Focus on Education Selling investors on the CNMI

The CNMI is in dire need of attracting investors, both American and foreign. But what puzzles me is why we are not doing a better job. Our excuse is that the economy everywhere is bad and that customers are not buying. But even if the economy were booming, do we know how to sell and promote the CNMI as a profitable place to invest in? Do we have an agency, either private or public, whose sole job is to search for investors and professionally approach them about investing in the CNMI? Do we have a business plan which shows our goals, including the types of industries we wish to attract?

A basic rule one learns early in the game of selling is that customers rarely come to you. You have to go after them. You have to actively seek them out, even when times appear to be bad. Not everyone is suffering. There are always companies who are booming and expanding while others are suffering. Business does not come to you. You have to go after it!

Another valuable lesson is that one call will never get you anywhere except the exchanging of names. A good salesman knows that he must make a minimum of four or five repeat calls before the customer begins to understand what you are promoting and begins to show an interest. Your presentation literature must be attractive and show what the advantages are for anyone interested in coming to the CNMI.

Here are just a few of the many questions that have to be answered before we can attract serious investors. What specifically are we doing to promote the CNMI? Who is doing the promoting? Is it sporadic or consistent? Are the people trained in making presentations about the advantages of investing in the CNMI? Is there a budget to go out and sell? Can we name three of four definite advantages that will appeal to any investor? Do we have literature and videos showing the beauties and advantages of the CNMI?

When an investor comes, do we discuss the potential problems he may face with various government agencies? Who and where does the investor approach for information about laws, regulatory agencies, market research, economic indicators, etc.? Do we introduce the investor to appropriate regulatory agencies so that he gets a true picture of potential problems which can delay or completely discourage projects?

In trying to attract investors, we must show them how our tax laws, plentiful labor force, geographic location, and friendliness of the government and community are advantages that he cannot receive anywhere else. In other words, we must sell him on the idea that the CNMI is the right place for him to do business