VEDA CONFERENCE OCTOBER 12, 2012 VEDP Organization & Operations Study Update VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 1
VIRGINIA’S FEDERAL EXPOSURE VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 2
VEDP’S RESPONSE Mitigation Strategies • Increase business attraction efforts in sectors which can utilize impacted workers • Expand export assistance programs to replace lost U.S. government contracts with foreign military sales or other international sales • Maintain and expand workforce leadership role, including real-time identification of growing labor pool to compete for projects including companies which repatriate foreign profits VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 3
SUMMARY OF ISSUES • VEDP was set up to be Virginia’s recruitment arm; non - recruitment activities currently dominate. • VEDP is not deployed in the external marketplace and is not as closely connected to its statewide allies and partners as it could be. • Organizational structure is contributing to the challenges VEDP is facing. VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 4
KEY ELEMENTS OF THE VEDP ORGANIZATION & OPERATIONS PLAN • Key takeaways of the proposed structural realignment: – The realignment results in one new position to be filled in Fiscal Year 2013 representing a 2% increase in VEDP’s Fiscal Year 2012 salary baseline. – It creates client focused divisions aligned specifically towards VEDP’s key audiences – New Business Targets, Virginia Businesses, and Virginia Allies. – It establishes three full-time, dedicated Directors for each client facing division. VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 5
BUSINESS ATTRACTION • Goal #1: Establish a single global sales and marketing unit to improve efficiencies and bolster recruitment results. • Goal #2: Adopt a geography focused orientation to support global targeting efforts. • Goal #3: Leverage cross-divisional team based marketing campaigns to infiltrate key target markets. • Goal #4: Employ a metrics based approach to assess and optimize marketing tactics and adjust accordingly. VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 6
THE BUSINESS ATTRACTION TEAM • 15 total staff will comprise BA unit: – 10 managers – 2 Associate Project Managers – 2 Support staff – 1 Vice President (position to be filled) • Establishes a sales division with a sales focused approach, metrics, and outcomes • Managers will drive an aggressive approach to external outreach – Virginia will enforce its reputation as a prominent player domestically and globally. VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 7
BUSINESS & ALLY SERVICES • Lead and ensure implementation of a coordinated Virginia Existing Business Strategy. Increase the pipeline of qualified projects from Virginia’s – existing businesses. – Ensure alignment of state/regional/local resources for excellent client services delivery – Professionally manage client relationships and transactions and follow-up • Lead and ensure implementation of a Virginia Allies Relationship Strategy. – Improve the competitive position of Virginia’s localities and regions in the market. Create a “go - to” point of contact for Virginia’s RMOs and – local economic development organizations In partnership with other state and VEDP stakeholders, – create an allies communication system that more effectively links VEDP with its regional and local partners • Lead and ensure implementation of the Higher Education Partnership Strategy. – In partnership with UBED and internal team, execute the Operational Plan of Action. • Provide superior customer service with improved measurable results. VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 8
INTERNATIONAL TRADE • Defense Initiatives – Budget request as a sequestration mitigation strategy Foreign Military Sales Program • • Trade missions to defense conferences • Export compliance for defense industry President & CEO • Host foreign military delegations Networking events for defense companies • • Public Relations Initiatives – Provide a focused message to and increased communication with allies: • Chambers of Commerce • Trade Associations Economic developers • – Increase public presence – host more frequent educational and networking events around the state; seek out speaking opportunities VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 9
T . R . A . D . E . T Talk up the VEDP Trade program to companies in your area. The VEDP International Trade program increases international sales for Virginia companies which results in stronger companies hiring more employees and paying more taxes because of increased capital investment. R Refer companies who are interested in international business opportunities to your local VEDP International Trade Manager who will do all the Trade work. These international experts are located across the state and you can access your local Trade Manager via www.exportvirginia.org Ask your locally based International Trade Manager to speak at your events …. at existing A business recognitions, to your Board of Directors, at seminars, etc. D Develop 2-3 elevator pitches of successful exporters in your community that you can readily share with other companies. Hearing from you the international success stories of locally owned companies amplifies the message that all companies should consider international sales opportunities. E Explain to your Board of Directors why it is important that you, as a local economic developer, encourage companies in your community to pursue international business. Garner their support by providing regular updates of successful exporters. VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 10
RESEARCH • Prioritize and focus on higher value-added client facing research support, by systematically identifying lower-priority, lower-value activities that can be pared back. • Greatly enhance the scope and depth of targeted and custom corporate intelligence gathering to drive VEDP’s sales and marketing function, including efforts to support international investment. • Fully integrate and imbed the geospatial capabilities of the GIS unit into the corporate intelligence gathering, project support, and outreach marketing functions. • Continue and improve project support activities, to include sites/buildings data capture, prospect proposal response and content, and tracking of results. • Participate in development of “success metrics” for VEDP and conduct an annual Marketing Results Report demonstrating a quantifiable return on investment for marketing dollars. • Improve work processes and management of vital work products and data for enhanced accessibility, dissemination and usage across all VEDP divisions. VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 11
RESEARCH – PERSONNEL IMPACTS • Two (2) members of the division (Joe Gillespie, Catherine Pack) will formally migrate to the Business & Ally Services Division to provide enhanced field expertise, especially for rural, non-metro regions. • Research will operate with three (3) complementary and mutually supportive business units and managers, Economic Research (Brian Kroll); GIS (Trent Park), and Project Support (Katherine Goodwin) with Rob McClintock continuing as VP Research. • Jay Langston will continue to operate from an organization base in the Research Division, with about 1/3 of his time devoted to project support and fulfillment activities. – The bulk of his time as Senior Coordinating Director will be devoted to initiatives and special projects that cross divisional boundaries. – These projects will be directed by the CEO and require a broad institutional viewpoint and freedom not overly encumbered by daily, urgent project transactional demands. VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 12
COMMUNICATIONS AND PROMOTIONS • Enhanced role in VEDP’s strategic marketing plan development process to ensure consistency across marketing teams and divisions. • Continue and enhance support of domestic and international marketing teams through developing and executing tactical marketing campaigns. • Oversee development of a master Virginia Marketing Calendar with Ally community to identify opportunities for collaboration, better align resources and avoid potential conflicts. • Assist with developing, tracking and reporting on performance success metrics for VEDP’s strategic marketing to demonstrate ROI for marketing dollars spent. Annual report will serve as guide for future resource allocation. VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 13
ORGANIZATION & OPERATIONS STUDY • The Report is Available at VEDP’s Allies Website www.VirginiaAllies.org VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 14
QUESTIONS? Thank You VIRGINIA ECONOMIC DEVELOPMENT PARTNERSHIP 15
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