Following the controversial Brexit decision on 23rd June 2016, a sense of fear and trepidation gripped the UK and particularly London. The immediate impact of the Brexit result sent shockwaves through the global economy with a dramatic drop in the value of the pound to its lowest level in 30 years (a low of 1.29 against the US Dollar), the immediate resignation of Prime Minister David Cameron and world stock markets suffering huge losses overnight. In the days ensuing the referendum result, and as a 90% pro-remain company, Why Media had to face the inevitable concern - Was there trouble on the horizon?
Despite initial apprehension and a shake up of the entire environment, business at Why Media has never been better and thus far we have seen a flurry of new projects from around the globe. As an agency that works predominantly within the professional services sector, the company's immediate unease following Brexit is certainly beginning to ease and today's (Thursday 4th August 2016) decision to lower interest rates seems like a knee jerk reaction that may have been taken in haste. When comparing year on year statistics Why Media have seen a 167% increase in growth from July 2015 compared to this year July 2016 and absolutely no indication of a decline, whilst we appreciate that our sector Digital Marketing and Social Communication is buoyant, the sheer scale of growth from a range of business types indicates the benefits of a weak pound and a “fixed roof” as the previous Chancellor of the Exchequer George Osborne indicated.
Rowen Squibb, Managing Director at Why Media says “As a pro-remain business, we became comfortable with the status quo in the marketplace and as many of our clients operate regionally in the residential and commercial property market place which was already stable and growing we have been encouraged by early signs. However when the initial decision to “Brexit” was taken, that comfort was taken away overnight it became paramount that we quickly adapted to our new environment and considered what happens next. Since the vote we have seen more enquiries and new business come on board at Why Media in the first few days of July than we saw in the whole of July 2015 and August has already been a record month for new business enquiries even though this is normally a slower period for new clients coming over to Why Media for branding and marketing services. We have been particularly encouraged by international companies spanning from China, Malaysia, Canada and the U.S showing interest in large new projects across the UK”.
Analysis of websites we report upon and monitor daily has shown an influx of international traffic flow for our clients furthermore, clients of Why Media are too seeing a shift in growth in recent weeks and despite the initial jolt of fear, many of our clients are reporting record sales and footfall in July 2016.
Why Media predicts nothing but growth on the horizon for the next year for proactive businesses that do not hide under the banner of “it’s Brexit’s fault”. No doubt public sector spending will continue to be cut and many changes will take place, but it is a big world and the UK is still seen as a stable place to invest and grow. Why Media has established itself as a unique, niche business with regional offices and our head office in the heart of London, we expect to announce a new regional office in September 2016 and we will continue to invest in high growth areas.
With our marketing expertise and a broad range of international clients it appears now more than ever that investors and partners want to work with British companies.
Marketing expenditure in the UK alone expected the grow 3.8% in 2017 and digital industries predicted to have the brightest outlook. Why Media are dedicated to continuing to drive the innovation and creativity that has positioned them as a company that is resilient and proactive in the face of crisis.