It’s been a few weeks since the British people voted on
leaving the EU. As we know the outcome
of this stunning decision has had dramatic response in the economic, social and
political realms. And those
repercussions are not just being felt by the UK but across the globe. There have been some areas which I’ve been
focusing on since the voting results were announced…here’s a few thoughts.
- 1. Keep a close eye on your sales not just in the
UK but ALL countries you’re doing business in.
If the UK or countries within the EU begin to flirt with recession your
marketing or budgets will be impacted.
Get those metrics in place to show the positive results your investments
are making.
- 2. UK Media On Sale – as the pound has dropped, you
can probably pick up your media for a 15% decrease against the dollar just on
the currency drop. And if other
advertisers begin pulling media schedules, there could be an excess of
inventory which could lead to additional price reductions.
-
If you’re a UK based company with sales in the
Americas, the decreased in the pound actually makes every dollar in US sales
that much more valuable. A potential
shift in media/marketing investment to the US might help drive those more
valuable US greenbacks to the bottom line.
- 3. Contracts – depending upon how media and agency
contracts have been drafted you might have to revise your contracts. This would be the opportunity to drive more
favorable terms with suppliers. Get
your procurement and legal teams reviewing opportunities.
- 4. Get aggressive – change creates opportunity. Look to grab share now, while your
competition is trying to figure out what to do next or if they’ve given up on
the marketplace altogether,
- 5. Pick up talent – look for outstanding talent who
might be displaced in the potential economic crisis.
- 6. Keep Your Service Up – create further
differentiation with your competition by driving your service level to a new
high. Being there to help your
customers/prospects in times of turbulence will pay off.
- 7. Don’t choose sides… this one is tough. This is the time to remember not to discuss
politics. You’ve got the potential of pissing
off 50% of the people.
- 8. Don’t Tread Water – sitting around the water
cooler discussing the vote isn’t going to help your marketing – stay
focused. You need to keep your marketers
focused on the work not the vote.
- 9. Start getting your plans prepared – work now and
take a proactive step with your management to bring up thoughts, options and
recommendations. Don’t wait for someone
in Finance to send you an email with the dreaded “budget cut” in the subject
line.
Remember, potential exists if you look hard enough.
Scott
