One of the best ways to grow the regional economy, increase wages and create new jobs is by focusing on employer needs. Manufacturers rely on raw materials, components and parts, as well as services to deliver products to customers in a timely and profitable manner. Often employers have to purchase necessary materials, products and services from outside their region. But what are these materials, products and services? How would employers benefit from suppliers locating near them? Which specific companies should be targeted for greater supply chain cohesiveness?
Through quantitative and qualitative research, top industries and companies can be identified to fill regional gaps and help employers succeed. A sound business development strategy is to research and contact companies that are a good fit for the local economy. It is also important to prioritize these companies as part of an ongoing business development program. Prioritizing by growth and significant company events, such as top executive changes, acquisitions, new product development, etc., will help identify companies most likely expanding or relocating. This approach allows economic developers to maximize their time and resources for business development.
Contact Applied Marketing for details on how to put a Supply Chain Targeting Strategy to work for you.