There are a lot of emotions and debates whirling around right now, post EU referendum. While not much has been clarified just yet, here are a few thoughts from some very clever industry professionals on the future of your digital marketing strategy.
I’m sure you’ve heard the expression, “if you didn’t laugh you’d cry.” There are currently plenty of concerns in the air, and not without reason. Plenty of people from both sides of the vote are unhappy with how things have gone so far.
However, we’re going to take a step back from politics for now. We don’t claim to be experts, and we’ve probably spent far too long shouting at Twitter this weekend anyway.
The birds are still tweeting and the grass is still growing. For now, it’s probably in our best interests to get out from under our duvets, stop reading certain inflammatory news sites which only make us grumpier, and possibly even cut back on the coffee (wait, I didn’t really mean the last point, ignore that one!)
Paul Bainsfair, director general of The Institute of Practitioners in Advertising (IPA) explained his mixture of disappointment and optimism to The Drum.
“As an industry we had hoped that the referendum would have kept us in the EU, however, we believe the UK will continue to lead the world with its creative industries and advertising in particular.
“We have always been known and admired for our inventiveness and ideas. It will now be more important than ever that we continue to demonstrate these valuable traits.”
ISBA’s position is somewhat sunnier, with the belief that Brexit could potentially create an opportunity for marketers. A spokesperson told Marketing Week: “The UK ad industry remains strong as a global player and we are confident that this vote provides significant opportunities as the dust settles.
Here at Six & Flow, we have several clients operating a digital marketing strategy outside of the UK and even outside of Europe. Marketing is fast becoming an increasingly globalised industry, particularly in the digital sphere, and while Brexit may have an economic impact on the EU, the international business community is still alive and kicking.
Our advice? Set realistic expectations if you anticipate problems, and seek out alternate avenues of opportunity for your clients where possible. You can’t be expected to be a miracle worker, but you can impress clients by thinking outside the box.
While it’s admittedly unclear what change will look like in the short term, the ISBA stresses “rash decisions in business or politics rarely pay off.” Time for us marketers to pull our socks up and get on with it then?
US to UK currency conversion is currently a little bit iffy, and it probably isn’t going to bounce back straightaway. It’s likely the pound will suffer a certain amount as the EU referendum debates continue, thanks to uncertainty and concern surrounding trade regulations and access to the single market.
On a slightly brighter note though, Ed Fry, General Manager of renowned marketing community inbound.org, points out that anything sold in British sterling is “a relative bargain” to many overseas markets. He even encourages UK marketers to take advantage of this by promoting on the site’s new #Brexit sale thread!
Due to the strength of other currencies over ours, you might effectively be offering overseas clients a healthy discount – so why not promote it? Canadians used this technique recently when the Canadian dollar depreciating against the US dollar, with Fry pointing to the recent CTA Conference in Vancouver as an example
Consider whether this is an option for your business – can you get creative and appeal to international markets? After all, everyone loves a good bargain.
“Politics aside,” Fry implores, “let's be plucky opportunists together.” We couldn’t agree more. It's important to alter and improve any digital marketing strategy in the light of current events, whether economic, political or cultural.
Cringey sayings aside, let’s make some ruddy lemonade.
The times are changing, outbound is outdated and in some cases, can be potentially dangerous for your brand financially and in a reputational sense. Big fines are being handed out to serial data offenders. With inbound you can avoid this and get the best from your leads so read our blog “How to create Inbound Strategy Masterclass” for more information.”
