Telling your story: Why an economic impact assessment is a valuable communication tool for your organization

When do you need an economic impact assessment?

Your organization may be required to provide an economic impact assessment to support regulatory filings or development applications. These assessments typically have well-defined requirements and are relatively narrow in scope. They are targeted at government decision-makers and are used to inform decision making.

In other situations, you may choose to undertake an economic impact assessment to support your external communications. These assessments tend to vary more in scope and style than those required to meet regulatory or development requirements. In addition to the standard measures, they may also include information on social and community benefits and environmental impacts.

What makes an economic impact assessment successful?

A successful economic impact assessment uses evidence to tell a compelling story that resonates with your audience. This starts with having a clear understanding of what you want the economic impact assessment to achieve and who it is trying to reach to ensure you achieve your objectives.

The three key elements of a successful economic impact assessment are:

1. Define your vision — Consider the purpose of the economic impact assessment. Your organization may need it to satisfy regulatory requirements, raise public awareness about the benefits of a specific project, or show the impact of a policy on your industry.
2. Identify your audience — Ask yourself who you are trying to reach. This may include the government, public, or industry groups. You may consider adding measures such as community benefits or environmental impact depending on your target audience.
3. Consider how to use and distribute information — A full report may be necessary for governmental or regulatory bodies, while excerpts and infographics may meet the needs of the public or community groups.

Additionally, your economic impact assessment must be realistic or else it risks losing its audience. This means the numbers must be reasonable and the assessment must tell a credible story that is consistent with the broader economy.

Most importantly, an economic impact assessment must show your audience why they should care about a specific subject. It must go beyond the numbers to clearly articulate the value in a way that resonates with your audience. For example, a new mill may provide 300 jobs to the community. However, there are also broader impacts such as more money being spent at local businesses — which creates more jobs in the community overall. Additional impacts include the contribution to the municipal tax base and the quality of jobs created. These are all important parts of the mill’s role in the community that provide a more complete picture of its contributions.

Take the next steps

An economic impact assessment is an important tool to communicate the value of your organization. It uses evidence to tell a compelling story about your economic contributions and support informed decision making — whether your audience is the government, the public, or other interest holders.

For more information on how an economic impact assessment can help support your organization, contact a member of MNP’s Consulting Services team. We have the knowledge to help you create a competitive advantage from data-driven insights.