The time to build is now
As the UK moves towards economic recovery, it’s time to build, according to Andrew Scott, MD of Purplex, who says now is the perfect time for ambitious businesses to shape their future.
With government and UK business leaders now turning their attention to economic recovery, and consumers encouraged to spend, there has never been a better time for businesses to build.
With the Bank of England’s chief economist Andy Haldane estimating households are sitting on £150 billion of savings accrued since the pandemic, the enormous stored-up purchasing power will provide a golden opportunity for the industry.
But it isn’t just about consumer spending; the manufacturing trade body Make UK has revised its 2021 growth forecast from 2.7% to 3.9%, which represents a 44% improvement, while a poll carried out by Accenture of 12,000 firms revealed expectations of a pick-up in growth are stronger than at any point since 2015.
Pent-up consumer demand, a surplus of cash, low interest rates, and homeowners spending more time at home than ever before is likely to mean a £multi-billion spending spree.
So, while the challenges of the last 12 months may have taken their toll both financially and emotionally, it’s time to look forward and build again.
And it will be those companies that come back stronger, faster, and better who will benefit the most.
Consumers will always gravitate towards brands they know and trust, so investing in digital marketing and PR is the perfect way to build your brand.
Offline marketing is also important when it comes to building your brand and our industry is fortunate to have so many opportunities to connect with our peers, with several important events lined up.
September will have the industry come together to see what’s new at the FIT Show, while November will see the return of the prestigious G Awards. And on October 21, at Edgbaston Stadium, Birmingham, industry leaders and experts will once again come together for the Glazing Summit.
Last year may have pushed businesses online, but our industry has been built on face-to-face contact, and it will be important for you to get your face and brand out there again.
With more people staying at home and looking at home renovations, our industry has benefited more than most, with many companies experiencing record sales and demand.
But that doesn’t mean that 2021 will not be without its challenges, and building your business, including launching into new markets, and investing in your product range and the right people will be vital.
Events like those mentioned are perfect for connecting with other business owners and industry leaders and provide a good way to build prospective new customer relationships, get inspired and learn.
Generating more leads will also help you build your business, so concentrating on your digital strategy and updating your website to turn existing website visitors into customers will be essential.
Marketing will be more important than ever before to connect with your audience, build your brand and business, and ultimately secure your future growth.
Having the right marketing strategy in place will mean you can build faster, stronger, and better.
At Purplex we use our 30+ years of industry experience and analysis to create strategies that fuel sustainable, profitable growth thanks to our team of industry experts and marketing specialists, and bring all the key marketing disciplines under one roof, including marketing strategy, PR, digital content and social, design and branding, website design and filming and video production.
We can be an extension of your internal marketing department and take on the areas you might need help with, or your fully outsourced marketing agency for everything.
There will be an enormous number of opportunities for forward-thinking businesses to grow, and investing in building your brand and business at a time when the market is flourishing could re-write your future.
The prime minister’s ‘build, build, build’ commitment to the construction industry should also be looked on as a rallying cry for businesses to do the same.