TOWARD THE NEXT GENERATION OF IPAS
MODULE 4
COMMUNICATIONS STRATEGY
Toward the Next Generation of IPAs
Module 4
Course author Inter-American Development Bank (IDB) (www.iadb.org), through its Integration and Trade Sector (INT). Course coordinator Inter-American Development Bank (IDB) (www.iadb.org), through its Integration and Trade Sector (INT), the Institute for the Integration of Latin America and the Caribbean (INTAL) (www.iadb.org/en/intal) and the Inter-American Institute for Economic and Social Development (INDES) (www.indes.org). Module author Katharina Arnold Pedagogical and editorial coordination The Inter-American Institute for Economic and Social Development (INDES) (www.indes.org) in collaboration with CEDDET Foundation (Economic and Technological Development Distance Learning Centre Foundation) (www.ceddet.org).
Copyright © 2018 Inter-American Development Bank. This work is licensed under a Creative Commons IGO 3.0 Attribution-NonCommercial-NoDerivatives (CC-IGO BY-NC-ND 3.0 IGO) license (http://creativecommons.org/licenses/by-nc-nd/3.0/igo/legalcode) and may be reproduced with attribution to the IDB and for any non-commercial purpose. No derivative work is allowed. Any dispute related to the use of the works of the IDB that cannot be settled amicably shall be submitted to arbitration pursuant to the UNCITRAL rules. The use of the IDB’s name for any purpose other than for attribution, and the use of IDB’s logo shall be subject to a separate written license agreement between the IDB and the user and is not authorized as part of this CC-IGO license. Note that link provided above includes additional terms and conditions of the license. The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of the Inter-American Development Bank, its Board of Directors, or the countries they represent.
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Table of Contents List of Boxes .................................................................................................................... 4 Glossary ........................................................................................................................... 5 Module Introduction ....................................................................................................... 6 General Objective of the Module ................................................................................... 6 Learning-Oriented Questions ......................................................................................... 7 UNIT I. Objectives of a communication strategy .......................................................... 8 Learning Objectives ........................................................................................................ 8 I.1. Importance of a Communication Strategy ............................................................... 8 I.2. Objectives of a Communication Strategy............................................................... 10 I.3. Value Proposition in the Context of Investment Promotion ................................. 11 SYNTHESIS OF THE UNIT ...............................................................................................14 UNIT II. TARGETED COMMUNICATION......................................................................... 15 Learning Objectives ....................................................................................................... 15 II.1. The Importance of Targeted Communication ........................................................ 15 II.2. Selecting Target Groups ......................................................................................... 17 SYNTHESIS OF THE UNIT ............................................................................................... 21 UNIT III. COMMUNICATION CHANNELS ...................................................................... 22 Learning Objectives ...................................................................................................... 22 III.1. Types of Communication Channels ...................................................................... 22 III.2. Advantages and Disadvantages of Different Channels ....................................... 28 SYNTHESIS OF THE UNIT .............................................................................................. 42 UNIT IV. COMMUNICATION STRATEGY ....................................................................... 43 Learning Objectives ...................................................................................................... 43 IV.1. Guidelines for a Communication Strategy............................................................ 43 IV.2. Types of Communication Channels ...................................................................... 44 IV.3 Innovative Communications Strategies ................................................................ 48 SYNTHESIS OF THE UNIT ............................................................................................. 50 Bibliography ................................................................................................................... 51 Websites ........................................................................................................................ 52
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List of Boxes Box 1. Main objectives of an IPA communication ......................................................... 9 Box 2. Steps for a successful lead generation campaign ............................................14 Box 3. Main audiences that an IPA communicates with ............................................ 16 Box 4. Face to face communication channels ............................................................ 22 Box 5. Electronic and digital communication channels .............................................. 23 Box 6. Print communication channels ......................................................................... 23 Box 7. Multipliers as communication channels ........................................................... 23 Box 8. Internal channels of an IPA .............................................................................. 25 Box 9. Communication channels by activities ............................................................. 26 Box 10. Advantages and disadvantages of direct contact ......................................... 28 Box 11. Advantages and disadvantages of road shows .............................................. 29 Box 12. Advantages and disadvantages of own events .............................................. 31 Box 13. Advantages and disadvantages of conferences ............................................ 32 Box 14. Advantages and disadvantages of trade shows ............................................ 33 Box 15. Advantages and disadvantages of social media ............................................ 34 Box 16. Advantages and disadvantages of media ...................................................... 35 Box 17. Advantages and disadvantages of websites .................................................. 37 Box 18. Advantages and disadvantages of advertising .............................................. 38 Box 19. Advantages and disadvantages of multipliers ............................................... 39 Box 20. Advantages and disadvantages of internal sources ...................................... 40 Box 21. Advantages and disadvantages of branding ...................................................41 Box 22. Basic communication channels for small IPAs ............................................... 45 Box 23. Basic communication channels for medium IPAs .......................................... 46 Box 24. Basic communication channels for big IPAs .................................................. 47
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Glossary n Communication strategy: Activities conducted by the IPA with set corporate identity, goals, channels and messages that involve communicating with the right target group. n Communication objectives: An IPA needs to have clear objectives when communicating their message including a value proposition on the location. The objective can be raising awareness of the advantages of a location, informing about their services or activities, communicating investment success, promoting a core sector or researching the market via surveys. n Target groups: A clearly defined group of organizations or decision makers (potential investors, existing investors, third parties or multipliers) that the IPA wishes to reach, based on an understanding of their characteristics (location, sector, activities) and information those groups want to receive. n Communication channels: Depending on the target group and objectives the IPA needs to choose the right way to deliver the message. It can be an indirect mass channel such as a website, advertisement, article, advertorial, press release, report, social media or interview. It can also be a customized message via a direct channel as a face to face meeting, email, call, newsletter, seminar, roadshow, or speech. n Advertising, Advertorial, Public Relations: Advertising is a paid message, image, or announcement in a newspaper, magazine, radio, television or website. It can also have the form of an advertorial, which is an advertisement in the form of editorial content as an interview. It is important to understand that advertisements or advertorials can be part of a communication strategy but are only a channel and an IPA has many other channels that are less expensive that can be reached thanks to a good relationship with media—via public relations activities, such as developing a good relationship with journalists, sending relevant information, introducing themselves to important people or helping in their research work.
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Module Introduction Communication is a key function in investment promotion and the majority of an IPA’s activities involve communicating with “target groups” outside of the organization. The most important audience consists of potential investors, but IPAs must also communicate with other relevant audiences both within their own territory and internationally. This module will focus on identifying the “communication objectives” of an investment promotion agency and teaching about the different “communication channels” that can be used to communicate the objective. We will compare and give examples of effective communication practices around the world, providing a practical guideline for IPAs to create their “communication strategy”.
