September 23, 2022
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Britain roars back! screamed a recent Daily Mail headline in response to figures from the Office for National Statistics (ONS) revealing that the UK is currently the fastest-growing G7 economy and is bouncing back to pre-pandemic levels much better than expected.
If we go back in time to the 2008 financial crisis, the ONS says it took GDP five years to get back to the size it was before that recession. This time it took less than two years to claw back the losses triggered by the covid pandemic. The digital revolution and instant communications meant markets are quicker at opening up, while UK businesses and households seem to have become much more resilient to economic shocks.
With the nation’s finances finally returning to pre-covid levels – assuming another variant of the virus doesn’t rock Britannia – now is the time for businesses to embrace this potential wave of optimism and up their B2B marketing game using funds that have been held in reserve. With inflation running at 5% and interest rates forecast to be at 1% by the end of the year, holding funds on deposit doesn’t make sense and will stop your business expanding.
Marketing is key to unlocking business opportunities
UK lockdowns are hopefully a thing of the past so rather than consolidating it’s time to take the bull by the horns and dramatically improve the reach and performance of your business by investing in B2B integrated marketing solutions. Make that call and lead the way or are you going to shy away and let others take up the challenge?
Don’t get left behind! At Allott and Associates people from sectors such as food, packaging, engineering and manufacturing are engaging with us for marketing solutions. Confidence is growing: how different to the last two years when many markets were holding back due to the impact of covid restrictions.
In his book, ‘Integrated Business to Business Marketing’ (publisher John Hunt Publishing) being launched in April, author Philip Allott says motivation is the key to successfully implementing integrated marketing. It means understanding the different marketing components, completing market research and preparing a financial budget and marketing plan for the next 12 months.
The book offers a blueprint on how creative marketing can help businesses grow and expand. However, it’s clear that the business world we’re operating in will never quite be the same. So, marketing plans need to be flexible. Delivering sustainable business activity to help companies innovate and position themselves is key in order to adapt to a changing, sustainable economy.
Embracing marketing is vital to make your brand, products and services highly visible in a fiercely competitive landscape. Stand out and show that you’re moving with the times, but you’ll need to align your strategy and tactics in this ‘new normal’. In the digital era there are so many different marketing channels with which to communicate a promotional message. Bringing them all together in an integrated package covers all bases.
You can cherry pick or combine the range of technologies available, from multi-channel marketing such as social media platforms to traditional PR instruments. A cost-effective integrated marketing strategy that delivers new business sales is paramount to the success of any firm.
Become savvier about your target markets
Proactive and ongoing PR and marketing is an investment in the now and future. It’s well worth making the effort to identify market changes and explore how you can cater to them moving forward. It’s also a good idea to conduct a temperature check of your customers’ wants and needs. For example, does your customer service keep people coming back for more?
A customer-focused culture can foster long-term relationships and keep them buying from you – going the extra mile boosts customer retention and will increase profit margins. Post pandemic people are buying with value intent. Make sure that your messaging realignment meets their expectations.
The pandemic has also got people thinking more about the environment, and they’re definitely steering more towards businesses that are environmentally conscious and sustainable. This means that it pays to promote how progressive your green credentials are.
Show people how you’ve changed the way you operate. Buy from your supply chain and do business with the environment in mind. For example, switching to recyclable packaging. Even small simple changes will appeal to new and existing customers.
Nobody knows for sure which direction the next economic cycle will take – windows of opportunity will close as quickly as they open if storm clouds gather again. Investing in integrated marketing solutions can help realise the full potential of your business and put it in better shape to cope during turbulent times.
For more information on our marketing services visit https://www.allottandassociates.co.uk. For a bespoke quotation please call us on +44 (0)1423 867264 or London on + 44 (0) 207 257 2017. Don’t leave your marketing to chance, now is the time to act.