How Bad Could It Be?
Brands' reaction to Brexit
While Prime Minister Theresa May has been granted another extension to create a new Brexit deal, there are no guarantees of the immediate effects of leaving the EU. This doesn’t create uncertainties only at economic, societal and political point of view, but also at a marketing one.
There are many questions regarding how brands will react Brexit, and how they will strategize their creative pursuits in the future. Will companies rise up to the occasion, or will the effects of Brexit damage the reputation of these companies to the point of no return, causing the UK to lose its mark on the global advertising stage?
The issue today is how people associate brands with symbols considered overtly British, such as the British flag or other products with red, white and blue color schemes. As these symbols are highly associated with the Leave campaign, companies who advertise these overtly British symbols may damage their reputation with those who believed in remaining in the EU.
As it has been since Brexit was announced in 2016, things can only be speculated as to what the impact could have on the region and for businesses. But a predictable aspect is the divisive nature of Brexit, and how businesses will choose to advertise themselves – to be for or against the movement.
So what is the future for British brands? If a deal can be agreed upon, the future could be much brighter than what is currently being speculated. In the next few months, however, Prime Minister May must find a way to keep her nation at the forefront of the global marketing world.
For more information: https://ogilvy.co.uk/news/marketing-times-uncertainty-brexit-brands
Written by: Shawn Chang
Edited by: Priscilla Greggio