Site Selection Insights to Boost Investment Attraction Success

What is site selection?

Site selection is the process of identifying the most suitable location for a new business, expanding an existing one, or relocating. It involves evaluating various factors to determine the optimal site and region that can support the business's requirements. When deciding on the region, businesses consider factors such as labor availability, operational efficiency, market access, infrastructure, and regulatory environment. By strategically considering these factors, Economic Developers can attract foreign direct investment and enhance economic growth.

Ways Economic Developers Can Win the Site Selection Process

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Skilled Workforce and Education

Investing in education and workforce development programs helps create a skilled labor force that aligns with the needs of potential investors. By collaborating with educational institutions, the region's talent pool is enhanced and helps it attract companies seeking skilled workers.

Business-Friendly Environment

Creating a business-friendly environment by streamlining administrative processes, reducing bureaucratic barriers, and offering incentives like tax breaks or grants is crucial for companies. This will result in building investor confidence during the business attraction process.

Sector-Specific Support

Economic developers must prioritize market research to attract the right foreign direct investors. Conducting in-depth analysis helps identify target sectors that align with the region's strengths. It will also provide insights into emerging industries that might not have been previously considered.

Proactive Marketing and Promotion

Actively marketing the region's strengths is vital for drawing in FDI. Leverage trade shows, conferences, and digital marketing to build relationships with companies. Effectively communicate unique selling points like strategic location, resources, and market access.

Collaborative Partnerships

Building partnerships is essential for success. Foster relationships with government agencies, industry associations, and chambers of commerce. They will help identify investment opportunities, address potential challenges, and showcase the region's commitment to supporting investors.

Questions to Ask When Targeting a Company or Sector

Which companies are growing?
Which industries or sectors are experiencing growth?
What type of companies will have the most interest in expanding to my community?
Does the region have the necessary workforce with the required skills and expertise to support the needs of potential investors?
What strategies are in place to develop and upskill the local workforce to meet the demands of potential investors?

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Find the right solution

Gazelle

The Gazelle platform uses AI to rank over 10 million companies based on their likelihood to grow. Create a targeted list of companies and improve your chances of winning more site selection projects.

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Consulting

Our team of experts use world-class labor market data to answer challenging questions about your community, industry, and its workforce. We provide insights to support site selection analysis, sector strategies, and job growth.

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Developer

Developer features the latest employment trends, job postings, and skills in demand in various industries and regions. Get the local labor market analytics you need to ensure your economy thrives.

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What are today’s site selection challenges?

Today, winning site selection projects presents immense challenges given the rapidly accelerating decision-making process and the highly competitive landscape of this global world.

The Time Critical Nature of RFIs

Economic Development professionals must respond rapidly, accurately, and agilely to requests for information (RFIs), especially concerning workforce availability, industry clusters,and competitor analysis. Accomplishing this task without adequate tools and data is challenging.

Navigating the Digital Global World

Companies often bypass steps in the traditional site selection process by accessing the information about the region themselves online, entirely excluding EDOs from the process. The significance of acquiring timely business intelligence to secure a first-mover advantage and proactively pursue opportunities has never been greater.

How to gain a competitive advantage in the site selection process?

Harness Innovation Hubs

Create specialized innovation hubs that foster collaboration between businesses, research institutions, and startups, enticing investors seeking access to cutting-edge technologies and talent. By fostering an environment of innovation and cutting-edge advancements, your region can position itself as a top destination for forward-thinking industries.

Talent Attraction and Retention

Implement talent attraction initiatives, offering attractive incentives like subsidized housing, cultural experiences, and work-life balance perks, ensuring a skilled and loyal workforce. By nurturing a thriving community and supporting the professional growth of talent, your region can become a magnet for exceptional individuals seeking fulfilling career opportunities.

Data-Driven Decision Making

Employ data-driven analysis to evaluate factors like workforce availability and upskilling programs. Enhance your outreach strategy with data on expanding companies and target sectors, giving you early access to new opportunities. Good data will allow you to identify opportunities, understand labor market trends, and tailor workforce development programs to meet the demands of growing industries.

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