Black Friday: Cannibalisation or Propagation?

I worked in marketing for a leading hospitality business for many years so Black Friday is a term that I have been familiar with for some time. Back then it was an industry term to describe the last Friday before Christmas when typically, we would see the most Christmas party bookings. Since then, much like Halloween and Baby Showers we have taken the lead from our American counterparts. Black Friday has become a day when retailers heavily discount their products to encourage consumers to purchase, giving businesses a much needed pre-Christmas boost. We’ve even gone one step further with Cyber Monday. But does Black Friday actually boost businesses sales or are we simply cannibalising existing sales? In my latest blog I’ll take a look at the benefits of Black Friday vs the potential pitfalls.

Black Friday this year will fall on Friday the 26th of November. So, if you’re looking to capitalise on this day, you’ve not got much time to get your ducks lined up. Last year we spent an estimated £6 billion on Black Friday and Cyber Monday. Forecasts suggest that this year spending will be down by 6% with the average Brit set to spend £275 (finder.com). So why the sudden downturn in projected sales? The easing of lockdown and vaccine rollout may hold the key to the predicted decline in sales. With life almost returning to pre-pandemic status consumers have more demands on their income. Money is getting spent on socialising, commuting and non-essentials. Concerns over supply chains may also have some bearing on consumer behaviour this year.

So, what does this all mean for your business should you engage in Black Friday promotions or hold your nerve and maintain your retail prices. Black Friday has many pros and cons.

Pros

1.      An increase in traffic and sales

Consumers have become savvier due to Black Friday and Cyber Monday and are actively seeking out bargains during this period. Black Friday and Cyber Monday focuses shoppers on a set period of time meaning more sales and traffic for your business.

2.      A chance to offload stock prior to Christmas

Black Friday is a great opportunity to clear older stock and introduce new lines prior to the Christmas rush. This is particularly key if your business is in electronics or fashion.

3.      New customer attainment

Finding new customers can be tricky and costly. Black Friday and Cyber Monday give you an opportunity to get in front of new customers who you can then retain if their experience is positive then they will come back to you.

4.      Incremental sales

Customers are well trained and are keen to purchase around Black Friday. They may be attracted to your business due to discounts however they may go on to purchase full price items.

5.      Fulfilment of orders prior to Christmas

With ongoing issues with delivery getting sales in early may prove beneficial to retailers as you can ensure customers receive their items in good time prior to Christmas.

Cons

1.      Pressure to discount

As I’ve already mentioned customers have grown to expect discounts around Black Friday and Cyber Monday. This may be difficult for some retailers to achieve.

2.      Negative impact on sales margins

Although sales are likely to go up, profits will go down. You need to consider whether offering discounts is actually commercially viable. If not then you may wish to withdraw from offering deductions however, will your competitors be offering a promotion?

3.      Increase in returns

Black Friday can encourage impulse purchases, the problem is whether customers will then return the items.

4.      Overcrowded competitive marketplace

Lots of retailers will be talking about Black Friday so getting your voice heard above all your competition can be problematic.

5.      Delayed sales as customers are waiting for discounts

We’ve all grown to expect discount around Black Friday so teasing customers to purchase outside of this period will be tough. Its likely that you will see a drop in sales running up to Black Friday which will have a negative influence on your bottom line.

The Black Friday and Cyber Monday phenomenon looks like its here to stay despite the difficulties it poses to retailers. Its important to consider all the pros and cons before embarking on discounting your products. The impact on margins is easier for a larger retailer to absorb but for smaller businesses it may prove challenging. But equally the opportunity to acquire new customers during this period is beneficial. The key to success is ensuring that promotions are carefully managed to ensure that margins are protected whilst taking advantage of the increase in customers looking for a bargain.

If you’d like to talk to me about your marketing prior to the run up to Christmas or anything else, feel free to get in touch kiesha@iconmarketingcomunications.co.uk 07979940526.

The emotional and economic survival plan for getting through the lockdown

A lot has changed since I wrote my last blog. The ripple effects of the coronavirus are hitting businesses of all sizes. At Icon we work predominantly with SMEs, companies that are just starting out and need marketing support but can’t afford to employ a member of staff. It is no surprise that over the last couple of months, times have been tough in terms of trading with many temporarily closing their doors.

