FY21 VEDP Marketing Plan: Executive Summary (July 2020)

Summary

The FY21 VEDP Marketing Plan: Executive Summary, dated July 2020,. It states that VEDP will focus its FY21 marketing efforts on seven key industry sectors: corporate services, food and beverage processing, information/communication technologies, life sciences, manufacturing, supply chain management and unmanned systems. It also describes a targeted site selection consultant cultivation effort and limited but strategic investments by the Marketing and Communications Division to improve the brand image of Virginia and the organization. The Business Investment FY21 annual lead generation performance goals are 205 leads generated and 95 leads converted.

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FY21 MARKETING PLAN
EXECUTIVE SUMMARY




July 2020
FY21 VEDP MARKETING PLAN: EXECUTIVE SUMMARY
Economic development marketing is a critical component of awareness-building and lead generation. Because the business location
decision process relies not only on defined quantitative evaluation but impression as well, strategic marketing efforts can make a
substantial impact on a state’s ability to attract investment.

The Code of Virginia charges VEDP with economic development marketing responsibilities, specifically requirements to:
§   See that effective economic development marketing and promotional programs are carried out
§   Develop and update biennially a marketing plan for the Commonwealth as a whole

VEDP will focus its FY21 marketing efforts on seven key industry sectors: corporate services, food and beverage processing,
information/communication technologies, life sciences, manufacturing, supply chain management, and unmanned systems.

In addition, VEDP will implement a targeted site selection consultant cultivation effort to raise awareness and improve perceptions of
Virginia as a premier business destination among this highly valued influencer group.

In FY21, VEDP’s Marketing and Communications Division will make limited but strategic investments to improve the brand image for
both Virginia and the organization (given limited funding is available for recurring, third-party marketing for economic development).
These efforts will include an expanded marketing and collateral system, the publication of Virginia Economic Review, the development
of new online tools, and new events in Virginia, nationally, and internationally. Additionally, the Division will continue to manage
economic development communications and announcements.

The Business Investment team model includes staffing at all stages of engagement: strategy development & implementation, lead
generation, and project management; the structure includes a lead generation team solely focused on business expansion and
attraction with comprehensive outreach (e.g., FDI, domestic, and existing Virginia firms) and a sector-focused approach for deeper
industry knowledge (i.e., products, services, and technology).

Over the course of FY21, the Business Investment Division, in conjunction with regional and local economic development partners,
will attend multiple trade shows and conduct missions to promote Virginia for business. These efforts will be supported by lead
generation calling campaigns and activities conducted by representatives in VEDP’s foreign offices.

The Business Investment FY21 annual lead generation performance goals are 205 leads generated, and 95 leads converted.

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