I hear that BNB is rolling out a national advertising campaign with the message “Be profitable in this place”.
Generally, the message of profitability is a saleable one when it comes to business investment. However, I do think that these days the message has to be far more tailored and specific. In other words, companies make investment decisions based on broad business environment considerations.
To be more specific, you can run an advertisment showing that KPMG’s analysis of business costs shows New Brunswick to be a low cost area compared to larger urban centres but that is a static analysis. The real questions include:
Does the community have a good and available workforce for my specific business? Does it have a demonstrated ability to attract workers – particularly skilled workers from other areas of Canada and the world?
Does the community have a good labour market feeder system? Are the universities and colleges graduating talent that has the specific skills I need?
Is there a demonstrated R&D infrastructure with specific expertise in my field of industry?
Is there a demonstrated supply chain for my field of industry?
Is the transportation infrastructure acceptable for my field of industry?
Will I be able to convince senior leadership in my company to move to that community?
What about the future? Does the local government have a credible plan in place to ensure that the business environment remains stable and competitive into the future?
I realize that you can’t address this broader mix of issues in one advertisment but I think it illustrates the point of specificity and targeting.
So, IMO, we should be promoting specific sectors of the economy where we have demonstrated answers to the questions above.