Research reveals that UK marketing and communication departments across the country are more positive and optimistic at viewing Brexit as an opportunity for driving growth and extra revenue
When looking at the real facts and figures and ignoring the ‘spin’ that the media likes to place onto all news items to meet their agenda. Some really interesting facts to note about how people in marketing functions within larger businesses really felt about Brexit was noted: for example: A professional market research body whom surveyed over 108 marketing and communication workers within large companies with over 500 employees, ranging from all different sectors, found that only 27% of those people surveyed saw Brexit as a real threat.
In addition to this, when the same segment of people where questioned on the “belief” amongst some marketers that marketing budgets in particular would be hit hard, although 71% did agree that it may be the place to be hit firstly when in a period of uncertainty, only 22% of these industry veterans actually thought that this may lead to slashing marketing budgets. Looking ahead and the need to be prepared for selling services/products into different untapped markets, 38% of these marketers agreed that budgets would actually be increased for these reasons.
Meeting board level stats and subsequently justifying Return on Investment is always a contentious issue for marketing departments. Adapting Key Performance Indicators to enhance and ensure increased revenue is a direct source of marketing efforts online and offline is always one which is continually measured by Senior Board Members. A research company tasked with quantitative research on marketers reported that their findings when asked about the relationship between senior management and marketing communication departments was that it was always centered around the marketing department providing detailed levels of KPI reports on activities. The research also explained how some marketers were feeling challenged and asked more and more to report on the success and outcomes of their activities.
Other findings from this report suggested that marketers felt they were also not seen as “important” as being a lead generator for increasing brand loyalty or increasing lead generation from Senior Management/board level colleagues. Around 44% of marketers did mention however that they felt comfortable with using appropriate KPI’s and metrics to justify their work on revenue returns.
If you are moving into new markets, now is the time to get your SWOT analysis drawn up and become prepared with your digital campaign to see how you can take advantage – your board will thank you for it!
Are you ready?