Strategic Marketing Moves for Economic Development Organizations in 2024
As we enter 2024, experts predict a tumultuous economic landscape that could bring new challenges to businesses. With those, opportunities arise for economic development agencies to enhance their marketing and communication efforts to better assist member organizations through what’s expected to be a challenging year.
In times of economic downturns, the need for strategic investments becomes more apparent than ever. As a leader at an economic development council (EDC), the temptation might be to tighten budgets and cut back on non-essential expenses. However, this is the moment when investing in marketing can make a transformative impact.
Why should you invest in marketing in 2024?
Maintain Visibility: Economic development marketing or chamber of commerce marketing ensures that it remains visible and relevant in the eyes of businesses, investors, and the community. This visibility is crucial for demonstrating resilience and maintaining confidence in the council’s ability to navigate challenging economic conditions.
Attract Investment: Economic uncertainty may lead businesses and investors to adopt a cautious approach. Marketing serves as a powerful tool to showcase the unique opportunities, incentives, and support the economic development or chamber of commerce can offer.
Build Trust: Transparent and consistent communication builds trust. During economic downturns, uncertainties can breed anxiety. By proactively communicating your economic development or chamber’s marketing strategies, successes, and commitment to economic development, leaders can instill confidence in stakeholders and the community.
What are 2024 tactics we are recommending at Chartwell Agency?
Digital, digital, digital (and social too!): If we could make only one recommendation for 2024, it would be to leverage your digital marketing channels, including social media, email campaigns, and search engine optimization (SEO). Digital platforms offer cost-effective ways to disseminate information, engage with stakeholders, and promote economic development and chamber marketing initiatives. At Chartwell, we offer targeted digital tactics that allow you to reach your audience in more sophisticated ways than ever before.
High-quality, strategic content: In 2024, authenticity matters. People are inundated by messages and ads and screens and stimulation. By developing high-quality, informative content that addresses the specific concerns and needs of businesses and investors during an economic downturn, you set yourself apart as a partner in their plight. This could include blog posts, testimonials, and case studies that demonstrate the economic development and chambers’ expertise and commitment.
Be a leader, and let people know: Through several different tactics, you can position your economic development council or chamber as a thought leader locally, regionally, and nationally. Participate in industry webinars, conferences, and contribute articles to reputable publications. Thought leadership enhances the credibility of your organization and reinforces its role as a guiding force during economic challenges. It also marries well with other PR efforts. Build strong relationships with local media outlets to ensure positive coverage of economic development activities. Press releases, interviews, and feature stories can be powerful tools for communicating the organization’s impact.
While economic downturns present challenges, they also create opportunities for innovation and growth. Investing in marketing during these times is not a luxury but a strategic imperative for economic development councils. Chartwell Agency has an experienced team in economic development marketing and communications who can help you maintain visibility, attract investment, build trust, and showcase success stories.
We’d love to talk with you to help you navigate any storms brought on by 2024 with resilience, and help position your communities for sustainable economic recovery and growth.
