Folks, that 100-page report full of stats, charts (and hopefully analysis telling us what it means) about your local economy was not meant to sit on your shelf gathering dust!

I’ve lost count of the number of cracking economic reviews I’ve done for clients to support economic strategies, but they haven’t invested just a little bit of time to push this great analysis onto their websites, investment promotion collateral, or into the wider stakeholder community as part of their work.

Here’s 3 ways of getting more value out of your local economy research, economics and performance monitoring work.

#𝟭 – 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗣𝗿𝗼𝗺𝗼𝘁𝗶𝗼𝗻 𝗖𝗼𝗹𝗹𝗮𝘁𝗲𝗿𝗮𝗹

Potential investors will look at evidence and facts. The more powerful sales hooks for locations use factors, and are backed up by robust evidence.

This will involve more time in ensuring that your research reports include
key facts and conclusions according to how inward investors see the world – in particular, drawing out (in a seperate set of briefings):
– key industries and firms, particularly international firms
– innovations, key R&D and technological skills and capabilities
– presence of emerging sectors and markets
– core skill competencies in the locality / region
– labour market and workforce supply projections
– education and skills specialisms and capabilities
– infrastructure, connectivity and links to international transport gateways
– property and land availability, prices, and future supply pipelines

#𝟮 – 𝗠𝘆𝘁𝗵-𝗯𝘂𝘀𝘁𝗶𝗻𝗴

Many localities and regions have persistent myths or stereotypes about them which are largely based on industries and economic conditions 40 or 50 years ago.

Sometimes its good to confront these myths head on and reconfigure views and opinions of the locality based on factual evidence.

#𝟯 – 𝗘𝘃𝗲𝗻𝘁𝘀, D𝗲𝗯𝗮𝘁𝗲𝘀 𝗮𝗻𝗱 B𝘂𝘀𝗶𝗻𝗲𝘀𝘀 B𝗿𝗶𝗲𝗳𝗶𝗻𝗴𝘀

Explaining the trends in data and main findings, the causality and potential solutions is greatly enhanced by discussing this with stakeholders and businesses in the region.

Evidence and research is a very neutral and objective position from which to engage in events and debates. Businesses, in particular like the robustness and objectivity of evidence-based decision making.

You’ve created a massive well of content by commissioning an economic review of your locality or region! time to put it to work for you!