On Dec 31st 2020 the UK left the EU single market. So what does this mean for UK businesses and marketers? As everyone digests the facts, and plans are enacted, new issues and opportunities become more evident. So it is never too late to finesse your Brexit plans.
Rather than think doom, gloom and despondency, think positive, and as global citizens, embrace the world
The trade barriers erected around the EU protect EU businesses from global competitive pressures. As a result they cause ‘flabby’ rather than ‘fit’ competitors. The UK has a proud history as a free trading nation and being ‘open for business’. Thus UK business should be materially ‘fit’ to compete in unfettered markets. Also to attract inward investment.
The world is a big market
According to the IMF (1) the world economy was worth $73.2 billion with the EU accounting for $16.2bn (22%) (Figure 1) in 2015. Thus the rest of the world accounts for the larger proportion (78%), with the USA, China and Japan, being the largest markets.
Many global opportunities
Moreover, emerging markets are forecast to grow faster than the developed markets, and China and India will both reach the top 3 by 2030 (Figure 2). There are many opportunities to grasp.
As marketers we know that the most successful businesses are those that understand and meet the needs of their customers. Thus investing in research and marketing to better understand and meet future customers’ needs, and build relationships and value makes sense.
1. To best manage the risks, and realise opportunities, you should continually update your business and marketing plans. Also make clear that you that you value your customer relationships, and take steps to strengthen those relationships.
2. Keep searching for win-win opportunities to sell, invest and buy. Also acquire knowledge to build competitive advantage. Use research to uncover insights and and realise short and long term opportunities.
3. Have no fear. The fittest or most able will be the most successful. So stay true to good business and marketing principles; understand customer needs, and demonstrate and deliver value in meeting needs.
4. For any business that considers themselves unfit, finesse your Brexit plans to maximise the value of your offer and embrace the world.
- International Monetary Fund