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Plan — FY22 VEDP Marketing Plan: Executive Summary (June 2021)

Summary

This June 2021 Executive Summary of the FY22 VEDP Marketing Plan says economic development marketing is a critical component of awareness-building and lead generation. It states that VEDP will focus its FY22 marketing efforts on eight key industry sectors: corporate services, food and beverage processing, information/communication technologies, life sciences, manufacturing, offshore wind, supply chain management, and unmanned systems. It also describes a targeted site selection consultant cultivation effort. The notes give VEDP's FY22 annual lead generation performance goals as 305 leads generated and 150 leads converted.

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“Plan — FY22 VEDP Marketing Plan: Executive Summary (June 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-rd340-5b9ce6f0ba/, SHA-256 592bdc0f3ef520e2c064b1431e106330096801d3af9c1d46136167c91dc7223b.

Full text

FY22
MARKETING PLAN
EXECUTIVE
SUMMARY


                 Mack Trucks, Roanoke County




June 2021
        FY22 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 FY22 marketing efforts on eight key industry sectors: corporate services, food and beverage processing,
        information/communication technologies, life sciences, manufacturing, offshore wind, 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 FY22, 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 supporting new events 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 FY22, 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.

NOTES   VEDP’s FY22 annual lead generation performance goals are 305 leads generated and 150 leads converted.
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