What Does it Cost to Build an Economic Development Website?

What Does it Cost to Build an Economic Development Website?

The answer to the question, “How much is an economic development website?” is influenced by the types of tools that need to be represented on the site. Plus, the old adage, “you get what you pay for” is true. Websites can be built cheaply. But, when they do, they typically lack the resources and information site selectors and workforce need to make informed decisions.  So, while it is an undebatable fact that economic development websites are invaluable, it is still important to get the best value for your budget. 

The answer to the question above also varies depending on the goals of the organization. In this article, the process and the factors contributing to the price of creating an economic development website will be discussed. The first step in determining the cost of an economic development website is determining the value it brings.

What is the Value of Having an Economic Development Website?

A recent survey by Development Counsellors International found an economic development website to be the most effective marketing tool available. This makes it vital to an economic development organization. A well-planned website brings more traffic to the community, and more traffic brings in more revenue.

These are some of the ways an economic development website generates revenue:

• Business attraction and retention
• Job development and retention
• Business sector diversification
• Property sales and value increase
• Local tax dollar revenue
• Recognition of local businesses and products
• Increased local consumerism

When an economic development organization uses a website to promote the community, local businesses also feel more appreciated. Increased recognition can help them to grow their business and even expand within the community. When compounded this can lead to overall economic growth.

When the increase in revenue from the introduction or improvement of an economic development website is evaluated, the website has essentially paid for itself.

What Does Your Economic Development Website Need to Attract Site Selectors?

Think of an economic development website as the starting point for new industries and site selectors looking to move to the community. An interactive economic development website showcases the best community features with easy-to-use tools that draw candidates in. Some important features to include are:

• Tax incentive information
• Demographics
• Searchable available property database
• Workforce statistics
• Accessibility
• List of major employers
• Information about the quality of life
• Business directory
• Local news and information
• Community fast facts
• Member directory
• Mobile-friendly interface

An economic development website should also be secure, completely editable, and have a user-friendly interface for the organization managing it. A variety of tools, like GIS Planning, can be built into a website to make it as comprehensive as desired. Once these options are considered, the price of creating an economic development website can be better estimated. Websites can be created with or without optional features that may increase or decrease the total cost. 

The Major Reason You Need to Be Able to Edit Your Website

The competition for placement in the top seats on search engines is heavy, and only those who make an effort to improve the quality of their website will receive increased traffic and SEO visibility. If your economic development website has not been updated or improved recently, you are missing out on a large portion of internet visitors and site selectors that could greatly increase revenue for your community.

A website needs to be completely editable in order to best serve the needs of the economic development organization. Three-quarters of economic development organizations update their sites daily, weekly or multiple times per week, and for a good reason: updated websites see a daily average of unique monthly visitors upwards of 8,600. Those who do not update their websites regularly see an average of only 1,097 unique monthly visitors. That is nearly a 7,000 person difference. Adding new content and keeping an economic development website up to date is absolutely vital to attracting new visitors.

How to Improve an Economic Development Website

The majority of economic development agencies already have a website. The problem is that many are outdated, poorly designed, and not user-friendly. These characteristics alone are enough to turn potential site selectors away. Most economic development websites need these improvements to really “wow” site selectors.

Demographic and Location Data

The majority of site selectors are interested in demographics first and foremost to make an informed decision about relocation. Demographic data should be updated regularly, and it should be specific to the location. This data should be interactive and easy to navigate. GIS Planning is vital to a successful economic development website because it puts access to all of this information at the fingertips of the user.

Landing Pages

Landing pages are essentially smaller websites within the website devoted to targeted audiences. Landing pages dedicated to the quality of life, educational opportunities, recreational opportunities, available properties, and workforce training, for example, make it quicker and easier for site selectors to find exactly what they are looking for so they do not feel like they are wasting time.