General Objective of the Module This module will provide participants with an understanding of the range of channels or methods available to communicate with potential investors and other important target groups. Participants will learn about the relative effectiveness of these methods and the key success factors for effective communication. Through this module, participants will: n Understand why having a communication strategy is important for an IPA. n Define the communication objectives and create a clear value proposition
aligned with geographical, sectorial and political goals of the IPA. n Define specific target groups of potential investors, multipliers as well as
third parties and determine the best methods for reaching them. n Learn about various communications channels and their relative effective-
ness depending on the communication objectives and target group.
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Learning-Oriented Questions n Why is a communication strategy important in the context of investment
promotion? n What is the objective of a communication strategy? n Who is the target audience? n How can we select the right target groups? n What information does the target audience need? n Why do we need a targeted approach? n How can we understand the different requirements of a target audience? n How can we create tailored messages “value propositions�? n What different communication channels exist? n What are the advantages and disadvantages of these channels? n How can we best reach the selected target group? n Who within the IPA is responsible for communication? n How can we create a communication strategy? n How can we evaluate a communication strategy?
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UNIT I OBJECTIVES OF A COMMUNICATION STRATEGY
Learning Objectives n Importance of a communication strategy. n Objectives of a communication strategy. n Value proposition in the context of investment promotion.
I.1. Importance of a Communication Strategy Unlike many other government agencies (such as the ministry), the main function of an IPA is not to administrate or create policies—although some IPAs may manage government programs. The main function of an IPA is to identify and develop the relationship with potential investors and promote their location. Communication is fundamental to achieving the IPA’s objectives, as they communicate with outside entities, such as companies, third parties, multipliers and the general public. It is important to have a standardized communication strategy that provides for consistent messaging with proactive content to reach the correct people with a clear brand image. At the same time IPAs also need to be prepared to respond to external enquiries such as interviews or publications of success stories of investors. However, too much
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sporadic communication may have the risk of releasing conflicting information. Inside the IPA the different departments need to coordinate their activities; it is essential to develop a communication strategy aligned with a geographical and sectorial focus. The communication team is mostly separated from the project management team, although from an operational perspective, objectives and target groups should be consistent and channels reinforce one another. Some IPAs have separate departments, designated staff or other shared departments with other government agencies responsible for tourism or trade promotion and others outsource their communication activities to professional communication agencies. In all scenarios the communication strategy results directly from an IPA’s overall investment attraction strategy and refers to all outward-facing information on activities that an IPA conducts as part of its promotional and business attraction efforts, regardless of who is responsible for their release. The main objectives of an IPA communication include: Box 1. Main objectives of an IPA communication Location benefits Raise awareness about their location, political stability, characteristics as legislation, sites, infrastructure, labor, costs, quality of life, incentives or others. Sector specific information
Inform about clusters, business parks, technology centers, uni-
Explain IPA’s own role
Show willingness to engage with foreign investors, describe
versities, existing investors or others.
services they provide and planned activities (seminars, trade shows).
Share Success Stories
Promote existing investors and support aftercare activities
Source: Katharina Arnold
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I.2. Objectives of a Communication Strategy To define the objectives of a communication strategy, the first step is to get an understanding of the target groups and develop specific key messages to be communicated to each target group. The key messages also reflect the main objectives of an IPA’s communication strategy and are different for each target group. n Decision-makers of individual companies: To convince individual compa-
nies to select the jurisdiction for an investment. Communication is critical in the early stages of establishing contact and engaging in successful follow up during the process of building the relationship with target companies. For example, this could include sending general information about the region or providing tailored information to the potential investor. n Third-party: To convey specific data on the location for companies manag-
ing the site selection and site search process of potential investors. IPAs must communicate the benefits of specific target industries and sectors of their location to these companies. For example, this could include communicating with consultants or real estate agents why the location is attractive for companies from a specific region or sector. n Media: To communicate advantages, create positive awareness of the busi-
ness environment as an investment location. This type of awareness-raising communication is intended to enhance the overall image of the location, without focusing on a specific target group. For example, this could include public relations activities such as sending out press releases, inviting journalists to the location or paying for advertisement and advertorials. n Partners: To strengthen the reputation and relationship of the IPA with
other key stakeholders and partners. Communication is essential in order to coordinate activities, reach a larger number of potential investors and give a better understanding of the IPA’s support and activities. For example, this
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could include regular workshops with chambers of commerce or associations to discuss investment projects or share best practices on how investors can be reached. n Internal government organization: To raise understanding of the benefits
of the FDI for the jurisdiction and the role of the IPA. On a broader level, it is helpful for the IPA if both the domestic community and the general public understand why FDI is beneficial and why it is important for the jurisdiction to have an IPA. This could include regular reporting on activities and success stories or inviting other public organizations to meetings with investors. These objectives show that communication comprises three important IPA functions, including business attraction (seeking to attract investment), promotion (marketing the location) and education (services and role of an IPA). In addition to helping to attract investment and creating positive awareness of the location, communication also plays a key role in helping the IPA manage relationships with important stakeholders and partners, thus securing support for its activities. This reinforces the point that communication is a key factor in an IPA’s effectiveness and success.
I.3. Value Proposition in the Context of Investment Promotion In the context of investment promotion a “value proposition” is defined as a message or story that describes the advantages a location offers potential investors. Most IPAs have statements of these kind, often expressed as a list of “reasons for investing” in their particular location. However, the majority of these lists are similar (if not identical) and IPAs from very diverse locations in different parts of the world often use the same arguments or statements to describe their advantages to their target groups. Typical arguments used by IPAs include the following: n A “strategic” or “central” geographic location. n Market size or market access. 11
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n Workforce availability. n Modern infrastructure. n Pro-business government and regulations. n Favorable taxes and other cost advantages. n Incentives for investors. n An attractive quality of life.
Although these are all valid arguments that reflect factors of importance to investors, they are expressed in the broadest possible terms and therefore appear generic. Since most locations use the same arguments, they fail to differentiate one location from another. These arguments are expressed so broadly that they do not communicate any specific benefit to the potential investor and therefore have little promotional value and no story can be created around them for the media. Companies have very different requirements depending on their industry, the nature of their product or service as well as their current situation and reason for considering international investment. A communication strategy should not be limited to a website or brochure with a list of arguments. A similar factor can have very different meanings for different companies. “Workforce availability”, for example, can mean unskilled and low-wage assembly workers for one company whereas another company requires highly qualified information technology specialists with experience in specific types of programming languages. The claim that a location has “workforce availability” is meaningless to both companies unless it relates directly to the particular type of workforce that the company requires. In defining value propositions, an IPA must therefore understand what type of workforce companies in their particular target group require, and then make this information part of the value proposition. Creating the right message for each target group requires knowledge of: n Current developments and trends affecting the target group. n Business models (how do companies in the target group make location de-
cisions?). 12
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n Operational requirements of companies in the target group. n Supply chains and other linkages between companies within and outside
the target group. n Recent investment trends and location decisions by companies in the group.
