Getting on the Map
The Power of Place Branding for Economic Growth and Development
Branding isn’t just for businesses – it’s also a powerful tool to put cities, regions, and countries on the map.
Why do you think you want to visit Paris, London or New York?
Because they have great brands that people are always talking about. Their images to the world are iconic – from what they offer, to their stories and their visual brand.
But what about the lesser-known cities, regions and countries?
There are many places that want to be an attractive destination for businesses, tourists, and investors but suffer from a negative image or no image at all.
Perception is everything. So, for these places, being strategic is key.
In order to stand out in the crowd, attract investment and boost economic growth, locations need to differentiate themselves from their competitors. It’s not all that different from branding a business really.
I recently wrote a blog post about how Sicily (where I’m currently living) needs a rebrand. There are outdated perceptions and a lack of investment here. You can read my blog post here.
In today’s blog post, I dig into the power of place branding and how when done right, it can create economic growth and development.
Attracting Investment
Place branding plays a critical role in attracting investment. A strong and positive brand image can make a location more attractive to investors who are looking for a stable and profitable place to do business.
When a city or region has a strong brand, it creates a sense of trust for potential investors, making them more likely to invest. Helping investors see potential is key.
The effects are tangible and powerful. “The right kind of inward investment can transform entire economies, elevate places and change people’s lives,” says our client Courtney Fingar, founder of investment storytelling consultancy Fingar Direct Investment. “But it’s not easy to attract value-adding investment. That’s why it is essential to develop a compelling, trusted location brand that speaks to investors.”
Businesses and Tourism
Place branding is also essential for attracting businesses and tourism. A strong brand can create a sense of excitement and curiosity among visitors, leading to an increase in tourism and spending.
When a location has a great brand, companies are attracted to set up shop in the area – leading to the creation of jobs and training for the locals.
Improving Inhabitants Lives
Place branding has the ability to improve the lives of inhabitants through better infrastructure and better job opportunities.
When a location has a strong brand, it tends to attract more investment, leading to the creation of better-paying jobs and the development of better infrastructure, such as roads, public transport, and public spaces.
Locations with great brands
Portugal is super popular today, however there was a time not that long ago that it was frequently overlooked. Back in the 1990’s the national leadership decided to invest heavily in education. Less than two decades later they had their most talented and best trained workforce in their country’s history.
They had a massive pool of talent and they needed to people to know about it. Places like Lisbon and Porto have actively promoted to investors and doubled down on advertising. They were also successful at luring major events like WebSummit.
Portugal got the fundamentals right. They didn’t just create a glossy brand with no substance, they became a really attractive destination for visitors, entrepreneurs, talent, and businesses. It is now THE place to visit or live.
In the United Kingdom, Manchester has transformed itself from a struggling industrial city to a thriving hub of culture, innovation, and entrepreneurship.
The city has invested in major infrastructure projects, including a new airport terminal and a tram system, attracting leading companies in the digital, creative, and life sciences sectors.
Place branding is a powerful tool for cities, regions, and countries to attract investment, companies, and tourism. Done right, it improves the lives of inhabitants through better infrastructure and better job opportunities. By developing a strong brand image, a location can put itself on the map, become a household name for the right reasons, and drive economic growth.
If you’re ready to get your location on the map, book a call and let’s get the conversation started.