EDSR MEMORANDUM 10-11-1999 - Laserfiche WebLink

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• MEMORANDUM TO: Paul Steinman, Director of Economic Development FROM: Marc Nevinski,Assistant Director of Economic Development DATE: August 3, 1999 SUBJECT: Marketing Plan Issue As you requested, I have contacted several individuals in the marketing field to discuss the components of and costs associated with formulating an economic development marketing plan for the City of Elk River. Eric Canada - Blane/Canada Ltd. Eric Canada is considered to be the foremost expert on economic development marketing in the U.S. He teaches courses at the American Economic • Development Institute, has written several books on the subject, and has done considerable research of the topic. When I spoke with Mr. Canada regarding the possibility of assisting us in putting together a marketing plan, he described the two extremes of his firm's costs and services. At a minimum, Mr. Canada would work with staff, elected officials, and community leaders to identify Elk River's Strengths, Weaknesses, Opportunities, and Threats (SWOT analysis). It would then be up to staff to write a marketing plan based on the analysis. He estimated the cost to be $8000. On the other end of the spectrum, Mr. Canada would spend about three months working with the city to write a business plan. In addition to the SWOT analysis, Blane/Canada would interview business owners and community leaders to learn about the city's past and present business climate. A plan would then be drafted and Mr. Canada would facilitate community input into the project. A final draft of the marketing plan would then be written. The process would take 2-3 months and cost approximately $30,000. Although Blane/Canada has several pieces of software that help communities • implement a marketing plan, the firm would NOT provide any type of implementation or support services. A separate public relations or advertising firm would have to be hired to fill that role.