Unless you have been living under a rock for the past 3 years, you have probably heard of this little issue in the UK called Brexit? It has dominated the news and divided opinion up and down the country. Should we stay, or should we go? Thankfully this blog has opted against influencing in favour of either. Instead we are going to look at how the uncertainty may influence business.
The main concern of course is that the UK will fall into recession and as a consequence consumers will tighten their purse strings and business will suffer. The knee jerk reaction would be to slash the marketing budget and ride out the storm, but is there another way?
Many businesses will no doubt reduce their marketing spend and try to maintain existing relationships until the market picks up. This however presents an opportunity for companies within the same sector to attract new customers and ultimately steal their competitor’s clients. A savvy marketing strategy can help you achieve this whilst your rivals lick their wounds.
Brand stability and strength
As many of your competitors reduce their spends and therefore their visibility, you can present your business in a different light. By continuing to spend and remain in-sight you can achieve consumer confidence. This will provide a positive impression to consumers who are still looking to purchase your goods and services.
Reduction in marketing costs
The laws of supply and demand dictate that a reduction in demand will ultimately result in a reduction to price. Therefore, as less people look to market, the cost to do so will reduce, meaning a better deal for those who hold their nerve.
Consumers will still consume
The world does not grind to a halt in a recession. People will continue to work, earn and spend. What they spend it on can be influenced by who and how they marketed to. Regardless of your product, if you can present it with a perceived added value to consumers, they will continue to purchase it.
How to market?
There are a multitude of different ways to market your products and services. Some of which will be less cost effective than others. Digital marketing is widely accepted as one of the most cost-effective means to market your goods and services. A Google Ads campaign for instance allows your business the luxury of only spending funds when there is an active consumer searching and ultimately clicking on your ad when they are interested in consuming.
How can ImDigital help?
We can arrange a free appointment, either face to face or over the phone. We will discuss your current marketing spend and advise on how best to utilise it during the ongoing economic uncertainty. To arrange your free consultation speak to us now