Marketers lack clarity on impact of EU Referendum

Research reveals many marketers feel in the dark and ill-prepared for potential fall-out from the Referendum result

Almost two-thirds of marketing professionals (62%) don’t know enough about how the EU Referendum result could impact the business they work for, according to research by CIM (The Chartered Institute of Marketing).

The research also highlights a wider lack of preparation on the part of UK firms, with 45% of the marketers surveyed saying they feel the business they work for doesn’t know enough about the consequences of the Referendum result. Over half (51%) said that neither they nor their business are preparing for the different scenarios that might result from an ‘in’ or ‘out’ outcome.

However, the research shows that marketers are eager for more information about the Referendum and how the result might affect their organisation’s marketing operations. 80% of respondents wanted more information on the impact of new EU laws on areas such as data protection; 68% said that more information on the implications for trade with Europe and the US would help them to prepare for the Referendum result; and 64% were keen to find out more about the proposed Digital Single Market.

Further areas of concern were the impact of geo-blocking and filtering restrictions, possible changes to employment law, tax, and competition regulations.

In response, CIM has produced a factsheet (https://exchange.cim.co.uk/blog/preparing-for-the-eu-referendum-result/), providing marketers with more information to help them prepare, regardless of the result.

Chris Daly, Chief Executive of CIM, said:

"The Referendum is dominating the news agenda and conversations, but our research shows that many marketers are not considering the potential impact that it could have on their activity and the organisation they work for. This isn’t just about preparing for an ‘out’ result. If the UK stays in the EU, marketers need to know about new laws and trade arrangements that will affect the job they do.

“I recommend that, rather than taking a ‘wait and see’ approach, marketing professionals take the time now to understand what the result might mean for them and carry out the necessary scenario planning. That’s why we’ve created a factsheet that provides them with more information on the things they have told us they are concerned about.”

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Notes to Editors:

Research

•          289 marketing professionals were surveyed in March 2016 via the online research platform, SurveyMonkey.