Brexit Special: Will Marketing be affected?
The response to Brexit has, indeed, been emotionally mixed. After 2 years, most people are fed up. However, in the coming months, Britain cannot afford to grow complacent. So, here’s another Brexit article.
Firstly, industry leaders in Marketing seem relatively unconcerned with Brexit. According to a collaborative report from the CIM (Chartered Institute of Marketing) and PwC, 62% of Marketers were optimistic about the future of their work. They are confident that they can face challenges thrown at them. Although, this 62 % were from companies which already export goods or services beyond the EU.
The figure falls dramatically among Marketers from companies who do not export goods and services. Just 41% felt optimistic about business growth. However, as the report suggests, such lack of optimism can be attributed to a lack of strategy. If the figures in the report are to be believed, the defining factor for marketing professionals will be their companies’ ability to market goods and services for export around the entire globe.
However, even those businesses who already export might find unexpected obstacles after Brexit. In the first instance, recruitment in this sector is already challenging. This is, in part, because of the full employment rate. But mainly, technology is advancing so quickly that new roles are popping up. These require a marketer to have a reasonable level of seniority AND skills within digital. But, because digital did not exist at the time that many of these professionals started there are very few professionals who have both seniority and digital skills.
Furthermore, the candidate pool will likely shrink further. At the start of 2018, a survey carried out by Centaur, revealed that two-thirds of EU Marketing professionals who live and work in the UK are considering leaving. However, according to the CIM/PwC report, the skills shortage goes beyond this. While the exporting opportunity that new free trade deals might bring present a ‘considerable economic opportunity’ for marketing companies, finding professionals with the export marketing expertise will be a big challenge. 67% percent of the marketing agencies surveyed by PwC said that it was difficult to find people with the skills needed to grow the business.
Key take away for those considering a career in Marketing and those already working within the industry.
- A Global Approach to the marketing of goods and services is anticipated
- Companies who are less reactive and more strategic to customer/audience demands are confident of growth/stability in the face of economic/political uncertainty
- The Skills shortage in Export is the biggest challenge for Marketing