Post-BREXIT UK financial services industry

💱 In this post-BREXIT marketing environment, the financial services industry in the UK is investigating new paths to global competitiveness. 

According to Reuters, a report expected later this year will point the way toward appropriate regulation and guidelines for reinforcing the nation's position as a major financial centre. 

What laws and reforms will be needed? How will these affect the marketing of financial services to commercial and consumer groups? What will be the long-term effects of BREXIT on this and other industries?

The Pandemic Changed Marketing Plans

Although the awful Covid-19 pandemic of 2020-2021 is not yet over, conditions in some areas are changing rapidly and, in response, marketers are adjusting their plans.

After months of experimentation with new ways to reach customers, marketers are increasing their media budgets to fuel new growth.

Meanwhile, the UK government is using marketing to encourage people under the age of 50 to get the jab. 

Pandemic and Purpose

The COVID-19 pandemic continues worldwide, with some nations and some US states beginning to reopen their economies even as scientists pursue treatments and vaccines to combat the coronavirus.

Interviewed by Bloomberg BusinessWeek in May of 2020, the CEO of Unilever says:

"Our company is guided by three deeply held beliefs: That brands with purpose grow, companies with purpose last, and people with purpose thrive. And we think that refrain is going to be even more relevant in a post-coronavirus world than in a pre-coronavirus world."

Alan Jope sees trends shaped by the pandemic that include an emphasis on hygiene, on staying safe at home and on the "distance economy." He indicates these trends point to more in-home consumption and digital consumption.

Stay safe as this pandemic continues.

UK Businesses and Coronavirus

As the coronavirus spreads worldwide, UK businesses are increasingly concerned about keeping employees safe while meeting the needs of customers. Another major concern is how to deal with disrupted supply chains, as firms source goods from nations around the world.

Will customers continue to shop in person or will retailers need to enhance online and mobile shopping alternatives to meet demand?

Please stay safe.

Brexit: adjusting marketing plans for uncertainty

Now that Brexit has taken place, businesses large and small are going to have to adjust their marketing plans.

Much uncertainty remains, however, as this Guardian article indicates and this podcast interview with a small business owner indicates.

Brexit and business

Brexit

With Brexit in the works for 2020, UK businesses that rely on exporting for revenue are hoping to hear more about plans for trade deals with the European Union. UK businesses that import parts or merchandise are also keenly interested in how these negotiated trade deals will affect their operations.

Merger planned between Fiat Chrysler and Peugeot

If Fiat Chrysler and Peugeot complete their just-announced merger, the resulting firm will be the industry's fourth largest.

Read more about this merger here.

Direct-to-consumer brands challenge established brands

A growing number of upstart direct-to-consumer brands are challenging established manufacturers. What are they doing? How are they doing? For an overview, take a look at this post by Reckitt Benckiser's head of global marketing and innovation.

Airbus deletes A380 from product line

Some product decisions have long time frames and extremely costly consequences. Aircraft manufacturers therefore spend considerable time studying the marketing environment to project future trends in travel and demand, before they develop and introduce a new jet.

Airbus spent billions to develop its double-decker A380 jumbo jet, betting that airlines would be ferrying large numbers of passengers from major hub to major hub. It was test-flown in 2007, receiving much publicity for its spacious interior and the amenities that could be added (such as on-board showers and luxurious first-class suites).

Airbus received some big orders from Emirates, among other airlines. In fact, Emirates is by far the largest buyer of A380s. But when Emirates cut the number of A380s in its latest order, and other orders slowed down, Airbus decided to discontinue this product after 2021. In fact, the 2020 coronavirus pandemic that brought international air travel to record-low levels seems to be accelerating the move away from A380s.

Competitor Boeing based its product decisions on a different forecast for the travel environment, believing that passengers would want to travel from point to point rather than hub to hub. It put the emphasis on nimbleness and fuel efficiency, rather than on having a high number of passengers being carried per flight. And that's attracted more buyers than the Airbus A380.

Now Boeing's original 747 jumbo jet is transitioning to a cargo carrier, extending the life cycle of this aging product. In addition, Boeing is still marketing its 777 and 787 jets to airline customers--and looking ahead with forecasts for the future of travel as it plans future product introductions.

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