There is a lot of information out there about the UK’s exit from the European Union. While there are many people arguing about the good and the bad of this, it will bring a lot of changes politically, economically and socially. The problem is that there are no definitives at the moment, but this does not mean that you cannot prepare. With this being the case, you need to look at some marketing tips that will ensure your business is Brexit ready.
There is a lot of negativity regarding Brexit from economists, press reports, politicians and the average person in your social network. Even if you agree with this, a negative mindset is something that a business and business leader should avoid. You have probably rolled with the punches in the past and this is the same, even if it does feel like a huge uppercut. It is important to remember that business leadership is all about making plans and decisions.
Being negative right now is the worst thing that you can do. It is better to be positive about your marketing and actively seek out opportunities. You need to look at being a reassuring presence in your target market and put your customers first. You will need to talk to them about the impact that Brexit might have and if there is a need that you could meet regarding this.
In order to reinforce your positivity, ensure that you understand what Brexit means to you and any requirements there may be for your organisation. For example, those using MOSS to declare sales of digital services to consumers in the EU should be aware of upcoming changes. To find out more visit VATGlobal.
You should use your marketing resources to remind your potential clients about the value you provide while reinforcing their loyalty to you and your loyalty to them. It is possible your competition will try to save money by cutting their marketing budget. If this happens, you need to use it as an opportunity to promote your business more.
Ensure That Your Pricing Is Correct
You need to avoid being tempted into pricing in a way that will not maximize your sales and margins. Price cutting in difficult markets can often be seen as a way out, but this will often be a race to the bottom. According to David Abbott, the marketing director of The Marketing Center and author of How to Price your Platypus, you need to place yourself in your client’s shoes.
This will help you to understand the decisions they are going to be making when it comes to price. You should also compare how often they purchase to how important it is for them. An example of this will be a business that buys printer paper every month, but only buys servers once every 5 years.
You need to tailor your pricing structure to be in line with the pain points that come with the decisions your customers make. You also need to take the time to ensure that your customers understand what they are getting for their money.
Be Strategic with Your Marketing
There is a temptation to cast your net as wide as you can in order to get some extra clients. However, this scattered approach to marketing will generally not produce the results that you are looking for and will cost you more. This is why you need to be strategic with your marketing and focus on who your customers are and what they need from your business. All good marketing will have a good strategy behind it.
To do this, you need to set out your goals. You then have to determine when you want to achieve these goals and how you are going to reach them. Your marketing strategy will help you focus on what is important and the best marketing will uncover the best opportunities for your business. It will also help reduce waste spending and maximize your return on investment.
Have a Budget
A crucial step in your marketing plan will be to set your budget and this is even more important if you think there are choppy economic waters coming. You should not just estimate the numbers that you use. The best way to get the most from your investment will be to start with your goals and work back.
The plan and strategy that you have created for your marketing should be the frame that you use to create your budget. You will need to formalize how much you are going to spend on the different marketing channels and activities within an agreed timeframe. This needs to include specific business metrics that you are going to use to measure your marketing success. If you want to avoid any money wasting while marketing your business, you need to have a firm grasp of your budget.
Track Your Returns
A lot of people view marketing as a cost instead of the investment that it is. To ensure that you have a good return on your investment, you need to monitor it as closely as possible. When you do this, you need to focus on the metrics that actually matter.
When you do not have any statistical insight, you will basically be crossing your fingers and hoping for the best. Your strategic plan will be for nothing if you do not have reports and measurements that matter. The reason for this is the fact that the measurements will tell you what actually works and what does not. After all, you do not want to spend more money on a marketing method that is not actually helping you.
The metrics that you use will vary depending on your business goals. If you are an e-commerce business, this is easy to measure as you link your marketing activity to your sales. If you want to build your brand, it can be harder to measure your success. In these cases, you might want to consider website visits and social media reach. Regardless of your goals, you need to have a way of measuring your ROI.
Avoid Unnecessary Risks
When you run small-scale tests of marketing campaigns, you will be dipping your toe in the water to determine if it is too hot or cold. Testing ensures that you do not dive right in without investigating first. It can be very tempting to rush to get ahead of your competition, but this is a risk that rarely works out.
Not taking unnecessary risks does not only apply to your marketing strategy. It should also be used for new product development as user group testing can be invaluable to your product launch. The baby food brand Piccolo states that the consistent feedback that they got through test groups in their early days allowed them to perfect their product through target market understanding. The brand was able to sell in Asda for the last 2 years.
Focus on Your Existing Clients
Your ambition to grow your business, conquer new markets and increase your market share should not be forgotten. However, now is a better time to appreciate the people who have got your business to where it is today. You need to take the time to show your existing customers that you appreciate them because this will place you in the best position for the future.
To do this, you need to understand their needs and how Brexit will affect them. The best way to get this information is to talk to your customers and answer questions they have with honesty. You also need to emphasize the value you provide and the unique way that you are able to address their problems.
Attract and Retain the Best Talent
Great talent is always in short supply so you need to get your HR and marketing teams to work together to ensure that you attract the best people. A lot of companies are focused on their consumers and will not spend a lot of time promoting their brand as an employer. This is a mistake because the expertise that you have in your business is invaluable and in order to stay ahead, you need the right employees.
Your business might invest in your employees or won awards for your employee benefits and training. However, if no-one is aware of this, the investment is wasted. Marketing will play a role in communicating that your company is a good place to work and will help you to get and retain the best talent for your industry.