Simsbury - Infinity Business Park
The owner of a piece of property in Simsbury that was available for commercial development, working with the town of Simsbury, asked CERC to identify the types of companies that would best be located on the property and to find a way to reach those companies.
Description:
This owner - an experienced commercial developer - had recently purchased the property, and his positive experience with officials from the town of Simsbury led him to believe there was a real opportunity to market the site to insurance and other professional services companies. The town recommended he contact CERC for assistance. The owner and the town's economic development official began working together with CERC to develop a plan to identify industries that would make sense in Simsbury and to reach out to companies in those industries.
Issues:
The task required expertise in the fields of research, real estate, and marketing. By working with CERC, the owner had one point of contact and one contract with one company, rather than having to work with several individual firms on his own, saving him both time and money. Also, by taking advantage of CERC's recommended research services, the owner would know whether or not insurance and professional services companies were the appropriate targets for the marketing effort, rather than potentially wasting precious marketing dollars finding out.
Deliverables:
CERC's research team conducted an industry targeting analysis to examine criteria such as whether an industry was already in the area, and if it was, whether it was experiencing substantial employment growth. The analysis also factored in the industry's comparative advantage in the area.
Based on the industries identified as competitive and with a likelihood of growth for the area, direct mail lists were pulled, and invitations to an event explaining the benefits of selecting the property for future real estate plans were sent to targeted companies in Connecticut, Massachusetts and New York. In addition, CERC tapped its real estate connections and invited area real estate brokers with national connections to attend.
CERC's marketing team developed a Web site to house site maps and features, as well as demographics and advantages of doing business in the town of Simsbury. This site enables firms considering a move to see a snapshot of the property and of Simsbury.
The reception was held at an existing building on the property. A mix of nearly 30 company executives and real estate brokers learned the details about the property, the targeted industry research and the town through a PowerPoint presentation given by the owner, and representatives of the town and CERC's research team. Packets with this information and other details about state business assistance programs were distributed, along with a small gift consisting of golf balls and tees with the You Belong in Connecticut logo. The event was followed by a luncheon and golf outing.
Follow-up letters were sent after the reception thanking the attendees and encouraging them to visit the Web site and/or contact the developer or town.
Outcomes:
The reception resulted immediately in one serious lead. In addition, he also has relevant marketing materials and a good list of leads that can be used to continue the marketing efforts on his own or as part of another future CERC project.