FY24 VEDP Marketing Plan: Executive Summary (June 2023)

Summary

Executive summary of the FY2024 marketing plan of the Virginia Economic Development Partnership Authority, dated June 2023. A notice designates all other portions of the plan as protected from disclosure under the Virginia Freedom of Information Act. The summary states that the Code of Virginia charges VEDP with economic development marketing responsibilities, including updating a marketing plan for the Commonwealth biennially. For FY24 it states that the Marketing and Communications Division will make limited but strategic investments to improve the brand image of Virginia, including publishing Virginia Economic Review and developing new online tools. It also describes lead generation work with regional and local partners.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

In accordance with Sections 2.2-3705.3 (7) and 2.2-
3705.7 (33) of the Code of Virginia of 1950, as
amended, and Items 33 F.2. and 33 H.5. of Chapter 836
of the 2017 Acts of the Virginia General Assembly, the
Virginia Economic Development Partnership Authority
hereby designates all portions of this Marketing Plan to
be protected from disclosure under the Virginia Freedom
of Information Act, except for the Executive Summary.




FY2024 MARKETING
PLAN: EXECUTIVE
SUMMARY
                                                           CarMax, Richmond




June 2023
FY24 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

In FY24, 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 evaluating materials and content for alignment with target sector priorities, the publication of Virginia
Economic Review, the development of new online tools, and supporting events nationally, and internationally. Additionally, the
Division will continue to manage economic development communications and announcements.

VEDP’s business development 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 through a variety of channels (e.g., FDI, domestic, and existing Virginia firms) and a sector-focused approach for deeper
industry engagement.

Over the course of FY24, in conjunction with regional and local economic development partners, VEDP will conduct lead generation
activities 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.




                                                                                                                                         1


File and source

File

2023-RD514.pdf

Size

762,563 bytes

SHA-256

292ecae9e8ddb4c4870dc6fac61030b5bca0a76e8677d802e59274ed81f34ac9

Our copy

2023-RD514.pdf

Original

No public link identified.