Brexit – It’s taking all the headlines at the moment – But what does it mean for small businesses, and should you be changing how your market?
To keep you in the look below are the five top things that you should bear in mind when doing your marketing in a post-Brexit work.
1. EU Privacy laws mightn’t affect the UK
Over the past few years, the EU has fought tooth and nail for privacy & ‘right to be forgotten’ laws for businesses within the group. This means that if you get bad reviews, bad press, etc. European companies have had the right to ask for it to be taken down by the site & de-indexed by Google.
However with the UK now being outside of the EU, there is a very substantial chance that Google and other organizations won’t honor these laws.
Is this a bad thing? Only if you’re doing the wrong thing in business.
You see because negative reviews have been taken down it’s been hard for UK consumers to know which businesses are truly the best. Now it’s a level playing field where the best companies will prevail.
2. Paid advertising in Europe will be volatile
Traditionally a lot of Adwords & Facebook advertising into mainland Europe has come from UK-based advertisers who have paid for British Pounds. With the currency dropping, and with the likely implementation of new restrictions on UK businesses, the paid search competition in Europe will be volatile for the rest of 2016.
Does that mean you should avoid it? No, not at all. It just means that you should manage your accounts more carefully, and keep a closer eye on your bid price, and cost/conversion.
3. Europe will be a more profitable market for eCommerce sales
With the Euro likely to grow in strength now that the referendum is all over, it’s an excellent time to target Europe with your eCommerce business. Why? Because as the Euro grows in strength, their purchasing power increases and as a side effect, your
products become cheaper to them. Although the currency has dropped in the first few days, it is predicted to return stronger than it previously was.
This will improve your conversion rates, lower your cost/conversion, and ultimately make Europe a more profitable market for eCommerce sellers.
4. B2B leads will be tougher to close
If the USA General election wasn’t enough to slow B2B sales, Brexit is going to grind them to a halt. Most large firms have interests in both the UK and Europe, so their holding most budgets until they know how the negotiation split is going to end up.
How does this affect Australian businesses? Honestly, it’s just going to make things a little tougher. If history has taught us anything it’s that when global economies are volatile, companies like sitting on cash. So although B2B sales won’t be impossible, they will just require a little extra push to close.
5. Consumers will be holding their money tighter
All of this turmoil is going to wallop Australian consumers. Their super will be hurting, their international subscriptions will cost more, and ultimately they’re going to be scared.
Although they won’t stop buying, and this is by no way going to trigger a recession, it will, however, slow down their buying decisions. This means if your not effectively nurturing leads, then now is the time to get a system set up straight away. Eventually, buyers will have their confidence restored, and the company that has nurtured the best will win the sale and claw back the loss of sales from the next month or so.
Overall Brexit is going to cause some major headaches for those in the UK and also for companies who directly do business there. For the rest of us, marketing will remain very similar, and if you want to capitalize on this ensure your companies nurture systems are on point.