This type of industry knowledge can by gained from a number of sources, including the IPA’s previous project experience, discussions with industry specialists (e.g. associations, journalists) as well as discussions with companies in the target group itself. Based on this knowledge, as well as on information about the characteristics of the location itself, the IPA should be able to develop value propositions that are focused on the requirements of a specific target group. The communication objective can consist of several arguments addressing different needs of the target group. They can also be narrow and focus on only one specific issue (e.g. availability of a certain type of raw material) that is very important to the target group. In either case, the communication message should be expressed in a manner that is both convincing as well as easy to understand. When formulating the communication message, it helps to illustrate key points by using examples of other companies that have benefited from a particular advantage of the location or creating a story around it. It is also useful to substantiate any “claims” with specific information (e.g. relevant statistics) as well as sources for the information. This provides additional credibility and helps to differentiate the location from its competitors. The value proposition that an IPA develops becomes the foundation for communication message with their target group, regardless of the channels. The value propositions need to be updated regularly to ensure that they continue to be relevant and to reflect the needs of the target group. The FDI sales process has five steps and an IPA needs to be able to answer the following questions for a successful lead generation campaign: n Clear definition of the IPA’s goals: What is the role of the IPA? n Focus on specific sectors and markets: Who does the IPA want to attract?
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n Create a compelling value proposition: Why is the location the right one? n Services that truly provide a benefit: What value does the agency provide? n Adequate resources: Does the agency have the people and funding? n Strong partners: Who can we work with to be more effective? n Integrated approach: Are all parts of our organization working together? n Performance measures: How can the IPA’s achievements be measured? n Ability to shape the product: Can we make our location more attractive?
Box 2. Steps for a successful lead generation campaign 1- Step Identify targets
Identify companies with the greatest potential for investment.
2- Step First contact
Qualify the opportunity, generate interest and open the door
3- Step First Meeting
Create rapport, obtain information and establish credibility.
4- Step Follow up
Build relationship, position the location and support the com-
5-Step Support
Win the project and deliver aftercare services.
for further contact.
pany’s decision-making process.
Source: Katharina Arnold
SYNTHESIS OF THE UNIT The main function of an IPA is to communicate in order to raise awareness of the location and to attract investors. This communication takes place with different target groups that are approached with different messages via different channels depending on their function, industry and regions. Within the IPA, it is essential to have an overall investment attraction strategy which should determine the target groups, value propositions, and the communication strategy which will help to identify the best channels to reach the specific groups and deliver the message.
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UNIT II TARGETED COMMUNICATION
Learning Objectives n The importance of targeted communication. n Selecting target groups.
II.1. The Importance of Targeted Communication Targeting IPA communication means adapting the messages that the IPA wishes to communicate to the requirements of specific target groups or audiences. For example, it means creating separate messages for companies from different industries to reflect the different requirements of these industries and the information that the IPA wishes to communicate to them. Defining target groups is an essential prerequisite for IPAs to communicate effectively. IPAs cannot develop a targeted communications strategy without first clearly defining their target audiences. Targeting is important for a number of reasons: n Targeted messages are more likely to be noticed and read and therefore
achieve their objective as they are relevant to the audience.
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n Targeted messages show that the IPA understands the requirements of a
particular audience, which reflects positively on the IPA and provides the credibility necessary to engage with potential corporate investors. The main challenge faced by IPAs in developing a targeted approach is usually a lack of knowledge about their target groups. Developing targeted messages requires detailed and accurate knowledge about how each target group operates, what is important to them and what information they are likely to find relevant and interesting. This type of knowledge about a target group is usually not easily available to the IPA and requires conducting research on the target groups. Sources of information about the target group include discussions or interviews with representatives of the target group (e.g. domestic companies or existing investors from the industry) and/or individuals within the IPA or other organizations (e.g. industry associations) that are most familiar with the group. Before the IPA can conduct this type of research, however, it must first clearly define the target groups with which it plans to communicate. As previously mentioned in the first part of this module, the audiences that an IPA communicates with most frequently can be divided in five general groups. Box 3. Main audiences that an IPA communicates with Potential investors
Decision-makers of selected individual companies that the IPA is seeking to attract to the location as they are involved in the strategic expansion process of the companies. Please note that this target group still needs to be divided into companies from different sectors and regions—this will be explained more in detail in the second section of the unit.
Third-party
Consultants, lawyers, accountants or other corporate-location decision influencers involved in companies’ expansion strategies or the site selection process.
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Media
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Journalists that write about international business and economy can provide useful information which influences companies’ decision-making process via articles, interviews, statements or advertorials. This target group also needs to be divided into regions and industry-specific publications.
Partners
Industry associations, academic institutions, event organizers or other public/private organizations such as chambers of commerce that are supporting companies in building knowledge on international markets.
Government agencies
Government officials, representatives of government ministries or embassies that are also involved in the support of economic growth of a country.
Source: Katharina Arnold
For purposes of developing a communications strategy, these audiences can also be referred to as “target groups”. The objectives of the IPA’s communication are different for each of these target groups. Although there is some degree of overlap, the specific messages for each target group will need to be tailored to the individual requirements of each group. The geographic location of the target groups also needs to be taken into consideration, since this can range from global in scope to groups located only in the IPA’s own jurisdiction.
II.2. Selecting Target Groups IPAs often address their communication to very broad target groups, such as “potential corporate investors” or “corporate executives of large companies”. However, these types of definitions are far too broad to enable a targeted approach, since they include numerous entities that have vastly different requirements.
