Marketing firms must find long-term growth in a variety of economic conditions. The ability to navigate recessions and economic booms alike is a key component of maintaining a viable business strategy. The past decade has been filled with many different experiences for businesses and consumers alike, generating an uncertainty for those involved in terms of what the next year will bring. Recent economic indicators have been mixed in terms of optimism, but some basic metrics that relate directly to the marketing industry show promise. City Wharf Associates reviewed recently how the recent expansion of business across multiple sectors is a noteworthy item that should be carefully inspected by firms and agencies.
Despite recent economic unease throughout Europe, industry surveys show that businesses in the United Kingdom are expanding at a more rapid rate than at any point in the past four years. According to Jay Selby, Director of City Wharf Associates, this indicator presents a wide variety of opportunities for marketing agencies and firms. “Not only are businesses expanding more rapidly than we’ve seen in years, but the worries from these businesses have changed considerably”, he said. “Most reported in terms of worries about the future was an increase in interest rates, which signifies that businesses are more concerned with the problems that a stronger economy presents”.
City Wharf Associates dug deeper into this recent data in order to find more indicators of overall confidence and economic health. Among the data was a rather intangible yet important indicator – the measurement of hopeful future conditions – which has consistently improved over the past several months. As more businesses begin to see improving conditions in one area or another, more CFOs and other business leaders are developing stronger attitudes about this recovery being of a more permanent nature.
Similar patterns have also been observed regarding the propensity to take risks, which shows that businesses now feel more at ease to experiment in an improving market.
As the economy continues to recover in a variety of ways, marketing agencies will need to understand such evolving trends in order to take advantage of them. During boom and bust cycles alike, there are opportunities for marketing firms to reach new clients and generate promising results. City Wharf Associates and other leading firms will use these promising signs to generate more interest in clients for an expansion of current marketing techniques, which will provide clients with an improved ability to tap into new markets as the economy’s recovery continues to be felt by everyone.