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Business Development Advisors LLC (BDA) is an economic development and market
intelligence consulting firm. BDA advises businesses, not-for-profit organizations,
and governments on growth and business development strategies. BDA works with
economic development leaders at the local, state and national levels to increase
business investment in their communities.
Business Attraction Process Overview
BDA employs a methodology that considers the day-to-day needs of economic development
professionals tasked with recruiting new companies. BDA works with clients not only to
define target industries, but to:
- Identify the most appropriate market segments within those target industries;
- Provide industry information that allows economic developers to speak confidently with executives;
- Establish location and industry specific screening criteria to identify potential prospect companies; and
- Provide company research to support calling strategies.
Refine Industry Targets
BDA works with its clients to select one or more target industries for analysis and
prospect identification, if desired. The objective is to narrow broad targets (such
as light manufacturing or information technology or life sciences) to well-defined
market segments that provide the best near-term opportunity for the client community.
BDA begins this process by meeting with the client to gain a clear understanding of the
community's economic development objectives. It is important to understand, for example,
whether a community's primary goal is to create a large number of new jobs or to build
a presence in a sector that might generate fewer jobs.
BDA then reviews relevant location attributes for the region, including growth patterns
in the existing business base. BDA examines previous studies, especially target industry
studies and competitive assessments, and often collects a limited amount of current
economic data to make sure the information is up-to-date. BDA meets with the client
and members of other organizations (such as trade associations or university departments)
in the community that are relevant to the target industry. These meetings help a great
deal in focusing on the community's advantages that might not be apparent on paper.
These activities will suggest a set of market segments that would fit the community and
its economic development objectives. The next step is to consider whether these market
segments are likely to generate any near-term investment opportunities for the region.
Market Segment Profiles
Market Segment Profiles emphasize the factors that affect company location strategy, while
providing enough industry knowledge for economic development professionals to communicate
effectively with industry executives. The profiles shift the focus from community factors
to the industry factors that will determine whether and how a company is likely to expand
or move its facilities.
In this step of the process BDA analyzes the following industry attributes:
- Size, Structure and Growth
- Trends and Upheavals
- Current Location of Facilities and Clusters
- Location Requirements
The profile takes the form of an executive briefing, rather than a detailed industry analysis.
The goal is to focus the marketing effort, not provide exhaustive detail on the state of each industry.
BDA then combines the information on community attributes with the industry information to make a
recommendation on the viability of each market segment. If desired, this report can also include
screening criteria for identifying appropriate companies for contact.
Prospect Identification
BDA identifies a master list of companies in the target market segment and a subset of
high-potential prospect companies to contact through a direct calling strategy. These firms
are selected by their potential to become qualified prospects based on the review of industry
trends, fit with the client's community, and likelihood of near-term expansion. BDA conducts
in-depth research on identified companies, using publicly available information and performing
its own investigation into the firms. This research provides insight into business strategy
and the potential to relocate or invest in new facilities and allows BDA to cull the best
prospects from the full industry list.
The company characteristics BDA researches include:
- Products and/or Functions
- Locations of Existing Operations
- Customers
- Growth Projections and Strategies
- Business Plan (including restructuring activities)
The result is a set of company profiles that concludes with estimations of each firm's
future investment plans and the potential fit with the client community. Company briefs
include all the information described above, recommendations, and contact names and numbers.
From this information, clients are able to tailor a marketing message for each targeted company.
If desired, BDA can stay involved throughout the contact process, providing additional
information and advice on effective calling strategies.
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