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In an effort to be more targeted, most IPAs have selected target industries on which to focus their investment attraction and communication efforts. However, even these industries are often defined too broadly and may include a range of separate sectors with distinct activities and needs. Consider the automotive industry as an example. At a basic level, this can be divided into two groups: 1) vehicle manufacturers and 2) component suppliers. However, each of these two groups can be further divided. “Vehicle manufacturers”, for example, includes companies that produce passenger cars, as well as companies that produce buses, which both have very different manufacturing processes (car production is highly automated whereas bus manufacturing is largely manual). The category of “component suppliers” can be broken down into numerous sub-groups, either based on the type of component being supplied (e.g. chassis, brakes, interior, electronics), the type of material used (e.g. plastic parts, forged metal parts, glass) or the position of the supplier in the automotive supply chain (e.g. tier-1, tier-2). Each of these subgroups will differ in terms of their investment behavior and location requirements and will therefore respond more positively to communication that reflects an awareness of their specific requirements. In the wind energy industry for example, the selection of the subgroup “manufacturers of ball and roller bearings” means that an IPA must communicate messages that are important to traditional manufacturers of metal products. This includes low energy costs, low labor costs and ideally lower thresholds for environmental permits. These are very different requirements from other segments of the renewable or wind energy industries, which are often seen as “clean” industries. These examples very clearly show why it is important for IPAs not to use generic messages but to tailor their communication to specific target groups. Without this level of targeting, the IPA’s messages may completely miss the point or even be counterproductive in terms of communicating the wrong messages. In addition to different industries and sectors, other factors that IPAs should consider in defining target groups include: 18
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n Geographic origin: Should communication be focused on groups from a par-
ticular geography? For example, do Chinese investors have different requirements than German investors, even if they are in the same industry? n Organizational roles: Who is the IPA targeting within an organization? Does
the IPA want to develop messages that are relevant to chief executives, finance managers, supply chain executives or other functional groups, each of which will have very different needs and interests? n Common interests: Do the organizations within the target group share the
same interests or is the group too broad and therefore too diverse to enable a targeted approach? The same principles apply to defining target groups for communication with multipliers or stakeholders within the IPA’s own jurisdiction. The IPA must clearly define the target group that it wishes to communicate with, based on an understanding of the characteristics and requirements of these groups. Regardless of whether the target groups consist of corporate decision-makers, multipliers or other stakeholders, the same principles in determining a target group should apply. n The group consists of entities that conduct similar activities and share simi-
lar requirements and interests. n The entities within the group can be addressed in a concentrated and coor-
dinated way (see the following Unit on “Communications Channels”). n The group is relevant or significant to the IPA, meaning that the IPA has a
valid reason to be communicating with this group. n The IPA can communicate a meaningful and attractive message to the
group, based on an understanding of the group’s shared requirements (see the next section on “value propositions”).
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Depending on the IPA’s objectives and focus, there are many potential target groups that the IPA can select. One of the goals and prerequisites of effective IPA communication is to select those target groups that are most relevant to the IPA’s overall goals and strategy and around which an effective communications strategy can be built. For purposes of illustration, the following are examples of the types of target groups that an IPA might define, depending on its overall strategy and goals: n Producers of plastic packaging for the food industry n Developers and operators of solar photovoltaic plants n Chinese manufacturers of agricultural machinery and equipment n Chief financial officers of publicly listed companies from the United States n Directors/heads of shared services responsible for the Americas region n Medical device industry associations in European Union member states n Heads of government departments in our jurisdiction involved in workforce
training n Heads of engineering departments at universities in our jurisdiction
Selecting target groups at this level will enable IPAs to develop messages that are tailored to the needs of each group and therefore more likely to be positively received. Despite the clear benefits of a targeted approach, there are cases where an IPA may prefer to communicate more general messages to a broad audience. This includes efforts to “brand” the location overall as a favorable business location as well as efforts to communicate the benefits of FDI to the population at large. Even in these cases, the IPA may still select target groups, although the large size of these groups means that they can be addressed with less focused messages.
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SYNTHESIS OF THE UNIT Effective communication requires focusing on specific target groups. Without this focus, IPAs will communicate generic messages that do not contribute to promoting the location or attracting investors. This is the main reason that many IPAs say almost exactly the same things as part of their communication. The first step in targeted communication is to define and select target groups that reflect the IPA’s investment attraction priorities. The IPA must then obtain a clear understanding of these target groups as a basis for developing “value propositions” that are appealing to them.
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UNIT III COMMUNICATION CHANNELS
Learning Objectives n Types of communication channels. n Advantages and disadvantages of different channels.
III.1. Types of Communication Channels IPAs can communicate with their target audiences using a diverse range of channels. These include activities that are often considered part of marketing, business development or project management team and not necessarily the communication team. n Face to face
Box 4. Face to face communication channels Meetings
One-to-one, roadshows.
Voice message
Phone calls, video conferences, skype, teleconferences, radio or
Group meeting
Trade shows, conferences, public speaking, networking events,
TV shows.
seminars organized by the IPA.
Source: Katharina Arnold
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n Electronic and digital
Box 5. Electronic and digital communication channels Written
Email, text message, WhatsApp, newsletters, survey.
Online
Blogs, intranets, websites, banners, webinars, podcasts, search engines, traffic.
Mobile
Applications, software, mobile apps.
Social media
LinkedIn, Twitter or Facebook.
Source: Katharina Arnold
n Print
Box 6. Print communication channels Marketing
Flyers, brochures, hand-outs, roll ups, posters, billboards, TV and radio advertisements.
Writing
Publications, research papers, rankings, articles, interviews, advertisements, advertorials, books, press releases.
Branding
Logos, templates, corporate documents, reports, dashboards, benchmarking, best practices, booklets.
Source: Katharina Arnold
n Multipliers
Box 7. Multipliers as communication channels FDI consultants
External consultants to assist IPAs in “lead generation”, whereby the IPA pays the consultant to identify a specific number of companies with potential investment plans (“leads”) and support with roadshows or organizing meet-ings at trade shows.
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Venture
Provide finance and take equity stakes in start-ups at different
capital firms
stages of growth and deciding on their expansion.
Government
Public sector authorities that own and/or control specific (pub-
agencies
lic) companies.
Site selection consultants
Specialized consultants assisting companies to select locations
Tax advisors/l law and accounting firms
Advise companies on international growth and transactions.
Bankers
Commercial and investment banks providing finance to com-
for new facilities
panies’ international expansion. Human resources firms
Assisting companies to recruit personnel for new international
Planning and construction firms
Provide technical support for new processes and facilities.
Real estate developers
Develop and sometimes own large facilities on behalf of cor-
Real estate brokers
Assist corporate clients to identify and lease or buy new prem-
Chambers of commerce overseas
Represent businesses across all industries in a specific country
operations.
porate clients.
ises.
or region.
Industry/cluster Represent companies from a particular industry or sector. organizations Accelerators
Provide temporary support and coaching to boost the growth of early-stage start-ups.
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Conduct research in collaboration with or on behalf of corpo-
Academics
rate clients. Event organizers
Organize sector-specific conferences, trade-shows or net-
Specialized industry consultants
Provide technical or commercial advice to companies in a spe-
Journalists and bloggers
Cover specific industries on behalf of specialized publications,
working meetings.
cific sector.
newspapers or online publications.
Communication IPAs may also engage public relations (PR) companies to help agencies them communicate with key groups and gain visibility in certain markets. World Bank, UNCTAD, the OECD or the World Association of
International organizations
Investment Promotion Agencies that collect data, compare and evaluate locations and IPAs.
Source: Katharina Arnold
n Internal channels of an IPA
Box 8. Internal channels of an IPA IPAs international offices
Dedicated offices for investment attraction in specific countries, conduct both trade promotion and investment attraction activities.
