Why support locally owned?
Article By LUMO – Blog – 18th August 2019
It seems such an old fashioned, colloquial concept, to support locally owned. But in context of the Outdoor Media sector in New Zealand, it should resonate. We Kiwi’s pride ourselves on our independence and resourcefulness. We are resourceful and have an amazing capacity to think laterally, to problem solve and simply get on with it.
We are happy to embrace ideas from outside but we don’t sit back waiting to rely upon others. This sense of adventure and innovative thinking is important to our identity as New Zealanders and we should do all practicable to nurture this attitude.
The Outdoor Media sector in this country is dominated by corporates with excellent credentials but a focus on mainly international shareholders returns. Not necessarily a bad thing as we need international investment and our market offers attractive growth prospects for those owners.
However, I believe it is important to ensure agencies and advertisers always keep their options open by supporting locally owned media businesses that invest in local infrastructure, employ local talent, pay local rates, taxes and reinvest locally-made profits back into the local economy rather than exporting the profits back home overseas.
There is nothing more genuine than having business decisions made by local owners who understand what’s going on, the nuances and what is most appropriate in real time versus what is often overlooked or ill-considered for NZ in boardrooms in Sydney, Melbourne, London or Paris. We are small on a global scale but we do punch well above our weight.
Duopolies are not good for anyone because over time they get complacent, consume creativity, stifle risk-takers and suffocate competition. So media agencies, creative agencies, marketers and advertisers, support them.
Embrace the value that locally owned independent outdoor operators have to offer. Help them maintain and sustain competitive tension, help them pressure all operators to become more accountable & transparent and challenge them to always deliver honest value. The power is in the hands of the customer, those who use outdoor media, to support locally owned. Use your power wisely.