Working in the Foreign Direct Investment (FDI) industry, you can often come under great pressure to deliver results quickly. However, the challenge is that FDI, by its very nature, is rarely a short term process. So, how do you reconcile this?
Working in the Foreign Direct Investment (FDI) industry, you can often come under great pressure to deliver results quickly. However, the challenge is that FDI, by its very nature, is rarely a short term process.
So, how do you reconcile this? What can you do in the short term? What are the structures and processes that you can put in place to ensure that your agency is on the right track to deliver?
Over the last 25 years working in investment attraction, we have found that there are a number of key processes, which if put in place, ensure high performance, and, ultimately, will deliver the investment results that you need.
We group these critical success factors under ‘People, Processes & Strategy’:
1. FDI is a sales process – hire sales people.
If this isn’t possible, carry out a training ‘gap analysis’ with your team to identify areas to be improved.
2. Quickly align their targets with yours.
Work with your team to set out individual Key Performance Indicators (KPIs) that are aligned with your organisation’s goals.
3. Understand what they need to be successful.
Define the core competencies of each role that they can improve or capitalise on.
1. Fail to prepare, prepare to fail.
Ensure that call plans are drawn up for each appointment, detailing needs generation questions, potential objections, and what commitment you need from them.
2. Follow the yellow brick road.
Use account mapping to establish companies’ organisational hierarchy, key players, timescales, and how their site selection process works.
3. Add value as a group.
Share knowledge internally. Establish data capture and analysis procedures that are built into your Customer Relationship Management (CRM) system.
1. Focus on small deliverables.
Segment your market as much as possible both in terms of industry and geography, but be flexible to adapt to changing trends in the market.
2. Understand your 20.
Determine the high potential accounts, focusing in on the steps that you need to lead them through, but also what obstacles you expect to face in landing the investment.
3. Route to market.
Determine the sales channels that are most effective with your target market, and what your approach will be in each.
In summary, with the right structure, strategy and processes in place, you can improve your organisation’s performance, and, reach your investment targets.
At HMC Global, we have over 25 years’ experience in turning agencies around into becoming the best performing in their regions. If this is something that you would like to have a chat about, we’d love to hear more about what you’re working on and see if there is somewhere we can apply our skills and experience to help you out. Just drop an email to our consultant Michael Kerr, firstname.lastname@example.org and we’ll set up a call.