Trade promotion agencies
Assist companies from a specific region or country to do busi-
Diplomatic/ commercial services
Countries have a network of diplomatic and commercial offic-
ness overseas.
ers to help with communication in international markets.
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Mobilize nationals living overseas (e.g. an executive from im-
Brand ambassadors
portant companies) to represent the IPA on certain occasions (e.g. at events) and try to be aware of any companies that might be planning international investments and use their networks for accessing corporate decision-makers. Short quote by a corporate executive or a short video message
Testimonials
in which the executive explains why they selected the location and are satisfied with their choice. Testimonials can be used on the IPA’s website, printed materials and social media.
Source: Katharina Arnold
Communication channels can also be divided by activities: Box 9. Communication channels by activities Advertising
Brand Guidelines Creative Development Print Broadcast Digital
Digital Marketing
Social media Direct marketing Webinars
Public Relations
Messaging Perception building Communications Media relations Rankings Press familiarization trips
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Media training Trade show Aftercare messaging Communication Tools
Brochures Templates Video development Case study development Testimonials Website
Trade show
Booth/ Banners Standardized approach
Research
Value proposition Article topics
Networking
Value proposition Appointment setting Lead generation Event/Seminar development Local partner Internal partners
Direct marketing
Newsletters E-mail Legislative updates
Training programs
Sales training FDI training Sector training Specialized knowledge training
Data
CRM 27
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Management
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Standards Operating procedures
Multipliers
Site consultants Accounting/ Tax Legal Specialized business services
Metrics
ROI Investors feedback forms
Source: Katharina Arnold
III.2. Advantages and Disadvantages of Different Channels The following section provides an outline of the key advantages and disadvantages of the various channels, which can serve as a guide to IPAs that need to decide which channels to utilize. n Direct contact
Box 10. Advantages and disadvantages of direct contact Description
This includes a range of activities that involve establishing direct contact with decision-makers of selected companies. Key methods are making cold calls or sending emails or letters. These activities may be conducted by staff in the IPA’s home office or international representatives. The IPA may also engage a lead generation service provider to establish contact with potential investors and introduce them to the IPA. This is the most direct form of communication that an IPA can conduct and falls under the business attraction function of an IPA.
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One of the keys to effective direct contact is selecting the right companies and individuals to approach, meaning that the companies actually have potential for an investment. Many IPAs lack the tools (e.g. for company research) and skills (e.g. for cold calling) to implement direct contact. Example
The Japan External Trade Organization (JETRO), the national IPA of Japan, regularly uses lead generation consultants to establish direct contact with corporate decision makers in specific target groups (both sectors and geographic markets). The contact takes place in the form of a meeting, telephone call or videoconference. More information about the nature of these contacts is provided in the requests for proposal for lead generation services that JETRO publishes online (for example: https://www.jetro.go.jp/usa/topics/rfp-lead-generation-promotion-fdi-japan-environment-cleantech-energy.html)
Advantages
Direct contact can be very efficient if conducted effectively. It is also easy to measure results and the return on the IPA’s expenditure using this channel.
Disadvantages Depending on the resources available to the IPA, direct contact may be too narrow (i.e. not enough companies are contacted) to generate results. Source: Katharina Arnold
n Road shows
Box 11. Advantages and disadvantages of road shows Description
Roadshows involve representatives of the IPA traveling to overseas markets to meet with potential investors. In some cases, the roadshows include a combination of meetings at 29
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companies’ offices as well as other activities such as organizing an event and/or the attendance of a trade show, both of which are described below. Roadshows sometimes also cover multiple countries on a single visit. Some form of direct contact is required in advance of the roadshow to schedule meetings with companies. Example
The Invest in Italy agency held a “Global Roadshow” in 2015 and 2016, visiting Istanbul, Tokyo, New York, San Francisco, London, Beijing, Hong Kong, Singapore and Dubai for a combination of events and meetings. More information on the roadshow is provided on Invest in Italy’s website (http://www.investinitaly.com/en/global-roadshow/).
Advantages
Roadshows provide an opportunity to meet with corporate decision-makers in person, which is generally more effective than phone calls or emails, especially when the IPA does not have an international presence. They also provide an opportunity to conduct multiple activities in a specific market.
Disadvantages Roadshows can be time consuming and complicated to organize. Depending on the number of participants and destinations included, they can also be quite expensive. Source: Katharina Arnold
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n Own events
Box 12. Advantages and disadvantages of own events Description
This refers to events organized by the IPA to promote itself to a selected audience. These are usually held overseas in selected target markets, although increasingly IPAs are also organizing large promotional events in their own country. Own events typically fall into two categories: 1) large promotional events, which have a broader promotional theme and are designed to attract a large audience consisting of company representatives, multipliers and other participants, and 2) focused events, such as roundtables or seminars, which are targeted at a smaller group of selected participants, such as executives from a specific target sector.
Example
Several IPAs targeting the mining sector attend the “Prospectors & Developers Association of Canadaâ€? conference, held annually in Toronto, Canada. In 2017, the IPAs of both Peru and Chile held different events, including a CEO luncheon and an investment seminar, targeted at executives from the mining industry attending the conference. More information about the events can be found in the press release issued by ProInversiĂłn Peru (http://www.proinversion.gob.pe/modulos/NOT/NOT_DetallarNoticia.aspx?ARE=0&PFL=1&NOT=3723) and a separate website created for the event by InvestChile and its partners (http://www.prochile.gob.cl/difusion/varios/landing-pdac/index.html).
Advantages
Events can be a useful way of generating attention, since the IPA controls the messages that are communicated and (to some degree) the participants attending the event. Focused events can
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be a very effective method of communicating a value proposition to a carefully selected target audience. Disadvantages
Large promotional events are often expensive and challenging to organize, while the results are difficult to predict and measure. Focused events require significant preparation to develop a convincing value proposition and secure the right participants.
Source: Katharina Arnold
n Conferences
Box 13. Advantages and disadvantages of conferences Description
Many IPAs attend industry conferences to communicate with potential investors as well as other industry players. In addition to simply attending to meet companies, conferences provide opportunities for IPAs to gain additional visibility through sponsorship or a speaking slot on the conference program. In some cases, sponsoring a conference may also provide opportunities for direct access to specific conference participants (e.g. through an exclusive reception hosted by the IPA or an individual program of meetings organized for the IPA by the conference organizers).
Example
The Aviation Forum in Hamburg, Germany, is an annual conference focusing on the aerospace industry and particularly the Airbus supply chain. The sponsors usually include several IPAs (mostly from North America). Confirmed sponsors and “cooperation partnersâ€? for the 2017 conference (https://www.aviationforumhamburg.com/partners-sponsors/) include the IPAs for the US states of Georgia and Washington as well as ProMĂŠxico. The main sponsors receive several benefits such as the ability to place
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a speaker on the program as well as articles in the conference materials. Advantages
Carefully selected conferences can offer valuable opportunities to interact with senior level corporate decision-makers and to raise the profile of the location with a target group.
