It is not certain but it seems likely England is to leave the EU. With this shock referendum result comes much uncertainty. As large corporations make decisions as to where they will base their headquarters and investors choose where to place their money, the market remains unsteady.
With this uncertainty comes opportunity. With a good financial plan and clear marketing goals you may be able to manoeuvre your business to a stronger position. Firstly, you need to plan for the immediate short term and the development of the economy from this shock. Secondly you need to plan for the long term.
However, your ultimate starting point is to profile where your business currently resides. Profile your current clients, look at how you compare to your competitors, identify why customers choose you and state your USP (Unique Selling Point) clearly.
Your Current Position
Profiling current clients gives you great insight into the qualities of your target market. Once you know these common qualities you can target customers with increased efficiency and success. Maybe they share a common location, buying pattern, budget requirement or need?
How you compare to your competitors
Analysing your competitors allows you to position your business in respect of the greater market. What do they do that is different to you? Do they serve different customers? Knowing factors like these allows you to develop a USP and differentiate yourself. The more you differentiate your business the more effective your marketing will be.
Identify why customers choose you
Why do customers choose you over others? Knowing the answer to this question will highlight the effective parts of your business and marketing. Improve these areas to increase sales and profit.
Your USP (Unique Selling Point)
Knowing your USP will set you apart from others. It gives customers an excuse to buy from you and keeps all your marketing activities on key. Being consistent with your marketing is a fast-track to success.
Plan for the immediate short term
It is the short-term following the initial EU referendum that will be the most unpredictable. Currently, it is not clear how the British economy and others will react to this news. As such it is prudent to plan for the worst and hope for the best.
In terms of marketing it is worth analysing where potential threats to your business lie and also where you may be able to capitalise on opportunities. For this we would recommend using a SWOT analysis.
SWOT Analysis for post #EURef
As a core marketing tool, SWOT analysis has been used for decades. In the current economic climate, it is worth applying this tool to the EU referendum situation. See below for pointers on each section.
S – Strength
A concise list of all your current business and marketing strengths.
• What are your core services/products at which you excel?
• Which marketing material is most effective for you? Maybe you have received a good response from leaflet drops? Maybe your social media is very strong?
• Which features of your business do your competitors struggle to copy?
W – Weakness
Areas that your business is not so good at including areas of marketing.
• Are there any activities that your competitors are doing better than you?
• Which marketing method do you struggle with the most? Maybe you have always wanted to produce an email newsletter? Maybe your brand is weak?
• Which services/products do you struggle to deliver successfully or efficiently?
O – Opportunity
Potentially the most important section of this analysis. Aim to identify opportunities that may arise from a slowdown in the economy
• Would all your competitors survive a slowdown?
• Could you expand more aggressively in the disorder of the market?
• Could you sell to new markets as new needs develop?
T – Threat
Identify what threats from an unstable and potential market slowdown may have on your business and marketing. Spotting these early will help you navigate any market turmoil more successfully.
• Where is your business most weak? Often this will be a financial weakness
• Can new competitors now enter your sector and disrupt your marketing?
• Could economic and legal changes directly and negatively affect your business?
Take a little time to work through the above and you will find that you develop a greater understanding for the current situation and any short-term developments.
Yes, the future is uncertain but this has always been the case. Take time to plan and you will win a decisive advantage over those that do not. Remember, with great upheaval and turmoil comes the greatest opportunity for success.
Invest in your planning, marketing and sales and you will be investing in your long-term future.
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