Brexit : Ensuring Your Business Survives & Thrives
Like it or not, Brexit is happening.
And with the uncertainty that will bring, the near term economic outlook isn't looking too rosy.
Worst case scenario we may even have several years of recession.
So how can you “insure” your business against any Brexit induced downturn?
Many businesses are already suspending investment. Freezing recruitment. Battening down the hatches in preparation for stormy times ahead.
But Is This Really The Right Approach?
Your business needs customers, Having a constant flow of enquiries, prospects & customers goes a very long way to ensuring your business can survive and thrive if the economy takes a nosedive.
The Engine That Drives Your Business
Sales & Marketing is the engine that propels your business forward. It's a powerful motor that drives prospects into your sales funnel & turns them into paying customers.
Cutting back on these activities merely throttles the flow of new customers just when you need your funnel topped up.
Some Wise Advice From Successful Investors
Some timeless quotes from the investment arena offer us some sage advice:
“Bad times are a good time to invest. Buy when there's blood on the streets”
Baron Rothschild (18th Century Nobleman & investor)
“Be fearful when others are greedy and greedy when others are fearful”
Warren Buffet (Billionaire Investor)
Indeed, it's surprising that many businesses don't really have a defined marketing strategy, and rely on the rising tide of economic growth to deliver new customers to their door.
But as another quote from Warren Buffet illustrates, those businesses may be the first to suffer:
“It's only when the tide goes out that you learn who has been swimming naked”
The Contrarian Approach
Now is the time to be contrarian. To double up on marketing while your competitors hesitate & deliberate. Irrespective of what happened on June 23rd, there's still plenty of customers out there.
The best times to invest in the stock market were during the crash of 1987, during the 73-74 bear market and right after the 9/11. Perhaps the best time to invest in marketing is right now.
The Right Type of Marketing
That being said, you need to ensure you get a positive return (ROI) from your marketing efforts. Ineffective, “scattergun”marketing is money burned. You must know what return you are getting from your efforts, so you can make every pound count. Now is the time to make sure your marketing effectively reaches your target prospects.
And in this digital age, the internet is a place where we can easily cast our net wide and get the most “bang for our marketing buck”.
- Don't cut back on marketing that works (it's like depriving fuel to the engine of your business)
- Measure what marketing works for you - and what doesn't.
- Double up on what works, cut what doesn't (“cut your losses but let your winners run”)
- Effective marketing that produces a good ROI is an investment, not an expense.
Next : The Strategies That Successful Businesses Use
In Part 2, you'll discover the specific digital marketing strategies
that successful businesses are adopting to get a competitive advantage post
Brexit. View the digital marketing checklist and put it to work in your business.