Revolutionary Measures

Marketing your business post-Brexit

English: (Green) the United Kingdom. (Light-gr...

Most people I know have been deeply depressed since the results of the EU referendum came out. Many clients and colleagues are EU citizens who have no idea what the future holds for them, while others work for companies that will be directly impacted by Brexit, either because they trade with the remainder of Europe, or because they are owned by businesses based in the EU.

The fact that many people seem to have been swayed by the downright lies of the Leave campaign adds to the anger, as does the hasty backtracking of Brexiteers on key pledges repeated during the campaign.

We’re left in limbo, and what’s more it won’t be resolved soon – negotiations to leave will not begin until the Autumn at the earliest, and then could take two years to complete. So how can businesses ensure that they are not casualties of Brexit, and what marketing lessons do they need to learn?

1. Strengthen existing relationships
It could be tempting to deprioritise any customers within the EU and focus on the UK only. This is exactly the wrong approach – now is the time to invest in the relationships that you have and even extend them. No-one knows what will happen when it comes to potential trade tariffs or barriers, but the best way to be ready is to build a strong relationship with customers that mean they still want to deal with you if tariffs mean your prices will potentially go up. Make the effort to go out and visit customers and get under the skin of their businesses to make yourself as critical as possible to their operations.

2. Target the US
One immediate consequence of the Leave vote has been a slump in exchange rates between the pound and other major currencies. This means that for those selling abroad, they are currently more competitive – particularly if you are a services business that is not buying in raw materials from overseas to make products. So look at how you can exploit this by marketing to Europe and the US and coming up with new offerings targeted at their particular needs.

3. Develop new markets
Brexiteers claim that we don’t need Europe, as we should focus on trade with emerging economies such as China, as well as internally within the at the moment United Kingdom. So do look at how you can market yourself to new countries – what is required and what advice/grants can you access to build a presence in new areas?

 4. Show you are open for business
As many commentators have pointed out, companies can only play the hand of cards they are dealt – unlike Boris Johnson they can’t just walk away from the mess we are in. As we move forward it is time to show that you are going to focus on the positives. Invest in marketing to spread the message that you are open for business and ready to take on the challenges of the next few years. This is equally true if you are an international company or a local one – people are looking for reassurance, so ensure that your marketing reflects this.

5. Focus on the value you deliver
Even if there will not be a recession in the UK, there is likely to be an economic slowdown of some sort. The companies that survive will be those that deliver real value to their clients, rather than just winning business due to costs or familiarity. Go back to basics, talk to clients and understand what the benefits are that you deliver, and market these strongly to existing and new clients. This might mean pivoting your business, or introducing new services, and that can be difficult, but might be necessary for your survival.

Nietzsche’s quote that “that which does not kill us, makes us stronger” has already been trotted out many times, but it is not a bad place to start post-Brexit. Unless you plan to flee the country your business needs a plan to move forward, and following the marketing ideas above is a good place to start. If you have any further suggestions don’t hesitate to add them in the comments section below.

July 6, 2016 Posted by | Marketing, Uncategorized | , , , , , , | 2 Comments

Are startups solving the right problems?

 

I don’t think there’s ever been a better time to launch a startup in the UK. The public profile of the tech industry is incredibly high, and those that create businesses are more likely to be seen as visionary entrepreneurs than cranks who couldn’t get a job in a proper company. Indeed, for those leaving university, setting up your own startup is a valid (if not as initially lucrative) alternative to becoming an accountant, banker or lawyer. I’m sure startups would complain that it is still difficult to raise money, or scale up their businesses, but it feels that there is now wide public and political acceptance of the importance of creating a culture that encourages startups.

Relief map of Europe and surrounding regions

Read the press and politicians’ speeches and there seems to be a relentless search to find the ‘European Google’ or ‘British Facebook’, multibillion dollar global companies that can become standard bearers for the industry. Alternatively, other European companies essentially mimic what is being done in the US, taking their business models, localising them and then hoping that first mover advantage will let them create viable businesses before the original enters the market.

The people that run startups are smart, as are the venture capital funds that back them. But are they looking in the right areas when it comes to creating new businesses – as an article by Liam Boogar in Rude Baguette recently asked “Where are the European startups to solve Europe’s biggest problems?” Leaving aside the question of whether Europe is cohesive enough that the same problems apply to life in Edinburgh, Athens and Bucharest, it is a valid point. What issues can be solved, first in Europe, and then expanded globally, to create thriving companies that benefit us all?

The article focuses on the need to shake-up the savings market, and with interest rates in many countries close to (or even below) 0% I can see the opportunity to transform the sector, such as through peer-to-peer lending.

