Broken ankle time off has now come to an end and I’m back out and about after a 3 month quiet time.
This time has been really useful to take stock of my current marketing thoughts and concerns and hopefully be in a position to now offer clients views and direction as they prepare for a very uncertain future.
|Are you ready for the marketing challenges of 2016?|
Across all market sectors there are going to be some seismic shifts in the fundamentals that underpin the stability of each marketplace during the next 2 to 5 years. I used to be overly concerned with identifiable and individual incidents, such as macro and micro fiscal changes, the EU debate and demographic change.
But now I’m more concerned with the organic flight and fight response that I think consumers will start to exhibit in light of a toxic combination of lack of job security, rises in inflation, removal of some differentials in wages of lower paid employees, reduction and removal of many social security benefits, rises in homelessness, more and more violent terrorist activity, and the inability of any government to manage the views and values of the majority in society.
The individual in my view will soon become just that – an individual. Sounds great, but after a short time, any reference to shared and common values will dissipate. I predict a move to individual and national protectionism, linked to increased suspicion of others, fear of authority, and a need to reduce risk.
If you’re in business today, I suggest you start to plan for:
- · A 30% reduction in non-essential spending
- · Lower property values
- · Increase in company insolvency as interest rates rise
- · Lower rents in the long term
- · Lower food costs – but also less choice and increased home cooking/baking
- · Reduction in car ownership in real terms
- · Less foreign travel
- · Increased pressure on wages to maintain essential services
- · More crime and just as worrying an increase in the perception that we live in a more lawless environment
- · Changes to how we trade with Europe
In short marketing folk need to start to stop worrying about increasing market share and improving brand value and start worrying about finding new customers.
The good news is that for many the internet will help. Many companies still regard a fifty miles radius from their base as there market – not anymore. I know of a lawn company who recently started an online advice line and now provides clients around the world access to their considerable expertise.
There are thousands of potential customers who are happy to pay for knowledge, expertise and guidance.
In short the UK market is heading for prolonged stagnation – so create a global proposition and start finding income from beyond or current horizons.
Image courtesy of Anoop Krishnan at FreeDigitalPhotos.net