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 the Chartered Institute of Marketing (CIM).
The research also highlights 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 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 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. Eight in 10 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 providing businesses with more information to help them prepare for future marketing activity, regardless of the referendum result.
Chris Daly, chief executive of CIM, 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.”