Research Studies

In order to attract the right industries and organizations, it is essential that you work from an informed position with information pertinent to your region’s unique strengths and advantages. At the FLOR Group, our targeted industry study is based on vital factors such as:

• Economic trends
• Predicted industry trends
• Existing industries in your area
• Your region’s values and goals
• Area resources
• Area assets and infrastructure

We then match these factors with organization and industry needs and requirements, as well as emerging technology to create a clear vision that will guide your economic development organization forward and maximize the results of your efforts. We help you identify the ideal industries and organizations for your region, and then expand your efforts to attract them.

Each custom targeted industry analysis we undertake includes detailed investigations of pertinent factors, including industry size and growth, education and training opportunities, wages, available and needed workforce skills/training, existing and future infrastructure, current and proposed transportation systems, and a full SWOT analysis.

Midwest City, OK: A Target Market Research Study

Midwest City, Oklahoma, required insight into the city’s strengths and weaknesses in order to attract industries and organizations. FLOR Group was retained to create a target market research study in order to achieve those goals, as well as to help identify the industries best suited to the city and surrounding environment.

The city needed to address several long-term goals, including:

• Sustainable job creation to spur future economic development.
• Prevent relocation of the local talent pool by creating high-paying jobs.
• Developing a robust commercial infrastructure to improve the national perspective on the region.

FLOR Group conducted an in-depth analysis in order to discern Midwest City’s strengths and weaknesses. Strengths identified that could be built on to reach the city’s goals included:

• Development incentives including cash rebates and tax credits from the state of Oklahoma, as well as incentives from the city itself to businesses willing to relocate.
• An abundance of amenities, including the willingness of the city to develop a waterway, hiking trails, picnic areas and other benefits that set the proposed business park apart from others.
• Exceptionally low cost of doing business and affordable costs of living.
• Proximity to top-rated centers of higher education.
• Proximity to high tech markets.
• Proximity to US military installations.

Weaknesses identified included:

• Low availability of skilled labor.
• A relatively negative national perception of the city and the state.
• Lack of available institutional capital.

Recommendations

Ultimately, the target market research study performed by FLOR Group for Midwest City resulted in a number of professional recommendations designed to help the city achieve its short and long-term goals. These included:

• Ensuring the success of homegrown businesses via a small business incubator within the business park, similar to the way Colorado Springs, CO, Des Moines, IA, and Austin, TX, were able to do.
• Targeting a diverse range of businesses, particularly those just on the cusp of resounding success, which could be used as success stories in the future.
• A focus on attracting manufacturing firms focused on satisfying demands from high-tech industries.
• Attracting companies usually associated with a youthful, highly- educated, upwardly mobile workforce.

Conclusion

Ultimately, the FLOR Group brought to bear exceptional experience and knowledge to provide an informed, accurate strategy designed to attract the city’s target audience, foster economic growth, and improve the city’s appeal and image on a national basis.