Brexit will be a hot topic for the foreseeable future, and I’m sure its impact will be felt in business throughout 2017 and beyond. But exactly what that impact will be is uncertain, so instinct leads us all to be far more cautious.
We already know that there will be rising food and manufacturing costs due to a drop in cheap labour from abroad. And we know that these costs will no longer be absorbed by producers but instead be passed on directly to the consumer. We will also see hikes in the price of foreign goods, and as a nation of importers this is significant. The automatic response from British businesses’ will be to tighten the purse strings. It is inevitable. But often the first thing to suffer is marketing, as many view it as a ‘nice to have’ rather than an essential part of their business.
But is this short-sighted?
In an increasingly tough economic climate, you need to be able to draw attention to your offerings, create interest, reinforce the brand, keep customers loyal and generate a lead pipeline. All this can be achieved through marketing.
By spending wisely on marketing and creating a plan which incorporates targeted activities you can get results and actually create stability. Based on past performance, the marketing community actually predicts that there will be greater spending on social media in 2017, while other areas may see a decline. Facebook still remains the most popular platform but others such as Snapchat are building their followers and therefore their appeal to marketers.
“Uncertainty is an uncomfortable position. But certainty is an absurd one” Voltaire
We certainly can’t predict the future and uncertainty is inescapable. But rather than fear it, we ought to embrace it and treat it as an opportunity. This could be chance to review your offering, working methods or target audience and get it all formalised in a plan. So maybe it’s time to drop the pessimistic attitude to Brexit, as it is going to happen irrespective of our individual viewpoints, and instead start planning ahead.