Key Recommendations and Figures
- Promotion Channels:
- Utilizing varying forms of social media to target particular sectors
- Targeting key conferences and conventions to develop connections
- Message:
- Answering the question: What can Nashville provide your organization?
- Focusing on key statistics that would appeal to the target audience
- Promotional Materials:
- Promoting the message through signage, brochures, and interactive social media and online content
2.1 Promotion Channels
Arguably the most crucial steps in developing a marketing process are the beginning steps: identifying the target market/audience. One can’t effectively market their product or business without properly identifying who the audience is and what exactly their needs are. We have identified Japan, China and India as the markets Nashville should seek to exploit. We also identified the manufacturing industry as the sector they should cater to, specifically the automotive industry (primarily for the Japanese market).
While the market and segments may be chosen, that’s not enough to formulate a complete marketing strategy. Who exactly will Nashville’s Chamber of Commerce need to connect with, within these countries and industry segments, in order to convert their efforts into results? To answer that question, one must assess who exactly makes investment and business relocation decisions. We concluded that business owners, investment firms and private investors are primarily responsible for these desired outcomes. Therefore, our target audience becomes private investors, investment firms and business owners in India, China and Japan, working in the manufacturing and/or automotive industry.
Now we must decide which promotional channels to utilize in order to reach this niche segmentation. Nashville’s Chamber of Commerce hopes to use channels that don’t require large sums of capital, such as television advertisements. With today’s technology and the globalization of the business world, there are several different channels that suffice this request.
Social media, direct mailing lists and e-mailing lists are often considered to be among the cheapest marketing channels an organization can utilize. While it would be difficult to harness the outstanding reach that social media outlets provide and guarantee that Nashville could reach their aforementioned target audience, it would be foolish to ignore the low risk, low cost and high rewards that these outlets provide. LinkedIn would be the ideal location to meet these investors and business owners.
Building a profile that regularly provides resources and content could help Nashville’s Chamber of Commerce reach their target market. Similarly, Twitter could provide the same opportunities. While this outlet is congested with much more traffic and content, Twitter possesses unique promotional opportunities that could assist in reaching the desired audience. Facebook is also one of the most widely recognized social media networks in the world, as seemingly everyone has a Facebook account. Social media is so important nowadays that it is nearly unavoidable.
Social media affects many different fields, one of which is business. If Nashville’s Chamber of Commerce can take advantage of such social media like Facebook, Nashville can create a special facebook fanpage account to open investment opportunities in the Nashville area of commerce. Through the utilization of social media pages like Facebook, we can join the community of investors and share the opportunity that we offer.
Some political obstacles become apparent when discussing social media. In China, one cannot use some or all of the features provided by Facebook, Twitter and Google for promotional purposes, as some social media content is blocked based on their regulations. Considering that we will be choosing China as a regional segment to exploit, we must understand their political and societal situation. China utilizes a multi-purpose social media and messaging application called Wechat, which would be a better promotional channel to reach China. Using other, more traditional social media platforms will be optimal to reach India and Japan.
Regarding the content, Nashville’s Chamber of Commerce can compile all of the benefits of opening businesses in the greater area, as well as compile testimonials from local businesses such as Nissan that provide insight into just how advantageous it can be to move operations or open a new plant and/or facility in the greater Nashville area. Once content accumulates, then social media advertising and networking can occur with more effectiveness.
While social media provides the potential “bang-for-your-buck” opportunities cost-efficient businesses dream of, it’s more realistic to reach these investors and business owners through direct mailing lists and emailing lists. There are several different organizations Nashville’s Chamber of Commerce can use to achieve this goal. While most only offer mailing lists for consumers in the United States, other companies have the market research resources to reach an international audience, such as Exact Data, who can provide direct marketing services and specialize in postal, email and telephone solutions. While there were some privacy issues within this industry, Exact Data seems to have avoided any form of legislation. Exact Data is a multinational organization and could help Nashville’s Chamber of Commerce in their direct mailing and emailing efforts.
