Consumers are not the only ones in the dark about how the EU referendum result will affect them; almost two-thirds of marketing professionals are also clueless about how it could affect their business, with 80% unsure how it would affect data protection laws.
According to a survey among Chartered Institute of Marketing members, there is also a wider lack of preparedness on the part of UK firms, with 45% of the marketers surveyed saying they feel the business they work for does not 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 a ‘Remain’ or ‘Leave’ outcome.
However, perhaps unsurprisingly given the general consensus, the research shows that people working in a marketing role at UK firms are eager for more information about the referendum and how the result might affect their organisation’s marketing operations.
Some 80% of respondents wanted more information on the impact of new EU laws on areas such as data protection, even though most experts maintain that UK firms will have to adhere to the General Data Protection Regulation (GDPR) even if Brexit wins the day.
Meanwhile 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, providing businesses with more information to help them prepare for future marketing activity, regardless of the Referendum result.
CIM chief executive Chris Daly said: “The Referendum is dominating the news agenda and conversations, but our research shows that many businesses are not considering the potential impact that it could have on their marketing activity. This isn’t just about preparing for an ‘out’ result. If the UK stays in the EU, organisations need to know about new laws and trade arrangements that will affect their marketing operations.
“I recommend that, rather than taking a ‘wait and see’ approach, businesses 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 businesses with more information on the things marketing professionals have told us they are concerned about.”
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