The employees of the other firms, in turn, buy more things
What Does Economic Development Need?
1. Fast, accurate and reliable information that can give them insights into a company or industry group’s inner workings.
2. An early warning system that allows them to see and act prior to the public announcement.
3. Data that allows them to say: “I recognized the issue and to immediate steps toward resolution”
Drill Down-The Product
Drill Down’s purpose is to identify businesses that:
May be at risk for a wide range of factorsAt risk of being recruited due to success May be ready to expand
What will Drill Down Do?
Drill Down delivers the information and intelligence necessary to address business retention, expansion and economic gardening programming.
How does it work?
Business RetentionThe Drill Down Alert
SystemActivity Detected
Contract Acquisition Filter
Regulatory Action Filter
Provide to EDO•Notice of activity•Assessment of local firm has acquired a new company•Assessment of impact if merger•Assessment of impact if local firm is sold•Contact information on acquired firm•Drill Down® Industry Report on newly acquired firm or firm that purchased local company•Key questions for local site visit
Provide to EDO•Notice of activity•Projection of impact•Drill Down® Industry Report•Contact information, if not headquartered locally.•Contract company contact information •Contact company history/overview•Key questions for local site visit•Enhance scan for follow-up
Notice to local EDO of possible “risk”Assessment of violation and/or
penaltiesAssessment of violation on local
operationsScan for similar industry violations
and their impactKey questions for local site visit
Follow-up calendar
Acquisition/Purchase Filter
Where does our data come from?
• Over 100 trade journals, site selection
• publications are scanned on a weekly basis.
• UPI, AP, and Reuters Business News are scanned daily.
• Construction reports include:• Construction Wire• Dodge Bid Pro• Construction News• Reed Construction
Data• Local Business Journals for
cities over 100,000
• Key social media sites are monitored for indicators of company movements, layoffs, expansions.
• Major social media sites scanned include: Facebook, Twitter, LinkenIn, Google+, Ning, LiveJournal, and Meetup
• 150 BizBrief sites and 275 LinkedIn groups
• Commercial Real Estate Listings on LoopNet, Co-Star, Xceligent
Federal/State Government ScanAll companies subject Federal oversight and/or reporting are scanned on, not less than,a bi-weekly basis for notices of acquisitions, sales, notices of layoffs, etc.
Internet & Social MediaFederal/State GovernmentPrint & Trade Journals
Briefing Reports
•Briefing Reports provide market information about a specific industry segment.
•There are over 285 industry segments available
Reports Include:•Industry overview•Products, Operations & Technology•Sales & Marketing•Finance & Regulation•Human Resources & Workforce•Industry Challenges•Suggested Discussion Topics for on-site meetings