Grounding your RED Grant application in facts
Using research and economic data in your Regional Economic Development (RED) grant application can ensure you’ve got a proposal that is grounded in factual information. This is critical given that these grants are highly competitive. A strong and compelling application is needed to differentiate yourself from the competition. In other words, you’ll need more than just a great idea.
You can use economic data and market research to make a strong and convincing case for your project, providing this information is reliable, recent and relevant.
Bear in mind that the type of economic data and market research you include should relate to the objectives of the Regional Economic Development grant program. These include:
- Sustainable jobs
- Expanding or diversifying industry
- Developing skills and or capabilities
- Attracting new investment in the region
- Increasing productivity
Examples of research and economic data suitable for a RED grant application
Market research
When using economic data and research in your RED grant application, market research should be an important consideration. This type of information is can be critical to a project proposal as it provides you with valuable evidence to support your claims. Examples include:
- Analysis of market conditions
- Competitor analysis
- Supply and demand
- Customer feedback
- Industry trends
- Gaps in the market
- Growth opportunities
- Customer behaviour
- Competitive landscape.
Industry specific reports
When deciding on economic data and research for your RED grant application, these reports can provide very useful insights into your particular sector that may add strength to your proposal. These include:
- Key drivers
- Challenges, opportunities and threats
- Major players
- Industry size (value, volume, growth rate and forecast)
- Emerging trends
- Technological innovations
- Environmental issues
- Growth rate
- Revenue/profit
Local or regional statistics
This type of data can help you demonstrate the viability and impact of your project and justify your budget and funding requests. As such, we highly recommend including them in the economic data and research you gather for your RED grant application. General types of statistics that may be helpful include:
- Demographic statistics: characteristics of the population in your region such as age, gender, race ethnicity, education, occupation, marital status, number of children, and living status.
- Economic statistics: describe the economic conditions and activities in your region (gross regional product, employment, industry, business, income and productivity).
- Social statistics: describe the social aspects and outcomes of your region (education, health, housing, wellbeing, cultural diversity, community participation and crime).
- Environmental statistics: describe the environmental features and issues of your region (land use, natural resources, climate, environmental quality, energy consumption, waste generation and greenhouse gas emissions).
Customer feedback and surveys
This includes data from your existing or potential customers such as needs, preferences, satisfaction or loyalty. Primarily, this information is sourced from online forms, email, phone or social media.
Historical project data
This data might include information related to similar successful projects you’ve implemented in the past. For example, scope, schedule, budget, performance, outcomes and lessons learned. Notably, this can demonstrate to the grant fund assessors that you have a successful track record in terms of project and grant management.
Potential sources of economic data and market research
There are many sources of data and market research that you can use for your application, depending on your industry and the nature of your project. For example, the Australian Bureau of Statistics is a national statistical agency that provides official and reliable information on various aspects of the country. You can access the ABS website to search for data that may be relevant to your application.
Additonally, Remplan develops online analytical tools and information resources for economic development, planning and tourism practitioners. It offers various products and services including economic analysis, demographic analysis, population forecasts, investment attraction, housing profiles, and labour force reports. Notably, a number of Regional Development Commissions offer access to this information via their website.
Need Help?
BlueSalt Consulting makes it easy by doing the groundwork for you so you can focus on what really matters – your business. We have access to a wide range of data and specialised industry reports to bring depth and credibility to your Regional Economic Development Grant. Reach out to our team to learn more.
