What does Brexit mean for marketing managers?
I believe it’s safe to say that many people were shocked at the outcome of the referendum and many businesses were unprepared for the change. Whether you voted to leave or remain, what’s happened has happened and now, collectively, Britain need to wait to truly understand the outcome.
There is a lot of uncertainty of what this outcome is going to be, and as it will officially take a couple of years for Britain to leave the EU a definitive answer is a long way out of sight.
It is, however, likely businesses will have cuts to make, especially those that deal with the euro.
What does this mean for marketing?
Marketing, for many, is seen as an operational cost. Before the vote, GroupM, WPP ‘s media investment business, predicted a £220m drop in advertising spend this year if Britain was to leave.
Businesses need to review their situation, understand the implications and work out whether their budgets and income has been negatively affected.
Either way, whether a business is struggling in light of the vote or not, the value of marketing efforts has not fallen. Marketing is and will always be crucially important to a business’s overall profit and success.
Companies now need marketing more than ever to ensure survival and success. It is worth them remembering that some marketing is measurable. SEO is a quantifiable channel providing the right technical structure is in place to report on sources, analytics and onsite performance. Advertisers can get support with this by using an SEO agency. Measurable marketing will be more useful to a business on a tracking point of view. Pay-per-click text ads, for example, are measurable through Google analytics.
Google Analytics can help to build an overall picture of a business’s online efforts, including what advertising or social campaigns are leading to webpage clicks and conversions. It’s a clear indicator of where a business’s money invested in advertising and building awareness is or isn’t working.
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