And finally, there is a more direct and face-to-face option to reach the desired target audience. Like many industries, the automotive and manufacturing industries have conventions and conferences where networking, negotiations and dealings can occur. Three specific functions seemed optimal and appropriate for Nashville’s Chamber of Commerce to consider:
· In Mumbai, India there is an annual “India Manufacturing Week.” This is typically help for three days in the month of February at the Bombay Exhibition Center.
· The Asian Manufacturing Conference and the Asian Manufacturing Awards are simultaneous events held annually in July.
· The International Conference on Automobile and Vehicle Engineering held in annually in March in Tokyo, Japan.
Manufacturing is growing in each of these markets and becoming more competitive. Several companies could consider opening a plant in the United States, specifically Nashville, just as Nissan did. These events would be a great way to connect with business owners and investors who are interested in expanding their capacities as it relates to manufacturing plants.
2.2 Message
The use of social media and other marketing services such as Exact Data, which provide a number of ways for cost-beneficial advertising in an effective manner, are likely to be the best options in promoting why Nashville, Tennessee as an ideal location for foreign investors to operate in the manufacturing industry, specifically with automobiles. Through these advertisements, it will be important for the Nashville Chamber of Commerce to attract these investors from China, India, and Japan by displaying statistics, charts, graphs, and other formats that their countries possess a high demand for automobiles. Furthermore, the profit made on direct investment in manufacturing/production of vehicles will be very high, once operation has been up and running long enough to put cars in sales lots at the dealership.
Selling the point that they can count on long-lasting profits on the initial investment will be made through a persuasive explanation that in the economic powerhouse nations of Japan, India, and China, where technology thrives and is essential to success in the countries, the demand for cars is higher than it has ever been. In a developed country such as those three previously stated, having an automobile to get to and from work, or to pick up your kids from school, or to go visit your family in a not-so-near distance, is almost as vital to the everyday lifestyle as food, water, and shelter. Explaining that investing in automobile manufacturing is profitable in the sense that almost everyone needs a car in order to perform tasks within their lifestyle and culture will be vital to our overall message; that Nashville, Tennessee provides an ideal location for investors to develop an automobile manufacturing plant, due to the statistically skyrocketing numbers in production and profits within the southeastern region of the United States within the field.
As previously stated, the concise presentation of statistics to prove that the main message, and arguments behind it, will be necessary in sparking the interest of foreign investors. Through these messages and statistics, another way to bring business interest to the Nashville area will include promoting the ability to recruit job applicants in the nearby area (college students who are looking for jobs upon graduation), a strong collection of universities and colleges within or around Nashville, and an attractive place for employees of the company to live. This would include details regarding life around Nashville outside of the operating business, where families of employees would see Nashville as a formidable place to live their lives, with an appealing entertainment district, as well as a strong public school system (and number of private schools), and extensive options for housing, referring to the city’s residential district. For potential employees, this will be important, as they will be considering bringing their families into the area for a long period of time, and will be a factor of thought for an investor finding ways to fill jobs.
Being able to provide the manning to run a manufacturing plant will be able to provide the production for desirable returns in the eyes of an investor, therefore this would be critical to the argument as well, outside of the main message.
Key Statistics to Promote:
· Over 32% increase in non-agricultural employment since 2010
· Over 37% increase in manufacturing employment since 2010
· A population of over 2 million throughout Nashville’s Economic Market
· 55% of Nashville’s population is under 40 years old
· Over 60% of Nashville’s population over 25 years old has a professional, associate’s, bachelor’s or graduate degree
2.3 Promotional Materials
When considering the content of the promotional materials, it’s important for Nashville to first introduce itself and its Chamber of Commerce. This will help show the layout of the area, the characteristics of the society and culture of the city, and the opportunities for businesses in the present and the future. Most importantly, however, we hope that the promotional materials will help show investors and business owners what Nashville can offer in terms of products, opportunities, businesses, etc. And finally, we would include ways they can contact the Nashville Chamber of Commerce for more information, presentations and hopefully future negotiations. (See Appendix A)
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