Disadvantages
Attending conferences is expensive and sponsorship is a costly option that many IPAs are not able to afford.
Source: Katharina Arnold
n Trade shows
Box 14. Advantages and disadvantages of trade shows Description
This category includes both huge industry trade shows that are attended by companies from around the world as well as smaller trade shows that attract a more regional or local group of participants. Many IPAs attend trade shows as visitors, often scheduling meetings with companies in advance. However, IPAs may also choose to exhibit at the trade show, which provides greater visibility and the opportunity to host meetings and receptions at the booth.
Example
Numerous IPAs attend and exhibit at the world’s largest aerospace industry trade shows, held in Farnborough (United Kingdom) and Paris (France) in alternate years. The trade and investment promotion agency of Mexico, ProMéxico, regularly exhibits at these airshows, bringing in partners from Mexico as well as Mexican companies that ProMéxico is assisting with trade promotion. More information on the ProMéxico’s participation in
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the 2015 Paris Airshow is provided on the Mexican government website: https://www.gob.mx/promexico/prensa/mexico-participa-en-elinternational-paris-air-show?idiom=es Advantages
Trade shows provide access to a concentration of corporate representatives and other industry participants in a specific industry. They also provide a method for integrating trade promotion and FDI attraction activities and resources.
Disadvantages
Corporate representatives at trade shows are sometimes not responsible for international expansion or not interested in meeting with IPAs, since they are attending the show to promote their own companies. Attending trade shows requires many weeks of planning, and participation can be expensive if the IPA wishes to exhibit.
Source: Katharina Arnold
n Social media
Box 15. Advantages and disadvantages of social media Description
Social media have become an important communication channel in recent years. While platforms such as Facebook, Twitter and Instagram are more suited to general promotion and branding, business networking platforms such as LinkedIn (and national variations such as WeChat in China) represent an alternative to phone calls and emails for establishing direct contact to decision makers.
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Communications through social media channels such as Twitter must be continuous to be effective, which means that the IPA requires a constant flow of new and interesting content that reflects target group requirements. Example
Scottish Development International is one of the most proficient users of social media, with an active presence on LinkedIn and Twitter (https://twitter.com/scotdevint).
Advantages
Social media provide an effective way for communicating with younger, more technology-oriented companies, as well as an increasingly used alternative to traditional communication channels.
Disadvantages
Social media must be carefully managed to ensure that content is effective and coordinated with the IPA’s overall communication strategy. This means that the IPA must have full-time professional social media specialists on its staff or use a specialized service provider.
Source: Katharina Arnold
n Media
Box 16. Advantages and disadvantages of media Description
Media includes traditional channels such as newspapers, magazines, television and—to a lesser degree—films and radio. It also includes specialized online portals that provide industry news and analysis for a particular sector. These types of portals are available for virtually every sector, no matter how focused or specialized. IPAs have several options for gaining exposure in media, including paying to be featured in publications in the form of advertorials (which are distinct from advertising mentioned below)
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or developing relationships with journalists and other media representatives to secure coverage at no cost— public relations. This can be done by inviting journalists to visit the location as part of a tour focusing on a specific aspect of the location’s economy. Media also includes content produced by the IPA itself, such as newsletters, magazines, thought leadership (e.g. industry studies) or online blogs. Increasingly, IPAs are also publishing reports and presentations about the results generated by the IPA and the importance of FDI for the jurisdiction, which can be used for communication with local stakeholders. The key for effective media is the availability of interesting “content”, meaning stories or news about the location that are interesting to media and not purely promotional. Example
The Financial Times newspaper publishes regular “Special eports”, which are distributed along with the main newspaper. These are usually sponsored by organizations interested in promoting a specific topic, although the FT claims that the journalism in its sponsored reports is unbiased. Numerous IPAs have sponsored reports in the FT, including Argentina in September 2016 (https://www.ft.com/reports/new-argentina.) A full list of the special reports produced by the FT is available on the FT’s website (https://www.ft.com/reports-library).
Advantages
Media can provide an IPA with credible and well-produced promotional material and—depending on the channel—can be an effective route to decision makers.
Disadvantages
Media coverage can be expensive to obtain and developing relationships with journalists is a time-consuming process.
Source: Katharina Arnold
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n Website
Box 17. Advantages and disadvantages of websites Description
Websites are no longer optional but an essential tool for all IPAs. In addition to enabling the IPA to be found online, the website provides a method for potential investors to engage with the IPA and is therefore a source of potential projects. IPAs must ensure that the website content is available in English and easy to navigate. The site should communicate key messages for specific target groups and contain sector-specific information as well as testimonials from existing investors. Search Engine Optimization (SEO) is required for the website to be found by companies searching the web for specific information (e.g. “outsourcing in Latin America”). The website provides a critical “first-impression” of the IPA and the location and should therefore be professional and reflect the image that the IPA wishes to communicate.
Example
The new website of the IPA of Nicaragua is well structured, contains useful information about specific target sectors and is also designed in a professional way that reflects positively on the IPA (http://pronicaragua.gob.ni/en/). PROCOLOMBIA offers on its website investor tools such as an interactive map with the opportunities the country has to offer, information on standing legislation, economic indicators and testimonials of already settled foreign companies (http://www.procolombia.co).
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Advantages
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Websites are arguably the main communication channel for IPAs and should not be neglected. Nowadays, creating a professional looking website does not need to be expensive.
Disadvantages Maintaining a website requires creating and constantly updating relevant content, which can be time consuming. Source: Katharina Arnold
n Advertising
Box 18. Advantages and disadvantages of advertising Description
Advertising is similar to media (see above), with the exception that the IPA pays for a clearly designated advertisement. In addition to the channels mentioned under media, this can include online advertising, public advertising (e.g. billboards in public spaces) or specialized channels such as screens in airport executive lounges. Advertising agencies can provide many creative options for visual promotion.
Example
India has embarked on a massive promotional campaign for its “Make in India� strategy to attract manufacturing to the country. The campaign includes widespread online advertising, television commercials, banners and other media. More information about the campaign and some of the promotional initiatives is provided on the Make in India website (http://www.makeinindia.com/about).
Advantages
If professionally produced and placed in the right media, advertising can boost awareness and create a positive image of a location.
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Disadvantages Advertising must be ongoing to be effective and can be counterproductive if it is not well-produced. Advertising is the most expensive of the communication channels available to IPAs and requires large ongoing budgets to sustain. Source: Katharina Arnold
n Multipliers
Box 19. Advantages and disadvantages of multipliers Description
They provide opportunities for raising awareness of a location with a specific target group, as they act as “influencers” whose opinion is respected within a certain sector or market. Multipliers also provide a useful channel for IPAs to identify and gain contact to a potential investor.
