Yes, but the problem, as CB states, is that there are two such clubs. Very close to each other - Bing maps says it's 13.7 miles between the postcodes of the two grounds. And the roads are half-decent. Long gone are the days of my childhood when it was a slow trek round by Beauly and Muir-of-Ord.
In terms of pulling power, ignoring those of us who have history before 1994 - and who are inevitably becoming a smaller proportion of the support - then I don't think it's unreasonable for someone, especially an incomer, to choose which of these local teams to support. In which case County, at the moment, will win out. And Dougal has already pointed out the differences in the companies that support the two clubs.
Even there we see that Uncle Roy is keeping them going to the tune of more than £500K a year. I suspect that when he pulls out - he's 71 now, so who knows what his plans are - then if there are no similar sugar daddies for either club, then a merger/takeover will follow soon after.
And that's before we look at the problems of attracting the best players and coaching staff to the north, where, unlike the Central Belt, there are no other top clubs within 100 miles.
I wish it were otherwise, but it's difficult to argue with geography!