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brochures, advertising, direct mail, special events, electronic media, etc.), prospect <br /> 110 • follow-up, relationship building, and closing. <br /> • Economic Development Marketing Plan—Economic Development Services will <br /> provide the committee and staff with several alternatives to marketing Elk River as an <br /> industrial site location. A final plan will be prepared based on committee input. <br /> DELIVERABLES <br /> Economic Development Services will prepare an Economic Development Marketing <br /> Strategy with recommendations for image, target audiences and key messages. The plan <br /> will detail the following: <br /> • the development of additional publications; <br /> • the use of direct mail, electronic media, advertising and special events; <br /> • the involvement of allies and existing industry; and <br /> • techniques for prospect follow-up, relationship building and closing. <br /> Recommendations on tracking the effectiveness of the marketing campaign and updating <br /> the plan will be provided. The plan will include timelines, accountable parties and <br /> budget estimates. <br /> The plan will cover a 2-3 year timeframe. It is important to update the plan at the end of <br /> the second year or beginning of the third, to identify changes in the market and assess the <br /> effectiveness of marketing activity to date. <br /> Economic Development Services will provide the city with a summary of the Market <br /> Assessment that provides the foundation for the Strategy Development. <br /> The proposed project cost includes three bound copies, one copy suitable for <br /> photocopying and one electronic copy of the Economic Development Marketing Plan and <br /> the Market Assessment. <br /> TIMELINE <br /> The following timeline is somewhat flexible, but represents a realistic pace for many <br /> communities, recognizing the busy lives of volunteer committee members and the value <br /> of advance mailings. <br /> Market Assessment—4 weeks <br /> Strategy development— 10 to 12 weeks <br /> Final Plan preparation—2 weeks <br /> I understand that you plan to start committee activity after the holidays. I would be <br /> available to begin the market assessment in December 1999 or early 2000, depending on <br /> your goal for project completion. <br /> COST <br /> Total project cost will be $6,000, including expenses. <br /> 2 <br />