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FY25 VEDP Marketing Plan: Executive Summary (June 13, 2024)

Summary

FY25 Marketing Plan of the Virginia Economic Development Partnership, dated June 13, 2024. Its executive summary states that economic development marketing is a critical component of awareness building and lead generation. It states that in FY25 the Marketing & Communications Division will make limited, but strategic, investments to improve the brand image for both Virginia and the organization, including publication of Virginia Economic Review (VER), new digital campaigns, and support for events nationally and internationally. Lead generation calling campaigns and activities by representatives in VEDP's foreign offices will support the work. The plan designates all portions except the Executive Summary as protected from disclosure under the Virginia Freedom of Information Act.

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“FY25 VEDP Marketing Plan: Executive Summary (June 13, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-rd733-8a6b67be38/, SHA-256 8082c675a434d5b7cefdd1fd0277de295f150f2e3312c992a04b893ac507452a.

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      The LEGO Group rendering, Chesterfield County




                                                      University of Virginia   Virginia Tech Innovation Campus




FY25 MARKETING PLAN

June 13, 2024
FY25 VEDP MARKETING PLAN: EXECUTIVE SUMMARY
Economic development marketing is a critical component of awareness building and lead generation. Because the business locati on
decision process relies not only on defined quantitative evaluation, but also subjective judgment, 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 FY25, VEDP’s Marketing & Communications Division will make limited, but strategic, investments to improve the brand image for both
Virginia and the organization (given that 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
(VER), the development of new digital campaigns, 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 and 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 FY25, 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.


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. an d 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.                                                                        1
                                   Governor’s Palace, Williamsburg




Old Rag Mountain, Madison County




                                                                     Downtown Richmond

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