“Uncertainty” is a word I think I’ve heard used more in the last three years than in the previous 43 that I’ve been on this planet.
Not a day goes by now that I don’t see a headline or strapline informing me of the woes of the business world (well, the UK portion of it at least) struggling to make plans as a result of the “U” word which is inextricably linked with the “B” word.
Now, according to the Director General of the IPA “Boris, Jeremy and Brexit” are to blame for a slump in UK marketing spend.
The Q2 2019 IPA Bellwether Report has seen a three month window of 8.7% budget growth reduced to 0.0%.
It wasn’t all bad news however, as growth was reported in internet marketing, SEO, main media advertising and events.
Interestingly, from our own client base, some of the disciplines that the report cites as “being in the doldrums” seem to be bucking this trend. So why is this?
Well, regardless of your discipline, it is vital you always maintain a focus your new business efforts.
Whatever the uncertainty that business feels, consumerism in the UK (whether B2C or B2B) will not suddenly grind to a halt altogether. There are always opportunities to gain new customers through all marketing channels but you will need to be smart about how you do this.
Sitting on your hands and waiting for work to come in from existing clients is simply not an option. That’s not to say you should have a “brand new customers only” attitude – delivering consistently good marketing campaigns for your existing clients is still a must. But every week it seems the media has a new story about another household name entering a CVA or similar, so to be too reliant on what may be your single biggest client could almost be a metaphor for “business uncertainty” in the current climate.
All businesses, whether large or small, will surely be looking to reduce their exposure to risk and the costs associated to this, but what they won’t want to do is limit their ability to sell their products or services.
This may mean they want to streamline their marketing operations and/or achieve more value, innovation and a competitive edge for the budgets they have.
For an agency, you need to make sure that you are in the front of their mind and that you can provide the service, creativity and (probably most importantly) the return on investment to generate revenue from both new and existing customers.
A intelligent, robust new business strategy will pay dividends if implemented correctly.