5.0. 5.0. 6.0. 7.0. 8.0. 9.0. EDSR 11-08-1999

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Proposal to Provide Consulting Services • City of Elk River— Economic Development Marketing Plan BACKGROUND/PURPOSE In the past several years, the City of Elk River established the critical foundation for successful economic development. Industrial land is ready, economic development financing tools, a capable staff and supportive local government are in place. Marketing these assets is the next step. The community is establishing a committee to guide the • marketing effort. Economic Development Services will work with the staff and committee to develop a detailed economic development marketing plan, including timeline and budget estimates. PROCESS Market assessment: Economic Development Services will conduct a market assessment as a first step in the process. The assessment includes the following components. • Internal perceptions-Information will be gathered and summarized on current industrial park tenants including their SIC code, community of origin, reasons for locating in Elk River, and current perceptions of its strengths and weaknesses as an industrial location. 410 • External perceptions—Telephone interviews will be conducted with 5 - 7 metropolitan site selection firms and industrial brokers to determine their perceptions of Elk River and its primary competitors. Interviews will be conducted, if possible, with organizations that considered Elk River and selected an alternate location. • Competitive assessment—The strengths and weaknesses of 7-10 competitive communities will be assessed to most effectively position Elk River. The data used by industrial site location professionals will be employed to understand how the market is likely to perceive Elk River. • History of inquiries— A history of inquiries and prospect activity will be reviewed to identify trends such as size of company, SIC code, communities of origin, and other factors. Strategy Development: The Marketing Committee will participate in developing the marketing strategy in a series of 4—6 meetings. The following elements will be included. • Economic Development Marketing— Committee members will be provided with an understanding of economic development marketing including key audiences, decision-makers, key factors in site location decisions and marketing techniques (use of brochures, advertising, direct mail, special events, electronic media, etc.). • Elk River and its Competition- The market assessment of Elk River as a site location will be presented to the committee for their review and discussion. • Facilitated sessions—Committee members will participate in developing the • marketing strategy through facilitated discussions designed to identify key audiences, geographic and sectoral targets, image, messages, marketing techniques(use of 1