London has been named the second-best city in the world for marketing activities, second only to New York.
Why is London such a good location for Marketers, and what does the future hold for the world’s best marketing cities?
New report identifies world's best marketing locations
The report, published by Accenture, looked at 10 major cities around the world.
New York emerged as the top location for marketing, with a score of 8.6 out of 10, followed by London (8.05), San Francisco (7.73) and Chicago (7.47). The full list of countries covered is below.
New York’s benefits were its world-class infrastructure, the large presence of brand owners and the city’s robust marketing ecosystem.
London was praised as a global financial hub and is hailed as the ‘best tech start-up ecosystem in the European Union’. Like New York, it also has strong representation from brand owners.
Tempering this, though, is a warning in the report that London faces an ‘uncertain future’. The prospect of Brexit means that ‘some businesses may consider moving to another hub in Europe’.
A CityAM article on the report says that international trade secretary Liam Fox has warned that the UK must secure its reputation as a world leader in the advertising industry. And it cites another report estimating that ‘the advertising sector could suffer its first recession since 2009 if the UK crashes out of the EU without a deal’.
Brexit also poses a potential threat to one of London’s marketing plus points: its position as the best place in the EU for tech start-ups. We’ve looked before at whether London will miss out on fintech innovation after Brexit.
If this happens, it will undoubtedly affect London’s ranking as a leading marketing city.
Best practice marketing - wherever you are
Wherever you’re based, there are some best practices shared by all leading Marketing teams – approaches you can emulate for success.
The best global brands have many things in common:
- They focus on their customers. A report into the best global brands says that ‘Leading brands are driven by their desire to be useful, to create products, tools and services that actually solve customer problems’.
With customers driving much of today’s digital disruption in financial services and elsewhere, keeping your customers’ needs top of mind will serve you well.
- They deliver on their promises, with products and services that live up to their marketing claims. Read more about how to convert client care promises into action.
- Many follow a subscription model, with demand for subscription-based businesses growing rapidly. Clearly, this won’t work for all businesses – but you could look at ways you can replicate some part of the model; maybe by signing clients and prospects up to regular content updates.
- They elevate their brand, making it central to consumers’ decision making. Putting your brand at the heart of everything you do will give you an advantage – you’ll be recognisable and instantly associated with the values you embrace. Read more about the importance of brand to your marketing effectiveness.
If you work in a regulated sector, regulatory compliance adds another layer to the brand challenge. Brand strategy and compliance are intrinsically linked. And with brand reputation so easy to destroy, you need to know how to keep yours intact.
Balance best practice marketing with regulatory compliance
If you do work in an FCA-regulated industry, understanding and implementing the FCA’s financial promotions rules is an essential part of your brand strategy.
Nothing in this document should be treated as an authoritative statement of the law. Action should not be taken as a result of this document alone. We make no warranty and accept no responsibility for consequences arising from relying on this document.