Member Article

Business Ready for Brexit

For business owners, “Brexit means Brexit” indicates one thing: uncertainty. And with Brexit set to catalyse an economic downturn, The Marketing Centre outlines the three priorities for business to focus on in the coming months.

“Responsible business owners should now be busy making plans to weather the storm,” comments Clare Methven, co-founder and director of The Marketing Centre.

At the organisation’s annual conference last month, keynote speaker Roger Martin-Fagg – renowned behavioural economist, strategist and author of “Making Sense of the Economy,” – outlined the three areas business owners must focus on to weather the Brexit challenge: people, brand and positioning.

People People are always a business’ most important asset. Customer-first thinking means offering the best possible customer experience, which means keeping staff happy – because happy staff deliver a better service. Better staff offer a superior service – something customers are happy to pay more for.

Teams focused on outcomes, not politics, will support your business to shift direction quickly without losing momentum – something especially important in a downturn.

Attracting and retaining the right talent requires building a strong employer brand, telling potential employees what your company represents and the relationship they can expect to have with your business leadership. The latter is especially important in small and medium-sized businesses, where employees are likely to work more closely with the business’ owners.

Brand Strong positioning and a solid team will help build your brand – the third pillar for business survival and growth. A strong brand is much more than just a name and a logo; it’s a cumulation of your business’ achievements and personality. And an effective brand makes businesses easier to manage – something doubly important in times of economic uncertainty.

According to the DMA, Amazon is now UK consumers’ favourite brand, as a result of the business’ focus on building better customer experiences. Brand-building is the key to helping businesses survive massive pressure – whether self-inflicted or otherwise.

Positioning Differentiated positioning means making a bold statement and setting your offering apart in customers’ minds. It is the foundation upon which all marketing and business decisions should be built.

Getting your price right is itself fundamental to effective positioning. For customers to have confidence in your offering, your pricing must reflect its value. Of course, pricing will also reflect cost, and the harsh reality is that, for many businesses, Brexit will mean a rise in not only material costs, but labour costs due to a scarcity of resources.

In turbulent markets, consumers will turn to brands that are familiar and comfortable, with 82% of online users choosing a familiar brand for their first click. By positioning yourself as the ‘familiar’ choice, your business can cultivate a powerful position for itself that will enable you to – if necessary – charge a premium price during the potential Brexit downturn without losing custom.

Clare Methven adds: “Becoming a familiar brand takes time and Brexit is a very immediate threat, but that doesn’t mean you can’t sow the seeds now for long-term success in a post-Brexit world.

“In the short-term, however, differentiate your brand and review your pricing if you want to stand any chance of thriving during Brexit.

This was posted in Bdaily's Members' News section by The Marketing Centre .