The British exit (née Brexit) from the EU is likely to define 2017 in the UK
It is also likely to be one of the biggest influences on business trends, have you prepared?
The Brexit effect is essentially the uncertainty that has arrived since the vote to leave the EU, once we are have left(!) the outlook could be very positive. The limbo in-between now and then is what will knock consumer confidence.
If you business is a B2C you will be aware of the current positive trends but you will also most likely be waiting for the increases in costs.
If your business mainly works with other businesses (B2B) the uncertainty has taken hold a little sooner, as businesses are starting to receive material cost increases in part due to the weaker pound. I am sure you are aware many of the raw materials used in industry at some point come via mainland Europe or Asia and so are bought in a different currency – where the exchange rate becomes very sensitive.
It is not all doom and gloom!
Brexit provides the perfect stimulus to take some time and analyse your business, then refocus your efforts into profitable sales. If your margins and revenue are likely to come under pressure then you have some options on which to focus.
- Get active! So often businesses freeze in challenging business climates, but this creates the massive opportunity for you to stand out from the competition. Creating and executing a multichannel marketing campaign will yield far more success in a climate where competitors have decided to sit tight and hope for the best. You can also carry out some target market analysis before you begin to aim for the products or services which deliver the greatest margin for you.
- Increase prices – Increasing your prices can be a nerve wracking prospect… The reality is many of your clients will not be concerned (within reason) The ones who are, will probably be a transient client anyway, with you as long as you are cheapest they will buy.
- Add value – What more can you offer your clients? If you are able to provide additional services you can enjoy additional revenue from already regular clients, the can be simple and easy bolt-ons (a la McDonalds ‘Would you like fries with that?’) or Something a little more involved ( Software support company could provide hardware site survey, procurement and installation for example)
There is no doubt that the uncertainty has crated a massive opportunity for companies in the UK – those who are pro-active, looking forward and willing to invest in building a greater client base will reap the rewards. Q1 2017 is the time to be creating your marketing content an collateral, refining your target markets and then putting your marketing plan to work, this will generate the clients leads that you can convert to long term clients and see your business grow.
If you would like support with offline marketing planning for 2017, we can provide a this as part of our complete service to marketing departments and small businesses around the UK, working in conjunction with web developers to empower your marketing. Contact us to arrange a meeting 01963 250920 or email firstname.lastname@example.org