M4 EDS (Economic Development Study)
Designed to meet the global demands of the 21st Century, the M4 EDS study takes a more holistic approach than the traditional Strengths and Weakness type of analysis. To attract global companies, a community must know how to compete in today’s global marketplace. The M4 EDS is engineered to help communities better understand “real life” site selection issues from a corporate perspective.
The M4 EDS is a four part investigation. Part 1, Macro-Level (M1), focuses on a state’s key business and economic drivers such as taxation, workforce, economic development, etc. These factors determine how a state ranks with its competitors. M1 findings are then used to generate recommendations at the local level. The Micro-Level (M2) of the study focuses on the local community’s regional business characteristics, economic drivers and overall business climate. It is important to understand how your community is perceived by businesses and site consultants. The Marketing Strategy (M3) and Recommendations phase will set forth a clear strategy to maintain a community’s present industries while increasing investment in the region. The fourth phase of our study, the Monitoring Phase (M4), is designed to ensure continuity with respect to the Marketing Strategy.
M1 Macro Study
Examines how your state would be ranked by potential employers, including:
• Human Resources and education
• Infrastructure and utilities
• State fiscal health
• Quality of economic development programs and departments
M2 Micro Study
Assesses your area’s ability to compete for new jobs, capital investment and new tax base, including:
• The region’s primary industries
• Key community assets and weaknesses
• Labor pool and union activity
• Local economic development programs including: job retention, advertising, and marketing
• Perception of community by businesses and site consultants: Is the region or community on the “radar screen?”
M3 Marketing Strategy and Recommendations
The Marketing Strategy will enable the region to:
• Optimize marketing budget and spending
• Develop attainable target markets
• Sell more effectively to these targets
• Identify foreign investment opportunities
• Identify required staffing and resources
Pollina will provide annual guidance with respect to:
• Macro and Micro Reassessment: Pollina will re-examine both the Macro and Micro studies, including all marketing materials, and identifying the year’s successes and failures and any issues that might trigger an adjustment in the Marketing Strategy.
• Focus Group: a full day Focus Group in which participants from the regional or community’s economic development organizations, state’s economic development organization, utilities, chamber of commerce, board members and political leaders would discuss the year’s successes, failures, marketing strategy, advertising programs, etc.