Place branding is a capital-intensive undertaking. Is it worth the effort for cities, regions or destinations? How do a place's citizens and businesses benefit from place branding? Where are its limits?
Our key takeaways:
- Place branding helps to build an identity with distinguishing features so that a city, region or country can stand out from others and clearly communicate its benefits and strengths to potential investors, visitors or residents.
- Place branding is foremost about ensuring that those currently calling the place their home are well and happy, which will attract skilled labour, lucrative investment, and visitors. It is thus more about placemaking than about promotion.
- Place branding provides a blueprint to take decisions around city planning, capital attraction/retention, infrastructure investment, and public policy creation/reform.
- Places are generally composed of various stakeholders with different priorities Place branding helps in reaching common ground and focusing on the strengths of a country, city or region.
- When done creatively, place branding can bring a city or region to life, seeking inspiration from its culture, cuisine, technology, architecture, heritage, art, future vision etc.
- Place branding is not an activity restricted to elite countries or cities like Paris, New York or London. It can help any place or destination to prosper and be in the limelight.
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