Has digital marketing boosted our regional growth?
The last decade has without a doubt seen huge leaps in the digital marketing world. The digital realm has changed beyond recognition, growing in strength so much that it has now begun to assert positive pressure on the economic landscape on a local, national and worldwide level. It has managed to drive sales and growth for a variety of businesses and undoubtedly added value to the global markets. It has been reported that the digital economy is now having a major upward effect on the British economy, however to what degree, if any? Has the economy of the West Midlands been affected? Has digital marketing boosted our regional growth?
Although no direct study has been undertaken to measure the regions digitally inspired growth, it is possible to look at the national trends caused by digital companies and by also measuring the rising employment trends taking place within our local digital industry. The West Midlands has undoubtedly seen an explosion of smaller internet companies over the last decade, fuelled by the digital boom. Several industry leading vibrant companies have sprung up throughout the West Midlands, with regional cities such as Birmingham, Wolverhampton, Coventry and Solihull all being home to a growing number of tech-based companies.
The beauty found within the digital world is that regional West Midlands companies can compete alongside national and even global superpowers. Larger budgets although helpful, are by no means the be all and end all within the digital world, thus regional companies can thrive and attract sales, ultimately seeing their efforts feedback into local economies such as the one found within the West Midlands
It had been estimated in 2016 that nationally the digital marketing economy had accounted for nearly 10% of the money pouring into the United Kingdom’s coffers. The same report also noted that despite many other areas of the nation’s economy stagnating, the digital sector had seen a healthy upward trend in growth. Of course, London leads the way with its digital expansion, but the wider West Midlands area still managed to see an impressive turnover of over 2.5 billion pounds last year, money that will undoubtedly be filtering its way back into our own regional economy.
In terms of employment figures, the digital economy has seen growth nationally, with well over two million people employed across the country (directly and indirectly). In the West Midlands, the employment figures continue to rise month by month. It has been questioned if regionally we are geared up to set the pace in the digital world, however, the figures do seem to suggest that the West Midlands is catching up on prior marketing leaders London and Manchester. The cities of the West Midlands are rapidly becoming a go-to venue for graduate and newly trained marketers this is itself is a boost for local revenues, seeing highly skilled tech employees bringing in and spending money after find homes in the region.
The boom in digital has proved invaluable for the West Midlands economy, seeing money pour into the region, with cities such as Birmingham and Wolverhampton developing into magnets for some of the country’s top digital talent. The main aim for the future should for the region to continue to develop and nurture its growing digital industry. Encouraging the regions digital landscape to prosper will allow our region to thrive and become a true hotbed for digital talent and see billions flow into our growing economy.
Eighty3Creative at the heart of Wolverhampton, has ridden the wave of digital practices, and started near the beginning of when digital started to have an impact, nearly 10 years ago. Specialising in digital branding, web design and digital marketing we have led the way in working with local and national companies to help their digital footprint.