Revising your Community Narrative for the Experience Economy

Corporate site selection is generally tied to the availability of financial and human capital resources, resources that can generally be quantitatively analyzed. If the numbers prove that a company is being offered the largest tax incentives, the brightest talent, and the lowest cost of doing business then they should, in theory, close the deal every time. But that is simply not always the case. Compelling data is a great start, but it’s only just the beginning.

Just as college admissions have upped their standards in response to a higher performing applicant pool, so have companies looking to invest in new communities. Although this certainly complicates things, I believe this provides Economic Developers with opportunities to think outside of the box; The chance to reassess the narrative that can seemingly be recited on autopilot. After all, if we can’t create a strong value proposition based off the data alone then it’s our job to dig a little deeper.

Digging deeper

Economic Developers can strengthen community narratives by putting more emphasis on qualitative data that represents unique qualities tied to a particular community. Whether it’s a place, an experience, or a story this data is becoming increasingly more important to the corporate site selection process because of a shift in values caused by the emergence of the Experience Economy.

The term “Experience Economy” was first used in a 1998 article by Joseph Pine II and James Gilmore which argues that experience provides a “higher order of economic value” compared to commoditized goods and services. This concept was the foundation for the highly prolific and powerful practice of customer experience management. Although this term is typically used in the context of B2C business, the implications are widespread and revealing of the change in corporate and societal values as a whole.

Companies invested in recruiting top talent understand that today’s employees seek a unique experience working for a company, just as consumers do with a product. In tight labor markets, recruiters are not only selling the internal company experience but also the external experience relative to a location. Therefore, quality of life components such as cultural community fit, arts and entertainment, sporting events and others have risen in priority because they are factors that enhance the employee experience.

The narrative, revised

It is time that we, as economic developers, respond to our client’s evolving needs with an experience lead narrative that sheds light on what living and doing business in a community is really like. Consider what this may look like from different perspectives and build a list of values that you know to be true to your community. If there are physical manifestations of these values find them and use them in your pitch presentation. Better yet, celebrate these cultural assets on a company visit. Finally, embrace the idea of being data-informed rather than data-driven. Unlike quantitative data, qualitative data is most impactful when relayed through an authentic voice, not a PowerPoint or an infographic.

Meanwhile, the final decision is being deliberated upon in the boardroom. The numbers have been analyzed and agonized over, yet it is still too close to call. So, where do things go from here? I like to think that this is the point in time when everyone leans back in their chairs, kicks their shoes up on the table and really starts talking. Data points and strategic plans set aside, the conversation is largely focused on perceptions and major takeaways about the communities. They revel over the stories of community leaders, the rich history on which the culture is built on, even their favorite meal. And when all is said and done, it is ultimately these memories, of which are tied to a strong set of qualitative data, that launches the decision over the finish line.