Economic Development: 3.0

A cell phone is a just a phone without the power of a network of users. Likewise as the practice of Economic Development changes, the rules for how economic development organizations (EDO) market themselves are now determined by the network of relationships developed by the EDO. Site Selection consultants and corporate real estate executives are now becoming increasingly more dependent on the internet, requiring economic development organizations to invest more resources than ever into websites and internet marketing efforts

In a recent issue of Economic Development Now, Andy Levine of Development Councillors International concludes that over 64% of site selectors have indicated that they will use a website as part of their next facility search. This statistic represents a transition from asset based economic development to electronic marketing or Economic Development 3.0.

What does this transition mean for economic development organizations? Having a good website is vital to the marketing health of an economic development organization. Levine points out that economic development websites must include information on available incentives, demographics, available buildings & sites. The launch of the new CIEDA website at www.claremoreusa.com in February of 2009 marked a significant milestone for CIEDA. The updated website is becoming the electronic face of CIEDA. Since the beginning of the web marketing efforts CIEDA has developed a LinkedIn network of over 2 million electronic users, a daily Twitter following of over 400 followers, and electronic visibility in over 20 countries. This rapidly growing electronic network will become the platform on which future CIEDA recruitment efforts will be built.

Tim Hight

Executive Director
CIEDA
www.claremoreusa.com