Chapter 05:
Innovations in investment promotion marketing
There is growing evidence that the need to find new ways to do business during the pandemic has driven a huge wave of innovation in investment promotion. The agencies we spoke with for this eBook are all adopting new ways to engage with stakeholders, drive awareness of destinations and create meaningful connections in a virtual world.
In Manchester, Covid has given MIDAS the opportunity to take a fresh look at how they combine virtual events and thought leadership. MIDAS recently hosted an “innovation mission” where stakeholders gathered virtually to share ideas. A series of eight innovation events were attended by up to 200 people, including relevant thought leaders. This included stakeholders, industry experts and even executives from Manchester City Football Club. “On the first call, people talked about an issue more broadly, then we’d move into a design sprint a couple of weeks later, where innovation facilitators took small groups of people forward to look in detail at ideas and identify how things might work and what the roadmap might be,” explains Newns.
On the first call, people talked about an issue more broadly, then we’d move into a design sprint a couple of weeks later, where innovation facilitators took small groups of people forward to look in detail at ideas and identify how things might work and what the roadmap might be.
Post Covid, the plan is to turn these calls into hybrid events, where the focus group workshops take place in person. “I think we get better dynamism and energy in person, but we’ll continue the virtual tours because you can engage with many, many more people,” Newns adds.
Other agencies are adopting more data-driven marketing techniques that allow them to predict where and when investors are receptive to messages. In Costa Rica, CINDE has invested in data analysis and business intelligence tools that generate detailed reports on investor behaviours. This can be used to deliver customised proposals and marketing to companies, explains Madrigal. “We have a new user experience strategy that includes marketing automation, enabling us to better understand our client and have a clearer picture of their interests, needs and the type of information that is more relevant to them.”
The CINDE team uses data insights to also support a new content marketing strategy that is built on machine learning, adds Madrigal. “We have a number of very innovative solutions which allow us to understand potential investors and guide us to develop the most assertive way to approach them. We are already leveraging the use of sophisticated new technologies like artificial intelligence, machine learning, and predictive analytics to identify the companies more likely to invest in our country.”
5.1
The importance of personal touch
Alongside the technology, all the contributors to this eBook mentioned the importance of showing your face, and maintaining a personal element to relationships with investors, at every stage of the journey. “Make that call and show your face, show interest in that person beyond the project,” Curtis advises. “We translate those leads and add a personal touch, plus extra value-adds into something that will hopefully convert into more investment. We may need to be physically distanced, but we don't need more social distance."
“We are a people business and to some extent that can’t be replicated,” agrees Tsimal. “I’m a true advocate of a human-centred approach in investment promotion.” Tsimal cites research by Harvard Business Review suggesting that higher levels of business travel are associated with higher levels of innovation. However, the priorities for some clients may shift. “The number one reason for location is usually talent but what we mean by talent has changed,” Tsimal notes. For example, companies increasingly value flexibility and the ability to support a remote workforce. In some cases, investment may be tied to employee wellbeing.
Make that call and show your face, show interest in that person beyond the project. We translate those leads and add a personal touch, plus extra value-adds into something that will hopefully convert into more investment. We may need to be physically distanced, but we don't need more social distance.
Russell Curtis
CEO
Invest Durban