Brexit’s threat to the UK economy means your business’s B2B marketing budget and PR strategy will have to work even harder to deliver for you.
Even the Government’s best-case scenario predicts the economy will shrink by 3.9 per cent – rising to 9.3 per cent if there’s no deal.
And the Bank of England warned the effect could be worse than the crash of 2008, which wiped out banks and eliminated big names from the high street forever. Governor Mark Carney said interest rates would rise and property prices plunge in the event of no deal.
With every pound a prisoner in either of those scenarios, the temptation for companies in the business-to-business sector might be to slash their B2B marketing budget or dispense with their B2B PR strategies altogether.
As an agency, we’ve been over a similar course before, riding out downturns and recessions over more than 30 years in communications and marketing. And we know that the clients who continue to invest in marketing themselves, their products and services see the benefit when times are hard.
B2B marketing isn't an optional extra
It’s precisely because of tighter finances that B2B PR and marketing isn’t an optional extra. Think about it – it’s never easy to land a new client in the B2B sector, whether you’re in corporate services such as public relations or a subcontractor on building projects.
B2B commerce runs on building relationships and building trust. Decisions aren’t made on the spur of the moment – they are driven by creating and growing awareness, moving carefully through the consideration stage on to a final, often protracted, conversion stage.
It’s not a chocolate bar you’re buying on a tight budget, it’s goods and services worth tens of thousands, hundreds of thousands, or millions of pounds. That takes clear, confident communication allied with powers of persuasion and the ability to target decision-makers precisely.
Without exception, the businesses best equipped to succeed in any economic climate are those which plan ahead. Amid the current uncertainty, I’m seeing moves by my clients to futureproof their businesses, while helping other firms and the economy in general.
While businesses are looking for certainty, our client Portal is delivering it for its customers. Portal provides managed office solutions, renting accommodation to businesses and taking care of upkeep and FM services for a flat-rate fee. That’s got to be an attractive proposition for firms looking to move or which are outgrowing their premises at a time when even the best economic predictions are worrying.
B2B PR trumpets success
Meanwhile, Biffa is working with the government to enhance the UK’s environmental and recycling efforts. Brexit will mean the UK will have more responsibility for its own environmental management and Biffa is a key player in the consultation process surrounding the ongoing strategy for this. It’s pushing for incentives for waste producers to reduce the amount going to landfill and increase recyclability. There’s an opportunity to increase jobs and revenue in the waste management industry – as well as have a positive impact on the environment.
These firms are also investing in their B2B marketing budget, while their B2B PR strategies trumpet their achievements and demonstrate their expertise in key business sectors. All this is in an effort to hunt down new business and secure existing contracts. Their focus is on what their business can do to provide certainty in uncertain times, while keeping a weather eye on what’s happening at Westminster.
There’s a phrase entrepreneurs use: “Speculate to accumulate.”
Money put into marketing and PR is not speculative. It’s an investment, providing a return in terms of new business and bigger contracts.
The future may look scary for firms in the B2B sector. It’ll be a damn sight scarier if they don’t invest in their own future by marketing themselves properly.
We are the B2B marketing experts. Contact us now on 0800 612 9890.