On Tuesday November 12th 2019, the recent Business Insider Economic Forum was hosted in South Kesteven. Following numerous modern-day advancements, such as the increased impact of digitalisation, the desire to ensure economic and residential growth within the Midlands is now more highly sought after.
As a result, we’re going to look at how the region intends to not only improve residential aspects of society but also expand business growth and marketing.
Residential Growth and the Need for Marketing Expansions
The Business Insider Economic Forum connected numerous Midlands-based businesses and investors in seeking to provide the catalyst for discussions over the region’s long-term societal developments. Over the last few years, south-west Lincolnshire has become famous due to significant investment totalling £1 billion, along with creating vast amounts of new employment and living opportunities.
Crucially, with the district being at the heart of some of the United Kingdom’s main travel routes, including the A1, there is a real possibility for a sustained increase in the region’s population. In turn, this is thought to have a positive impact on existing corporations’ long-term future and profits.
Aside from strategies to expand from a housing standpoint, which has resulted in plans for a further 14,000 new properties being developed, the forum also targeted how both existing and new businesses can continue to expand their current consumer base through non-residential marketing. In Lincolnshire, traditionally companies have focussed their marketing schemes on reasons to visit the location, with Stamford, for example, recently being named as one of the best places to live in the UK.
However, even though that has seen Midlands businesses thrive for a prolonged period, Russell Gay, the director of a Stamford-based architecture firm, believes that the call-to-visit approach is unsustainable in the long-term.
The Introduction and Impact of 5G
As previously mentioned, the online world has seen a wide array of organisations switch their approaches to target digital platforms. Aside from economic and residential growth being at the very core of plans to continue evolving, the selection of the West Midlands to be the UK’s first large-scale 5G testbed is a vital factor in raising the awareness surrounding the district’s forward-thinking strategies.
Crucially, the introduction of the fifth-generation network is set to significantly benefit businesses. One of the most prominent differences in this newly-developed connection is the speed that users will be able to achieve. With download speeds being forecast to exceed 1Gbps. Communication, file sharing, and live conference calls on both a global and local scale will see reliability and remote working opportunities heightened as a result.
Furthermore, in addition to the network aiding commercial progression, the nature of the technology is also set to improve the efficiency of wireless streaming and gaming. Along with ensuring a smoother video streaming experience as a result of the lower latency that’s on offer with 5G, the mobile gaming market is set to enjoy a multiplayer revolution. Following the development of smartphone crossovers of popular titles such as Call of Duty and Fortnite, remote online performance on mobile devices is aspiring to reach console-like levels of immersion.
Moreover, the combination of improved gaming and streaming will be immensely beneficial to those who enjoy digital releases in the iGaming sector. At VideoSlots, for example, prospective gamers can enjoy live adaptations of traditional table games like baccarat, blackjack, and roulette. With the forthcoming implementation of 5G, the above online casino games, along with Bonanza, Book of Dead, Wolf Gold, and many more, will be available to enjoy in the highest quality from any location due to the speeds that the network provides.
Marketing Alterations and Network Advancements
Ultimately, following the Business Insider Economic Forum, it’s clear that the Midlands is well placed to enjoy continued growth over the coming years. In addition to expanding their marketing horizons, the highly-sought-after abilities of 5G will vastly impact the global opportunities that are available to local businesses, thus building on the district’s impressive recent rate of economic growth.