Brexit : Keep Calm and Carry On?
With the seismic result last week, everyone has been reflecting on the implications and todays blog captures the initial thoughts of Data HQ’s Director, Dave Battson.
Nation in shock
A nation in shock is an under estimation. People are divided in their views and opinions and there is a lot of speculation around the future. The media coverage, it appears, is all doom and gloom but can anyone really predict the future? One thing is for sure, there will be a period of uncertainty while we look to stabilise and capitalise on the benefits of exiting the EU. Whilst the business strategists work on varying models, predicting what may or may not happen in individual industries, my thoughts have drifted to the marketeers and how their roles may differ during unknown times.
Will the data marketing role change?
My first thoughts are around the immediate effects. One thing we do know is that we will continue to be a member of the EU for at least the next 2 years. That means 18-24 months of status quo (while the experts do their thing!). Marketing plans, budgets and deliverables are still relevant. They need to be flexible but don’t they always? If your planning process is robust then this is the time to ensure you have contingency road maps. Not only the plan B but C and D as well! Cover all the 'what if’s’ and have confidence all eventualities are planned for.
My second thought is around customers - the audiences you’re marketing to. What won’t change is the need to understand and communicate with your customers and prospects in the same way. Maybe if anything, your tone and actions need to be more reassuring and filled with confidence. They need to know you are equipped to deal with change, are organised to embrace the positives and will continue to supply the best products and services. This to me emphasises the even greater need to understand and exploit your data Intelligence. Understanding any changes in purchasing habits, satisfaction and general customer services feedback. The need to have relevant, up-to-date and valuable insights and analysis will ensure you keep on top of any changing needs, expectations and requirements.
Keep calm and carry on
Without doubt, this is different from the 2007/08 crash where no one was prepared or aware of what was going on until it was too late! We are being told the UK’s economic fundamentals are strong enough today to weather market volatility and, there’s definitely no need to make knee jerk, panic decisions. Reassure your customers, understand their needs and keep close to any changing insights.
In a nutshell, my advice to anyone including the marketing experts we speak to daily, is: ‘keep calm and carry on’. But remember to have a plan B!!