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.
Improvement of existing products and services
Operating in a more competitive environment will mean businesses need to review their existing product and service offering to identify enhancements or new iterations to help maintain and even increase competitiveness. Also new target market segments should be considered as well as how improvement of existing products and services could have greater appeal or added value from minimal investment. Building resilience into the supply chain and implementing lean practices can help reduce sale prices point and therefore attracting new customers.
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.
UK Government have released a series of technical notices which are available on the GOV.UK website including:
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