With the continued rising costs in the East. More and more families and businesses are moving out West looking for bigger and greener pastures.
This article, by Bernard Kassab of Designeri.Am focuses on the marketing industry and the divide between the continual battle for business in Sydney’s East and the growing market, yet untapped in the West.
According to Department of Planning & Environment projections, the Western Sydney population is expected to reach 2.92 million in 2031, growing at an average annual rate of 1.90% (Table 3). This is considerably higher than the average annual growth rate between 2004 and 2014 of 1.62%. In comparison, the Rest of Sydney is expected to grow at an annual rate of 1.28%. Fagan and O’Neill (2015) believe that the Self-contained industry split was lowest in information media & telecommunications (33.0%), financial & insurance services (39.7%) and professional, scientific & technical services (46.3%).
So what does this all mean?
Well superficially – if you are a marketing firm that niches towards Education, Retail or Health – there seems to be a huge untapped market for Marketing/Brand services. Let alone any other industry niche.
As most Marketing/branding firms focus on the highly engaged city district. It is saturated with new businesses attempting to all fish in the same pond. Mind you, it’s a huge pond . . . but what about the pond next door?
How to get the West…
There seems to be a big hurdle to entering the West and most firms seem to have tossed it in the too hard basket.
“They don’t get what we do.” “They don’t value what we do.” Seem familiar?
There are definitely many experiences such as this. But in saying that, most have only scratched the surface, approaching only a small number of businesses out West. Much more effort is invested in the Eastern market, which once faced a similar hurdle, at times it still does today. But there isn’t the same level of investment out West yet. With a little ‘marketing’, finding ways to impart knowledge and provide guidance, an agency could take a strong hold of this rapidly growing market. There is a lot of business and a lot of budget out there. Show the proven value and this gold mine could be yours . . . or at least you could own the space before everyone else catches on.
Happy Hunting!
Statistics from: https://www.parliament.nsw.gov.au/researchpapers/Documents/western-sydney-an-economic-profile_1/Western%20Sydney%20-%20an%20economic%20profile.pdf
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