While it is still too early to tell, the marketing sector is reeling from the move by the UK to vote to leave the EU, but what are the likely implications for marketing?
Like most business functions, those in marketing are still pondering how to move forward post Brexit, but move forward they will. The obvious issues of a contracting economy – at least in the short term – are that there will be less money spent on marketing and marketing technology.
The mobile sector is pretty well placed to offer value for money and reach still, but there will be a consolidation of mobile marketing tech providers in the coming years.
But perhaps more profoundly – and in line with all other sectors – is the impact leaving the EU will have on regulations. While there are many EU-based rules and regulations now woven into UK law, the digital marketing industry faces a particularly knotty problem: The General Data Protection Regulation (GDPR) that is currently going through and is likely to come into force in 2018.
While there is a good chance that the UK will still be in the EU at this point (although it all depends on when and if Article 50 is triggered and if the negotiations can be done in two years), but it could very shortly afterwards no longer be in the EU.
“So businesses will therefore have to work towards making sure they are compliant, even though Brexit may ultimately change the way the law is implemented in the UK,” says David Moth from eConsultancy.”
On the wider economy however, there is better news for digital marketing, according to Moth. “Here is the wonderful thing. We are a digital world, we are all online, we are a global economy. I actually think there will not a huge impact. We will continue to see investment in the UK because we are still trading with multiple countries, including in Europe.”