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How to Leverage Your Small Market Economic Strengths

Here are a few ways to move to the head of the economic development class and leverage your small market strengths.

The shift in the population away from urban centers has been ongoing for a while now, especially for young families who want a better lifestyle for themselves and their children. But the workforce and potential employers have to know what’s attractive about your market and why they should consider you above all other viable choices. Slow and steady has been the course, but after COVID-19 hit, the need for a quicker pivot has become apparent.

If you are in a smaller market and you have talked ad nauseam about attracting a trained, educated workforce along with attracting new employers, but did nothing but talk, then you are already in a vulnerable position. 

Here are a few ways to move to the head of the economic development class and leverage your small market strengths. The action you take today will help you achieve your economic well-being in the future.

Speak to Young Families

Know that any market within sixty miles of a metro area is a secondary or tertiary market. Metro areas have the advantage of dense business growth, but the cost of raising a family and the closed-in spaces is pressing on the psyche of young families. 

With all the benefits of living in your community, leverage every positive attribute you have: low housing costs; favorable taxes; open spaces; family-oriented activities; education opportunities; low crime; natural beauty; character and charm; proximity to the city; availability and accessibility of high-speed internet; job opportunities.

A 60 minute/60-mile drive to your location is likely faster and less stressful than a 90 minute/20-mile drive into the city. 

Attract Talent From Across the Globe

You can attract a workforce to live in your community who exist where you are now and also anywhere else in the world—i.e., remote work. In today’s world, working from home is not just a perk, it’s a must. The addition of new, young families to your town will be a benefit in relation to economic health, and having a capable workforce will continue to attract large employers and benefit housing needs, doctors, retail and hospitality.

You need to be ready for them. You need to be shouting about the quality infrastructure you have in place. High speed, high quality and high accessibility internet is a given. Quality education opportunities and broad health services are a must. 

There have been enough studies to be confident that remote work and work from home is now a staple of our work culture. We also know that an emigration from larger urban areas to smaller, more open areas continues – now at an accelerated rate.

And with an available quality asset inventory, the ability to leverage favorable occupancy costs and workforce-related costs, now is the time to be aggressive. Leverage all your strengths to attract talent and businesses. Talent for the businesses you have, the businesses you want to attract and the businesses that will stay put while tapping into your growing quality labor pool.

Develop Housing for Today’s Needs

As you think about a workforce shift, consider that housing needs are changing. Work with developers to make sure that housing offerings include dedicated home offices or multi-family projects, including co-working spaces.

And while you are at it, bury your community inferiority complex. Time and again we have heard community leaders and stakeholders say what they are not in relation to other markets. Turn the page and reflect on what you are. All the positive attributes that brought you there and keep you there. Do not take a back seat to anyone. You know the gem that your community is. Go tell the world that news. 

Build Brand Evangelism

Word of mouth goes a long way, so invest in telling your story and give residents the platform to do it too. When people hear what you have to offer, why wouldn’t they entertain living there?   

Find a way to mobilize the entirety of your population to be evangelists and use them to be so attractive that people will want to live and work side-by-side with you, and potential employers will find it appealing because the strength it has in attracting quality workers.

Let’s recap. Tell families in larger metro areas (especially those within a 60-to-90-mile radius) all the benefits to living in your community. Work with businesses in the larger metros to tap your remote available workforce. Attract new businesses to the area by promoting all the necessary attributes and your ability to attract workers by a reverse commute. Mobilize your neighbors to be loud, vibrant and confident community evangelists.

Whatever you do, do it now. Leverage all your assets while the time is ripe, because innovation is the key to success and the future of your economy will depend on it.

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