Example
Consultant, real estate companies or organizations as UNCTAD or the OECD, are collecting data and benchmarking global or regional best practices, that companies later use during their site selection process.
Advantages
They provide an alternative route to potential corporate investors and help to improve the reputation of a location, they can enhance an IPA’s investment attraction efforts and contribute to generating results.
Disadvantages It is challenging for an IPA to gain access to a multiplier as they need to be convinced that recommending a particular location or introducing an IPA to their corporate contacts is beneficial. This means that the IPA must create value propositions for different types of multipliers and often company’s names are not revealed because of confidentiality agreements with the potential investor. Source: Katharina Arnold
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n Internal sources
Box 20. Advantages and disadvantages of internal sources Description
It is important for the IPA to build relationships with existing investors and local corporate executives, also as part of a formal aftercare program. Those channels can also provide further support, including speaking on behalf of the IPA at events or meeting with potential investors that are considering the location.
Example
The Scottish government, runs a diaspora initiative designed to promote international trade and investment called GlobalScot www.globalscot.com of business leaders, dedicated to supporting Scotland’s most ambitious companies. Another example is the national IPA of Lithuania, they make extensive use of testimonials and case studies on their website www.investlithuania.com/stories-to-share/
Advantages
Programs of this type are relatively inexpensive to implement and one of the most effective ways of communicating is through existing investors that are willing to report positively about their experience.
Disadvantages While this provides additional coverage and resources around the world, it is difficult to manage in practice since those organizations usually have different goals and are typically less effective compared to other channels. Source: Katharina Arnold
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n Branding
Box 21. Advantages and disadvantages of trade shows Description
Branding is an exercise in creating an overall image or brand for a location. The image or brand should be associated with specific attributes that make the location easily identifiable by potential investors and other target groups. Branding sometimes encompasses different promotional aspects including tourism and trade, in an effort to communicate a unified country-brand. Brands often have a strong visual component, which is supposed to make the brand easily recognizable and provide consistency to different visual communication channels (e.g. website, publications). The key method for promoting a brand is usually advertising. However, the brand also affects all of the IPA’s other communications activities, which should ideally reflect the overall country brand both visually and in terms of the messages communicated.
Example
Costa Rica created a new country brand (Esencial Costa Rica) a few years ago, which is intended to position the country as an attractive location for investment, tourism and trade. The country’s IPA CINDE uses the brand on its website and in its promotional materials. More information about the overall brand is provided on the official website (http://www.esencialcostarica.com/).
Advantages
A well-executed brand can enhance a location’s image and create strong promotional benefits.
Disadvantages
Location branding is very difficult to implement in practice and the messages are often generic and fail to differentiate the loca-
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tion. In addition to the costs and effort of creating and communicating the brand, branding requires sustained advertising and other measures, which are very expensive. Branding initiatives can also be the subject of criticism by the public and media at home, who often consider the large expenditures associated with branding to be wasteful. Source: Katharina Arnold
SYNTHESIS OF THE UNIT IPAs can use many different channels for communicating with their selected target audiences. These channels vary in terms of their effectiveness for different audiences as well as their costs and ease of implementation. While some channels involve direct communication with a target group, others are broader and more general in terms of content.
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UNIT IV COMMUNICATION STRATEGY
Learning Objectives n Guidelines for a communications strategy. n Example of communication channels. n Innovative communications strategies.
IV.1. Guidelines for a Communication Strategy n Step 1. First the IPA must determine the budget, resources and timeline of
the communication campaign. Some of the activities will be ongoing, but some will be punctual or reactive. Writing a strategy should always involve a group of people. It is important to create a workshop and listen to the opinions of colleagues from the business development team, analyze sector trends, research what other IPAs are doing and meet with influencers or media to brainstorm ideas from the beginning. n Step 2. The IPA must have an overall investment attraction strategy and see
how the communication strategy will help to reach the IPA’s promotion and investment attraction goals. You need to know what problem you want to solve with the communication strategy, develop it aligned with a geographical and sectorial focus of the IPA as well as understand the political goals of 43
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the local government or ministry. Conducting a SWOT analysis on strengths, weaknesses, opportunities, and threats of the location is also a good idea. n Step 3. As a next step, IPAs need to decide on the target groups and com-
munication channels. Some of the questions that need to be answered are: Who is my target? Where are they located? What media do they consume? How can I best reach them? This part is very research-intensive and will allow you to define the target groups and communication channels. It is important to measure and review the goals such as: the number of meetings with reporters, the number of publications that have been published publications, the number of newsletters sent, or the number of speeches given at a conference each month. n Step 4. The most important part of the communication strategy is the on-
going creation of the value proposition in the communication message. The information must be relevant, up to date and engage with the target group. Each IPA will have a different value proposition based on its competitive advantage and support offered as well as political situation. It is important to create a memorable story around the value proposition to make it interesting to read and share.
IV.2. Types of Communication Channels Determining the most appropriate channel, or medium, is critical to the effectiveness of communication. An IPA will typically use a mix of various channels in its communication, with a balance of both direct/indirect and targeted/general as well as interactive/fat channels. Determining which channel to use depends on many factors such as: n Communications objectives n Available resources to an IPA and abilities to implement activities
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n Timing and priorities n How many people should be reached n Budgets available n Know how on the location n Target audiences and priority sectors n IPA’s previous experience with each channel and existing network
In general, a large IPA with experienced and diversified staff will be able to employ a mix of all the channels described in this module, whereas a smaller IPA with more limited budgets will need to select those that best help it to meet its current objectives. Using a large number of communication channels is not always the best solution, as different individuals could communicate conflicting or confidential messages. The following section provides three communications strategies based on the size of the IPA, capacities and budget. n Small IPA with limited budget and no foreign offices
Smaller IPA with limited budgets need to select channels that best help it to meet its current objectives and many of the activities will be time consuming as they have to be done internally to achieve their goals. Examples of basic channels: Box 22. Basic communication channels for small IPAs Marketing materials
Website, brochures, LinkedIn, tailored presentations.
Direct communication
Develop a pipeline of potential investors and send them relevant value propositions and information to develop a relationship (newsletter or tailored messages).
Trade shows
Attend a maximum of three trade shows per person each year with the goal of organizing a minimum of ten meetings with decision-makers (important not to meet sales persons).
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Develop relationship via regular meetings with consulting
Multipliers & partners
companies, chambers of commerce, real estate agents, industry associations, trade organizations and others, to find out about potential investors.
Public relations
Send press releases or success stories (testimonials) to newspapers and industry-specific magazines and try to organize interviews.
