Locals 1st is still a winning strategy
In regional Australia supporting locals first is almost a way of life. Here at Inland Digital in Central West NSW it’s something we’ve embraced. Whether it’s our hiring policies or our supplier selection, we always try to put locals at the top of our criteria.
But in a world where globalisation is opening us up to more and more possibilities, does the ‘buy local’ strategy still have the legs it once had?
The research shows we’re still focused on helping small business
With the entry into the Australian market of global giants like Amazon, it can often seem like buying local is under threat. The comforting thing for me, if you believe the research, is that as Aussies still favour supporting local businesses. In fact, various studies show that upwards of 9 out of 10 Australian’s prefer to buy products and services from local businesses. That’s an important statistic for me, as it shows that we still try to do the right thing by each other. As we all know running a small businesses is hard enough without local support!
It’s even more important when you think about regional communities. For me it’s a core business philosophy: We always look to ‘locals first’ and if we can buy it in the Central West, we will. It’s rare for our business to go beyond the local market and it’s my gut feeling that most other businesses in our region do the same.
Does it still make business sense?
There are plenty of reasons why it’s still good for business, and they’re not all economic. The circular nature of buying from other locals is a ‘win win’ situation; however there are a couple of points I think are often overlooked when it comes to this topic.
Firstly, our local clients are not just important to our bottom line; they’re also our best source of information on what’s happening in the market. Our clients represent numerous vertical industries so just by working closely and listening to what they have to say, we get a great understanding the market conditions and local challenges. Sure, there are always bigger macro trends that affect any industry, but you can bet that there are some specific challenges that our local friends face.
The second is the feel good factor. For me personally, I love it when we can help another local business. It makes sense to me, as we’re passionate about the region. So seeing another business succeed, especially if our business has helped in some small way to achieve that result, gives our business a sense of pride. That local first mentality is a big part of our culture and is core to who we are as a business.
It’s still a key part of your strategy
So, to answer the question I posed above: does a local first strategy still have legs? Absolutely! The more we help each other, the more our region prospers. And which business owner in the Central West doesn’t want that?
Have an opinion? Let me know how you feel about having a local first mentality!