Photos and Videos

Most location advisors and corporate executives are technologically savvy and know quality when they see it. Bringing a location’s essence to life in virtual reality captures the attention of site selectors. High-quality photos and videos available on an economic development website give site selectors an accurate depiction of the location that words alone cannot express.

Seamless User Experience

A website that is easy to navigate, self-explanatory and informative across any platform or device will be more inviting to site selectors than an outdated, slow and unresponsive website of years gone by. If it takes more than a couple of clicks to get to what someone is looking for on a website, it leaves a negative impression. 

These updates may sound like a lot, but the payoff of attracting more site selectors than ever before will make it worth the investment. 

What Does an Economic Development Website Cost?

As economic development organizations create their annual budget, the question of “What will an economic development website cost my organization?” needs to be answered. Since an EDC must have a website there will be upfront design costs, as well as maintenance costs that must be budgeted for.

EDO Website Costs

The things to budget for include: 

• Website design
• Building a website
• Cost of purchasing the domain name
• Annual hosting fees
• Ongoing maintenance support
• SEO support
• Content management

In addition, an economic development website has many components - many have already been mentioned. Website features will be one of the biggest factors in determining the exact number. Experts consider these ten trends to be the most important for an EDO website.

1. Lead Tracking

When a website has the ability to track leads, it becomes clear what the website is doing well and where it is falling short. This data allows the website layout and content to be adjusted accordingly so that it becomes more and more effective in attracting, and keeping, the attention of site selectors.

2. Advanced Marketing

Techniques like region branding, quality of life initiatives, specialized online resources, and fully embedded social sharing bring more traffic to an economic development website. These features should make up the essence of a website. 

3. Video and VR

An economic development website needs to speak to site selectors. A cost-effective way to do this is through video and VR. These features drive SEO, and SEO makes a website more prominent in keyword searches executed by the target audience. Video and VR also allow site selectors to become more familiar with a community without actually being there in person. 

4. Mobile

Site selectors are using a variety of devices to access economic development websites. If a website is not fast and user-friendly on any device, it just becomes frustrating to the user. 

5. Microsites

Microsites dedicated to target audiences within an economic development website allow users to quickly find exactly what they are there for. Whether it is workforce attraction, industrial parks, housing, startups, international business, target industries, disaster recovery, or demographic data, having microsites dedicated to these topics is an attractive quality. 

6. Regional Network

An economic development website should essentially be a regional network. It should include community profiles, a business directory, a member directory, a staff directory, and a jobs directory, effectively giving the audience a visual representation of the organization’s regional connections and impact.

7. Audience Engagement

A website that has a well-developed system of audience engagement will essentially drive brand awareness and reach, drawing website traffic in. It allows an audience to more easily engage with an economic development organization on every social platform. 

8. Infographics and Visualizing Data

90% of the information that reaches our brain is visual, and most people retain visual information more successfully than text. Websites with infographics have an increase in traffic of 12 percent over those that don’t.

9. Data

GIS Planning, demographics, available properties, labor force statistics, business statistics, local data, local talent profiles, housing options, transportation information, and energy sources -- site selectors visit an economic development website for this data and it needs to be easily navigable and accessible. 

10. Storytelling

Storytelling is important to readers. It keeps them engaged and provides a more well-rounded illustration of a community. Storytelling through literal success stories, engaging content, data, regional statistics, video and VR, and infographics writes a compelling narrative when combined beautifully and all in one place on a stunning website.

Summary

Let’s recap: An economic development website is an investment and incorporating essential features like GIS Planning and real estate tools can add to that cost. However, when the value of an economic development website brings to a community is considered, the website cost is minimal because it can essentially pay for itself.

Funding an economic development website doesn’t have to be complicated. Grants from the U.S. Economic Development Administration and fundraising campaigns through organizations like Convergent Nonprofit Solutions can provide economic development organizations with the financial resources necessary to fund a new website and overall marketing campaigns.

Download the Website Project Planning Guide