However, what other areas would enable European startups to build global businesses? Thinking about the particular problems Europe faces, here are four that come to mind:

1. Healthcare
Across Europe, people are living longer and birth rates are falling. Longer lifespans increase pressure on health and social care services, as the elderly battle chronic diseases and poor health. While this isn’t just a European problem, it is one that startups can focus on, particularly given the public money currently being spent on healthcare research. Areas such as wearable monitors and the Internet of Things can potentially help improve the quality of care, even allowing people to remain in their own homes, rather than be treated in hospital.

2. Transport
From driverless cars to drones, technology is revolutionising transport. With its combination of major car and aeroplane makers, Europe is well-positioned to lead the way, but it needs an injection of startup energy and fresh thinking to succeed. Whether it is new ways of charging electric vehicles as they wait at traffic lights or smarter cities where you are automatically guided to the nearest parking space, there is plenty of scope for innovation, along with the chance to scale up to export the technology across the globe.

3. Employment
More than 6 million jobs were lost in the recession between 2008-13, and youth unemployment in many countries remains high. Many of the roles that were made redundant are simply not coming back as they have either been offshored to lower wage economies or replaced by technology. What are needed are ways to reskill European jobseekers so that they can compete in the global market. Much of this should be the responsibility of governments, but technology can help with new ways of training, new opportunities for collaboration and the encouragement of remote working to combat rural depopulation.

4. Cutting bureaucracy
All governments, of whatever political persuasion, seem to delight in creating red tape that tangles up citizens and businesses alike. And, despite the European Union, there is still a range of different measures that need to be met. Many countries have begun to put their services online, but more can be done, and in many cases nimble startups can get things done quicker than lumbering government departments.

I’m sure there are plenty more European problems that need solving, from the environment to education. These don’t just benefit society, but are potentially extremely lucrative as well. So the challenge for startups and entrepreneurs is to try and solve them – and at the same time we might create the European Googles that politicians are so keen on.

August 5, 2015 Posted by | Uncategorized | , , , , , , , , , , , , | 3 Comments

The end of old media?

Ofcom’s annual study into the UK’s viewing, listening, internet and communications habits is always worth a read. This year’s tome is no different, with a headline finding that we now spend an average of 20 minutes more every day using technology devices than sleeping. Apparently the average night’s sleep is 8 hours and 21 minutes – which seems an incredibly long time to me, but then I’ve got three kids and a noisy cat.

A landline telephone

A landline telephone (Photo credit: Wikipedia)

There is positive news on broadband – there are now 6.1 million superfast connections across the country, making up over a quarter of broadband subscriptions. Given the huge amount of money invested by the taxpayer to push superfast broadband to rural areas, this is promising, but the UK still lags behind other countries on targets and speeds. For example, Finland defines superfast as 100 Mbps, while the UK target is just 24 Mbps. And my new shiny rural fibre broadband doesn’t even achieve that, measuring just 21.6 Mbps according to my ISP (when working).

TV viewing is less than 4 hours a day for the first time since 2010, at 3hr 52 minutes. But before broadcasters start panicking, bear in mind that this is more than the combined time spent on mobiles, landlines and the internet. The vast majority of programmes are still watched live, despite the rise of catch-up services.

As always the Ofcom findings are being used to predict the death of various communication channels by analysing the behaviour of 12-15 year olds and making assumptions for the future. For example, only 8% of this group said they used email and 3% communicated through landline phones, leading to experts to point out the imminent demise of these channels. I can think of three reasons why this is tosh:

1. Demographics
People are living longer, so we actually have a growing proportion of silver surfers (complete with landlines), balancing out the younger generation. If they were cutting the cord and just communicating using WhatsApp things would be different, but no sign of that yet.

2. Why would a 12 year old use email?
In many ways email is a horrible communication channel – complex, clunky and not real-time. The reason most people use it is essentially for work or to do with boring stuff like complaining at utilities/banks. So, unsurprisingly, most 12 year olds aren’t spending their time slaving at the corporate coalface or moaning at companies.

3. Privacy
One thing teenagers have always valued is privacy. I remember having to shoo away parents and siblings when making landline telephone calls at that age – now lucky kids don’t need to as they can just use their mobiles. So, again, why would they use landlines when they can call from their bedrooms?

So, taken altogether the Ofcom findings show that there isn’t radical change happening in how we communicate – a third of people had sent a personal letter in the last month for example. The only sector to worry should be physical newspapers and magazines, with just 2% saying they’d feel their absence. And even then, this seems a little difficult to believe seeing the number of free papers handed out in London for example.

For entrepreneurs looking to set up a business or marketers aiming to launch a new product, the lesson is don’t neglect the old channels in favour of the shiny new ones. Think laterally and improve the experience and you might well be onto a winner.

August 13, 2014 Posted by | Creative, Marketing, Startup | , , , , , , , | Leave a comment