Market Street believes that every client is unique...every project requires a customized response. We will work with you to determine which of our services fit your needs.
Download a pdf of our Menu of Services.
Menu of Services:
Economic and Demographic Profile
It is essential that an economic and community development process be based on a clear, honest assessment of current realities. An Economic and Demographic Profile utilizes official local, state, and national data sources to conclusively analyze the key indicators illustrating what has happened in a community in the recent past. All data are analyzed in the context of state and national trends to provide perspective on key local strengths and challenges.
Competitive Assessment
A Competitive Assessment analyzes a combination of factors that determines a community’s competitiveness as a place of business for entrepreneurship, existing, expanding, and relocating companies. The traditional notion that a community’s competitiveness is based solely upon its availability of developable sites and the necessary infrastructure to move goods to market has been superseded by a more holistic need to offer expanding and relocating companies a trained (and trainable) workforce, state-of-the-art communications infrastructure, and a quality of life that will facilitate employee recruitment and retention, among other factors. Thus, a Competitive Assessment analyzes in detail a community’s competitiveness relative to: education and workforce development, business costs, infrastructure, and quality of life, framed in terms of "People, Prosperity, and Place."
Organizational and Structural Analysis
To determine whether a community is utilizing its existing capacity to its fullest extent, it is necessary to understand the current staffing, financial, and programmatic capacity of the area’s economic and community development organizations and affiliated agencies. This analysis assesses current organizations, programs and partnerships and determines if stakeholder groups are effectively cooperating and communicating or are operating in “silos” that inhibit the sharing of resources and the joint development of certain programs and processes.
Community Input
Critical to the success of a community’s strategic process is the inclusion of key local constituencies in the development of the core tenets and priorities of the plan. Reaching out to as many community stakeholders as possible during plan development builds consensus around a plan’s goals and objectives, and creates the “buy in” necessary for effective implementation. Community input is inclusive of a number of different outreach techniques, including one-on-one interviews, focus groups, online surveys, and meetings with important community leaders.
Target Cluster Analysis
The Target Cluster Analysis takes a “bottom up” approach to cluster identification. It will begin by examining the unique attributes of the workforce and the region, rather than beginning with a “top down” examination of industrial composition. The Analysis assesses a community’s existing target business sectors to determine if additions or revisions are necessary to optimize the area’s chosen targets. The analysis also includes the potential development of additional target categories. Target business sector recommendations are based on national economic trends, existing regional assets, and an understanding of key competitive advantages such as workforce skill levels, geography, and infrastructure.
Marketing Assessment
Market Street does a thorough review and assessment of a community and/or economic development organization’s marketing efforts to determine if they reflect best-practice methods for increasing awareness and investment in the area. Tools and processes examined include: websites; collateral materials; inbound/ outbound marketing events; trade shows; public relations; internal/external marketing; branding and identity efforts; media relations; and others.
Economic Development Strategy
The Economic Development Strategy is the means by which a community can determine its roadmap for success. A strategy confirms and enhances existing successful programs and efforts, and provides best-practice recommendations for developing the capacity and infrastructure necessary to remain competitive in today’s economic landscape. The strategy leverages past successes and current capacity to effectively position a community to enjoy sustainable, balanced, and equitable growth into the near- and long-term futures. It also details the additional actions necessary to attain a community’s optimal level of competitiveness. The basis of a strategy comes from all the previous qualitative and quantitative research conducted in a community to date.
Community Vision Plan
A vision planning process helps communities articulate how they are different from other communities, and provides a framework for creating the goals and actions to achieve this new identity. Using data analysis and input from a wide range of community stakeholders, the process takes community leaders through three to four phases, ultimately reaching consensus about a vision statement and measurable actions that will define the Vision Plan. Vision planning processes are particularly useful for "sub-regional" communities that are seeking to build a long-term community and development strategy and strengthen the organizational resources needed to be a competitive and appealing communities.
Workforce Development Strategy
The Workforce Development Strategy leverages qualitative and quantitative research to help communities develop a “seamless system” for transitioning students and adults into quality local employment. Research focuses on workforce “supply” (existing and potential workers, education and training resources) and “demand” (employment growth and top jobs available locally) to ensure that the two are in sync relative to addressing the community’s priority workforce needs. Any gaps identified between the supply and demand sides are addressed through strategic recommendations that are designed to bring the public and private sectors together to best prepare local residents for high-paying careers.
Implementation Plan Guidelines
In each project, when the strategy process is complete, that’s when the real work begins. Timely and effective implementation is critical to the ultimate success of any community’s economic development strategy. Each community receives guidance in all aspects of implementation efforts, including the selection of strategic options, prioritization of implementation actions, development of a realistic time frame for implementation, and a review of funding priorities and potential funding sources. Communications assistance is also provided so that the community has a host of marketing and outreach tools to spread the word about the strategy and elicit the participation of all community stakeholders in implementation efforts.
Tax Climate Review
How does your community’s tax burden compare to other communities which are competing for similar target businesses? Market Street’s Tax Climate Review provides a detailed examination of the major taxes levied against such businesses. We start by developing a balance sheet for a ‘straw-man’ company for up to five business sectors. The balance sheet contains assumptions needed to calculate various taxes. Typical assumptions include number of employees, average wage, NAICS code, employee distribution by occupation area, assets, liabilities, value of tangible and intangible property, and total taxable purchases of tangible and intangible goods. Utilizing public data and phone calls to local and state taxing agencies, our research associates will pull key tax and incentive data for each straw-man company, comparing this information to up to three competitor communities. The Tax Competitiveness Review report, support Excel files, and a PowerPoint presentation of the key findings will be delivered to the client.
Research Capacity Assessment
Market Street’s Director of Research would evaluate the existing research capacity of the organization and provide recommendations for enhancing capabilities. Market Street staff would begin by developing a survey for the client to complete that addresses the organization’s research systems, sources, including proprietary subscriptions, and regularly produced reports. The survey results would be reviewed and a follow-up call would be held with Market Street’s Director of Research and appropriate client staff. The assessment will draw upon Market Street’s experience with a wide variety of local, state, and federally publicly available data sources as well as the premier proprietary data sources. Market Street will provide the client with a Capacity Assessment memo that summarizes the assessment and provides recommendations for the organization’s next steps. If desired, information related to best practices can also be incorporated to answer the question: what additional value can your chamber provide to the community and to investors?
Staff Research Training
Market Street’s Director of Research would provide a ½ day or full day training session to staff customized to meet the needs of the client. These needs would be determined through a consultation with the client followed by a proposed training outline. The training session would be held at the client's place of business. Potential data sources that could be covered include the Census Bureau; Bureau of Economic Analysis, Bureau of Labor Statistics, the Internal Revenue Service, Federal Reserve, and other specialized agencies and organizations. Additionally, Market Street’s Director of Research could provide training on how to calculate and present specific indicators to track for benchmarking and marketing purposes. If desired, best practices in this regard could be provided as well.
Benchmarks and Measures
Market Street staff will help the client organization develop benchmarks and performance measures to track progress overtime. If these measures are currently in place, Market Street will determine if the current benchmarks are still viable or if additional and/or revised benchmarks need to be created. To provide the best tools for documenting ongoing progress, our staff will provide a spreadsheet file containing historical data over the most recent five years and an established goal projected out five years. Information for comparison communities, the state, or the nation can also be provided. Data sources and documentation of necessary calculations and methodologies will be included so that the client may keep this up-to-date for use in marketing materials.