Brexit has impacted consumer and business buying behaviour and will continue to do so throughout the chaotic process that Britain is enduring. As a result, marketers targeting UK buyers (B2B or B2C) have never needed up-to-date insight more than they do today.
All the latest trend data underlines the degree of uncertainty marketers face:
- The ONS shows that business investment, in volume terms, was estimated to have fallen by 0.9% to £46.7 billion between Q3 (July to Sept) 2018 and Q4 (Oct to Dec) 2018; this is the fourth consecutive quarter-on-quarter fall in business investment and the first time this has happened since the economic downturn of 2008 to 2009
- Markit data shows that both business and consumer confidence is sliding especially in the all-important services sector which stood at 48.9 in March, down from 51.3 in February which is the first decline in 2.5 years
- On the consumer front, GfK’s consumer confidence index stands at -13
At the same time, the UK economy is bumbling along positively. There is (weak) growth and record low unemployment. This is despite businesses and consumers adopting a wait-and-see attitude to non-essential spending.
Could this then lead to the Chancellor’s oft-quoted ‘Brexit Bounce’ when the deal comes through? Perhaps, but we probably have a long way to go before we get there.
The uncertainty around Brexit will stay with us for several months, probably years to come no matter what the final outcome is. The Withdrawal Deal, even if passed, only paves the way for the all-important trade deal with an uncertain timeline for negotiation. No Deal would create months and months of turmoil and uncertainty. Further delay beyond October 31st seems possible and even if Article 50 was revoked, there would be question-marks around our future relationship with Europe.
Navigating through this uncertainty as a marketer is only possible with clear insight into what buyers are thinking, feeling and doing today. How are their needs changing? What does the decision-making cycle look like? What are their fears, uncertainties and doubts relating to your product and service?
While endless surveying can determine answers to all these questions, it is more straightforward to access the data in real-time. Tracking the way content is consumed within the end-to-end buying journey provides this level of insight.
Interested? Get in touch and let us show you how.