CASE STUDY
NJEDA
SITUATION
The New Jersey Economic Development Authority (NJEDA) is an independent State agency that finances small and mid-sized businesses, administers tax incentives to retain and grow jobs, revitalizes communities through redevelopment initiatives, and supports entrepreneurial development by providing access to training and mentoring programs. It is an important partner in the economic growth and development of New Jersey.
Many businesses either were unaware of its existence or misunderstood its purpose. It gets headlines when it provides multi-million tax incentives or loans for initiatives such as the redevelopment of Camden, but little to no recognition for its efforts supporting small and medium sized businesses.
BRAND MARKETING SOLUTION
Princeton Partners created a new brand for NJEDA that explicitly ties it to the success of businesses it has helped. This is captured in the tagline "EDA Was Here." Successful small and medium sized businesses became the proof points for EDA's ability to positively impact business growth.
Princeton Partners also initiated a change in media strategy. While maintaining a presence in print, digital was added to the mix. This allowed for better targeting, tracking of results, and testing of specific messages for effectiveness and response.
RESULTS
Inquiries grew significantly. Princeton Partners built on this success by developing online loan decision tool, which took what had been a complicated loan process and simplified it for potential applicants. This tool was shared extensively and organically, increasing awareness of EDA and driving more inquiries.