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Executive Summary

CommerceRI, also known as the Rhode Island Commerce Corporation, is the state's leading economic development organization. Its core mission is to foster job creation, stimulate economic growth, and attract new businesses to Rhode Island while supporting the expansion of existing ones. They act as a central resource for businesses, providing information on incentives, workforce development, site selection assistance, and various programs aimed at improving the state's business climate. They effectively market Rhode Island as a desirable location for business operations, highlighting its unique advantages and resources.

Industries

Economic DevelopmentPublic AdministrationBusiness Services

CommerceRI Top Products

Your Business Advisor
Rhode Island Placemaking Grant Program
Rhode Island Business Real Estate Resources

Brand Positioning

CommerceRI is positioned as the essential, no-cost partner for businesses seeking to establish or expand in Rhode Island, offering comprehensive support, incentives, and resources to foster economic growth and job creation within the state.

Customer Sentiments

Customer sentiment appears to be generally positive, as CommerceRI provides invaluable, free services like incentives, workforce development, and site selection assistance, addressing key pain points for businesses. However, some frustration may arise from perceived bureaucratic hurdles or challenges in finding specific talent or affordable space.

CommerceRI Key Value Propositions

CommerceRI's core value proposition is serving as a centralized, free concierge service for businesses, providing crucial incentives, workforce connections, and site selection assistance. They simplify the complex process of establishing or expanding operations in Rhode Island, acting as a direct pathway to economic success within the state.

Incentives & Funding
Workforce Development
Site Selection
Business Support

CommerceRI SWOT Analysis

Strengths

State-backed, offering free services.

Comprehensive resource for business needs.

Focus on specific high-growth industries.

Weaknesses

Bureaucratic hurdles can be a deterrent.

Dependent on state appropriations/grants.

Perception challenges against larger states.

Opportunities

Attract remote work companies post-pandemic.

Leverage unique state-specific industries.

Expand digital outreach for wider access.

Threats

Competition from neighboring states' EDOs.

Economic downturns impacting business investment.

Negative press affecting state's reputation.

CommerceRI operates within the industry or domain of economic development and public administration. Specifically, they are a government-affiliated organization focused on attracting, retaining, and growing businesses within the state of Rhode Island. Their work involves elements of urban planning, business development, public policy, marketing, and workforce development, all aimed at enhancing the state's overall economic prosperity and competitiveness.

Market Growth Stage

Low
Medium
High

Pace of Market Growth

Accelerating
Deaccelerating

CommerceRI Target Audience

View Details

Geographic Insights

Primarily focused on attracting businesses within the US, particularly those in close proximity to Rhode Island, with minimal international outreach.

Top Countries

United States flag

United States

98% market share

Canada flag

Canada

0.5% market share

United Kingdom flag

United Kingdom

0.3% market share

Germany flag

Germany

0.2% market share

China flag

China

0.1% market share

CommerceRI Audience Segments

The target audience for CommerceRI is broad but focused on businesses of all sizes and stages that have an interest in establishing or growing their operations within the state of Rhode Island. This includes existing Rhode Island businesses looking to expand, out-of-state businesses considering relocation or opening new branches, and startups seeking a supportive ecosystem. Specifically, they target industries that align with Rhode Island's economic development goals, which often include marine trades, advanced manufacturing, life sciences, tech, and tourism. The audience comprises both large corporations making strategic location decisions and smaller entrepreneurial ventures seeking resources and support for growth.

Large Corporation Relocation Decision-Makers

35-65 years

Male • Female

United States • Canada • Europe • Asia

Existing RI Business Expanders

30-55 years

Male • Female

Rhode Island

High-Growth Startup Founders

25-45 years

Male • Female

United States • Global Tech Hubs

Industry-Specific Business Owners

30-60 years

Male • Female

New England • Mid-Atlantic US

Business Consultants & Investors

35-60 years

Male • Female

Rhode Island • Connecticut • Massachusetts

Social Media Usage Across Segments

Data shown in percentage (%) of usage across platforms

Recommended Marketing Strategiesfor CommerceRI

Interactive ROI Calculator

An interactive ROI calculator can be implemented on the CommerceRI website, allowing businesses to input their specific circumstances and see projected returns from locating or expanding in Rhode Island. This will provide tangible data to support decision-making and demonstrate the potential value of investing in the state.

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In-depth Buyer's Guide Creation

Creating a comprehensive buyer's guide that details all the aspects of starting or expanding a business in Rhode Island, from available incentives to workforce development programs, can be highly beneficial. This guide will serve as a centralized resource, answering key questions and guiding potential investors through the process.

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Personalized User Onboarding

Implement a personalized onboarding experience for businesses that express interest in CommerceRI's services. Tailoring the information and resources provided to their specific industry, size, and needs will enhance engagement and demonstrate a commitment to their success in Rhode Island.

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