As the UK’s departure from the EU draws ever closer, there’s been a lot of speculation as to how our country will be affected. From economics to our social structure, we’re living in uncertain times. Here at The Living Room, we’ve been considering how Brexit will take its toll on the advertising industry and how our clients may be affected, as well as how we can use some of the negative effects of Brexit to our advantage. Here’s what we’ve discovered…
A Decrease in Consumerism?
There’s no certain answer as to what Brexit will do to the UK’s economy, but many have alluded to the idea that it will become weaker with the fall of the pound and general consumer uncertainty.
If this does happen, it could be a big blow to UK business. But what does this mean in terms of advertising? Well, it’ll be more important than ever to get your marketing on top form. If you hide away in fear, you’re only going to do more damage. It’s better in uncertain times to push yourself out there and get noticed! Get prime time TV ads and use Facebook to create potential viral videos; you’ll be far more likely to come out the other side unscathed if you up your marketing game.
Pulling Back on Advertising
Again, this relies on the economy being weakened but, if it is, it’s likely that businesses will tighten their purse strings when it comes to marketing and advertising. They’ll be looking to save money everywhere they can so it does makes sense. This gives you the perfect opportunity to steal the limelight. As competition pulls back, your business has the opportunity to jump ahead by focusing more effort on your advertising and, with a clearer market, success will be much more likely. You may actually find your marketing efforts be more fruitful than in times of economic stability!
As professor Peter Fader suggests “The first reaction is to cut, cut, cut, and advertising is one of the first things to go.” Because when companies cut advertising budgets, they leave the space wide open providing an “unusual opportunity to differentiate yourself and stand out from the crowd”. That’s if you’re brave enough, but even Fader concedes that it takes a lot of courage to take this approach. Still, where there’s risk there’s reward!
If it’s consumer doubt you’re worried about, there are ways to turn that in your favour. Sure, your audience may be less willing to easily buy into what you’re offering, but they’ll also be more susceptible to buying into safety and reliability. Use content to create a solid bond with your audience, building up their trust and showing that, in the midst of turmoil, you can be relied upon to deliver. Brexit may cause customer apprehension, but there’s no reason to let that stop you making sales.
At The Living Room, we like to think there’s a way around every bad situation. Of course, Brexit may do the opposite of all these things and be tremendous for British business, but it’s always better to be prepared for the worst just in case.
If you’d like to get a head-start on what will be your tremendous post-Brexit ad campaign, get in touch with The Living Room today and we’ll start chatting about how we can help you with all your video marketing needs.