Marketing is critical for your business to succeed in meeting growth targets in a post-Brexit world. In looking to cut rising costs from Brexit, it may be tempting to cut back on investment in this area. However, in an increasingly competitive environment, a strong brand and marketing strategy will be essential to stand out and generate new business.
Understanding your market and customers will be key for businesses, requiring them to focus more on market research to identify new markets and market segment opportunities. Build your strategy around strong market intelligence and customer data. Expanding into new markets will spread your risk by reducing overall dependency on the EU or a single market segment.
During the period of uncertainty whilst the Brexit terms are finalised, it will be more important than ever to increase the trust and confidence of your customers, suppliers and distributors to sustain growth, as well as winning repeat business and gaining referrals for new sales.
Possible Opportunities and Challenges
Sales and Marketing Plan
From a sales and marketing perspective, an important potential impact of Brexit is how it will impact on your customers. Buying decisions are complex and often based on reasons that companies do not realise. Brexit may result in a fall in sales for your company because of the challenges you face, but equally, it could result in increased revenues as you embrace new opportunities. Relationships are key for your sales. Take time to invest and strengthen these now during this interim period, meeting your clients regularly to also gather intelligence. Simultaneously, deepen your understanding of market segments and geographical markets to mitigate any potential changes in your customers position and to identify new customers.
Brexit could bring increased and new competition from international markets and much larger players with greater resources. To compete and grow, companies will need to examine their product or service portfolio and determine what their unique selling points are in all of their target markets. Review the necessary sales and marketing skills required to exploit new markets and generate new sales to assess gaps and create a plan to mitigate these. For example, it may be that new language skills become a priority after Brexit.
Regulations and standards after Brexit
When the UK leaves the EU there may be changes to the requirements for placing certain products on both the UK and EU markets. Businesses should prepare for potential changes that may affect their area of work by considering guidance documents and technical notices that UK Government has produced relating to changes to regulations and standards when the UK leaves the EU. These can be viewed here.
Sector-specific and country specific information across the different areas of goods regulation have been created to help businesses to understand the impacts of Brexit for their products and supply chains. Please note that these guidance documents do not cover customs requirements and there may be changes at UK borders that affect your business’ ability to place certain products on both the UK and the EU markets.
A brand that works in the UK and Europe may not necessarily be effective or appropriate in other, new markets. Businesses may need to rethink their branding to be ready for new international or emerging markets through investing in a carefully researched re-branding strategy. Consider local customs, cultural sensitivities and language differences, along with location logistics and appropriate marketing channels to develop an enhanced brand, and investigate appropriate local Trade Mark protection.
TO DO LIST: Preparing for a possible No Deal
- Assess your business preparedness with the Business Wales Brexit Toolkit
- Sign up to the Business Wales Newsletter
- Visit Welsh Government’s Preparing Wales website
- Register to get EU Exit updates from HMRC
- Stay up to date with Health and Safety Executive information
- Search for new contracts and advertise your services on the Sell2Wales website
If you import or export
- Watch HMRC’s 10 step guides on importing and exporting
- Review UK Government’s publications on Trading with the EU
If you transfer personal data
- Follow the Information Commissioner’s Office’s ‘6 steps to take’
- Visit using personal data after Brexit
If you provide services or operate in the EU
If you employ EU citizens
- Support your EU staff to access the required documentation
- Consider up skilling your workforce – see the Skills Gateway support
If you sell manufactured goods
If you are involved with intellectual property or copyrights
- Comply with changes to intellectual property
UK Government’s full list of EU exit information for businesses can be accessed here.
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