Source: Katharina Arnold
n Medium IPA with punctual budgets using consultants in foreign countries
IPAs that decide engaging consultants to support their communication activities can be very effective when the IPA defines a clear scope of services and is realistic in terms of what it expects the consultant to deliver. In addition to selecting a consulting firm with the right level of experience and capabilities, it is also important for the IPA to manage the relationship with the consultant and work closely with them to ensure that the project achieves the desired results. Examples of basic channels in addition to channels already mentioned are: Box 23. Basic communication channels for medium IPAs Road show
Visit companies at their headquarters focusing on a target country, region or city.
Media tour
Invite journalists to your region and organize a program to show them your location with the hope they will publish an article after.
FDI consultant
Engage consultants for “lead generation”, whereby the IPA pays the consultant to identify a specific number of companies with potential investment plans (“leads”).
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Internal sources
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Involve existing investors and local corporations to represent the IPA at events or meeting with potential investors.
Source: Katharina Arnold
n Big agency with unlimited budget and foreign offices
For larger IPAs it is important to develop a clear communications strategy that defines both the messages that should be communicated, as well as clear policies on who is allowed to speak with the media and write on social media on behalf of the agency. This will reduce the risk of different groups communicating conflicting messages. Examples of basic channels in addition to channels already mentioned are: Box 24. Basic communication channels for big IPAs Investment seminar
Organize
together
with
partners
industry-specific
roundtables o business seminars for about ten C-level executives and decision-makers.
Advertorial
Pay media to write an article or an interview about the region, investment climate, specific industries or recent investments as an example.
Branding
Creating a unified country-brand, with a strong visual component (videos) to enhance a location’s image and use of social media channels.
Speaker
Be panelist during a discussion or speaker at a regional event (this could involve sponsoring or becoming host country of a trade show).
International offices
Open dedicated offices for investment attraction in specific countries, responsible for both trade promotion and investment attraction activities.
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Advertisement
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IPA pays for a creative designated advertisement published on websites, print magazines, billboards, and screens in airport executive lounges.
Source: Katharina Arnold
IV.3 Innovative Communications Strategies During the last section of the module we would like to share some most innovative, creative and best communications strategies. n Locate in Kent: website
Locate in Kent has developed a tool on their website that benchmark them against other locations across the country. The platform showcases location characteristics such as demographics, labor market or industrial clusters, giving an overview of location benefits. This data-driven communication strategy with stats and geomapping tools for site selectors helps matching properties with investors, saving companies and IPAs time facilitating the site selection process. https://www.locateinkent.com/property_portal n AirBnb: new logo lunch
Airbnb produced a video explaining the reason of their new logo, involving a new brand approach. As they already have millions of users, the CEO organized an exclusive webinar where he explained the reason underlying this major change. This direct approach resulted very engaging, creating great feedback from existing clients who felt involved in the brand creation process. IPAs should involve companies that already invested in the location and create a transparent and direct communication. https://www.youtube.com/watch?v=nMITXMrrVQU
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n World Business Chicago (WBC): strategy and partnership
World Business Chicago, the investment promotion agency of the city of Chicago, involved eighty C-level executives of existing investors as their board members. They helped in the creation process of the cities FDI strategy. During working sessions existing investors helped to set out objectives by country and target sector. This close cooperation with companies allowed the IPA to better understand companies’ needs, receiving regular updates on expansion projects, and helped efforts to secure more foreign investment. Another initiative by the WBC is the establishing of a huge international network by signing a memorandum of understanding with twenty-eight foreign cities that are followed with trade delegation. Since 2013 more than $1bn of trade has been agreed thanks to the economic sity partnership agreements. http://www.worldbusinesschicago.com/board/ n Invest Hong Kong (Invest HK): internal network
The agency has one of the most developed office networks around the world, with thirty foreign offices, fifty economic trade offices and fifteen external consultant offices in strategic locations. In their head office in Hong Kong they have a team of seventy people in the investment promotion department, divided between sector specialist and services dedicated teams. Globally they have a team of about 170 people exclusively dedicated to FDI. If an IPA has a high budget they should certainly invest in locating staff oversea for direct market activities. http://www.investhk.gov.hk/contact-us.html n German Trade & Invest (GTAI): LinkedIn and partnering services
With 39,000 followers the German investment promotion agency is one of the IPAs with most professional followers in LinkedIn. They are engaging on a daily base with videos, trade shows, industry reports, investment news or information on their support. Every IPA should be active on LinkedIn to connect with professionals where they are already seeking information, hold discussions in groups and post relevant
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information about their location and services. GTAI also developed a range of partnering services between Germany R&D institutions and foreign investors to evaluate and test new products. GATI helps in the matchmaking of those partnerships, arranging meetings with experts of industry federations, regional cluster groups and research organizations hoping it will result in further investment. https://www.linkedin.com/company/germany-trade-&-invest/ https://www.gtai.de/GTAI/Navigation/EN/Meta/About-us/our-partners.html n Orlando Economic Development: creative campaign
The Floridian city of Orlando used their strong reputation as a vacation destination as a teaser to learn more about their assets as an investment location. Creative elements use a play on words such as 'Fantasy, meet reality', 'Our home is more than our castle' or 'Not just characters, but character'. The imagery reinforces the messages with photography of industry innovations, cutting-edge technology and the city’s high quality of life. http://blog.orlandoedc.com/blog/orlando-business-campaign-wins-advertising-awards n GREAT Britain: Visit, study and invest campaign
GREAT Britain developed a “Great” branding campaign focusing on attracting tourism, investment and talent to the United Kingdom. It was a very creative and successful international promotion campaign that based on government statement secured returns of of £2.7bn for the United Kingdom. http://www.greatbritaincampaign.com
SYNTHESIS OF THE UNIT IPAs need to follow some basic steps when creating their communication strategy and need to select the right combination of channels, based on their strategy as well as the financial and personnel resources available for implementation.
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Bibliography n Aiken, Alex (2017). “Top 10: How to Run a Successful Communications Strat-
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n Sanders, Karen and Canel, MarĂa JosĂŠ (2013). Government Communication in
Fifteen Countries: Themes and Challenges. n Site Selection Magazine (2018). Top investment promotion agencies. n UNCTAD (2017). World Investment Report 2017. Geneva n UNEscap (2017). Investment Promotion Fundamentals and Image Building
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Websites n n n n n n n n n n n n n n n n n n n n n n
www.jetro.go.jp www.investinitaly.com www.proinversion.gob.pe www.prochile.gob.cl www.gob.mx www.aviationforumhamburg.com www.ft.com www.pronicaragua.gob.ni www.procolombia.co www.makeinindia.com www.globalscot.com www.investlithuania.com www.esencialcostarica.com www.unctad.org www.greatbritaincampaign.com www.investhk.gov.hk www.locateinkent.com www.gtai.de www.orlandoedc.com www.worldbusinesschicago.com www.airbnb.es www.oecd.org
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