IEDC recently released its robust report, “Making it Count: Metrics for High Performing EDOs.” The report, which compiled data from over 500 EDOs around the country, aims to help Economic Developers establish industry-wide performance metrics.
We as Economic Developers know that performance metrics are less established in our industry than in many others. We traditionally define economic success by analyzing the following four things: job creation, capital investment increases, changes in the tax base and personal income. But oftentimes, our most impactful work is accomplished by building relationships and making connections.
The IEDC report found that over 30% of EDOs do not measure performance regularly. The study also confirmed the need for strategic planning to help EDOs set benchmarking goals, in order to have something to measure against.
Outcomes, as defined in the report are “changes in knowledge, skills, attitudes, values, behavior, or conditions that indicate progress towards achieving the program’s mission and objectives.” EDOs know the importance building and cultivating relationships with pertinent partners, and defining how to measure these outcomes against the strategic mission and the objectives of the organization can be daunting with so many moving parts and pieces.
So how can EDOs define what core metrics are the most important to their organization? How do we create high performance EDOs? Reliable and accurate data is crucial, but so are the marketing platforms that enable us to measure our customer relationships. Want to learn more about this topic? Join us for our webinar on June 11th at 11-12 EST.