So what position are you in? Are you a key worker? Furloughed member of staff? Working from home? Business owner? Or are you the small percentage of workers that can’t work from home? I was on an early morning walk this week and was surprised to pass the train station as a train pulled in. It reminded me that although I’m in my little bubble the wheels are quite literally still turning!

I, like so many, have found the lockdown quite challenging both mentally and economically. With no face to face meetings the new business leads I’d worked so hard to secure earlier this year have fallen to the wayside. I find myself thinking about what will be left of my business once lockdown is over. But for now, there’s not much space to worry as I have two kids at home who with the help of my husband, I am home-schooling.

This slowness of pace is alien to me I’ve always gravitated to fast paced roles and love to be in the company of my friends and family. I’m sure this aptitude is what drew me to a career in marketing. The PM’s speech last night offered a glimmer of hope that we’re moving to the right side of this pandemic so for now we need to continue doing what we’re doing keeping our family safe and happy. So, what can we do?

Relax

What did you do to relax pre-lockdown? A massage? Facial? Listening to or playing music. I used to do Yoga classes on a Wednesday morning. I love the floaty, care-free feeling it gives me and have being guilty of falling asleep during the relaxation at the end of the class on more than one occasion! So, for me I am gaining relaxation doing an early morning workout with Adrienne. Gardening has also been proven to reduce anxiety so why not get out there and make something beautiful that you can enjoy over the Summer months.

Eat Well

I must admit I made the banana bread that seems to have gripped the nation but it wasn’t for me. That said I have enjoyed spending more time cooking proper meals and interesting variations of the boys’ lunches which I am sure are still not a patch on their school dinners.

Tomato and Chickpea Bake

Read a book or magazine

I’ve bought a wide range of reading material from gardening magazines (they were giving away free seeds) to the trashier gossip magazines packed with celebrity non-stories that are my guilty pleasure. However, this week I came across a book I wish I’d bought many years ago its called ‘Mindfulness for Mums’. Bizarrely the author is Izzy Judd, a musician who appeared on Britain’s Got Talent and was signed to Simon Cowells record label. The book offers techniques to deal with anxiety and funnily enough even reading the introduction made me feel instantly at ease.

Gain a new skill

A tricky one if you’ve got little people. In an ideal world I would be continuing with my Google AdWords training but that requires quiet something lacking in our household at the moment. For me its simpler things like trying out a new hairstyle or painting my nails. Two things that give me a feelgood boost. But it could be anything one of my closest friends has taken up knitting. I’m secretly hoping she’ll knit me a throw for the Winter months. So, have a think what have you always wanted to do play the piano? Write a book? The world is your oyster!

Lockdown hairstyle

Set a routine

I’m a planner, having a daily plan helps me get through what could otherwise be a very long day. I also like to set myself little tasks each day which I like to tick off and give myself a virtual pat on the back. It feels good to feel like you’ve achieved something each day no matter how small.

And Plan

Plan for the future, ‘brighter days will come’. I feel that once businesses do re-open a lot of the growth will be organic, I’m already dreading trying to get my eyebrows done as no doubt they’ll be fully booked for weeks! So, what can you do to plan? Make sure you have a team in place to deal with demand. Could you offer a re-opening package? Or even a party for your loyal customers. But whatever you do do not underestimate the surge in demand.

One thing is for sure after all of this we will have a much greater appreciation of our ‘normal’ life. Meeting friends for coffees, taking the kids to the park even going on holiday or quite simply going to work! But I also hope we have taken this opportunity to look at our lives and make some positive changes.

When this is all over I would love to meet with you to discuss how Icon can help your business reach its full potential you can drop me an email to kiesha@iconmarketingcommunications.co.uk

Mum’s the Word for Business Success

It may only be in its first trimester, but 2019 is already a boom year for ex-radio presenter and mum-of-two, Kiesha Humphreys who is celebrating her fourth year at the helm of Icon Marketing Communications Ltd. In that time, Icon, a specialist marketing consultancy based in Wilmslow, has been responsible for a number of SME business success stories across Cheshire and Manchester.

Kiesha Humphreys

Photo credit: Senem Peace Photography

Kiesha explains; “I set up the business after the birth of my first son, and Icon is an anagram of his name, Nico. I’d been working at a senior level at a large advertising agency in Manchester, and while I was on maternity leave it struck me that there is a gap in the market for a reasonably priced and flexible marketing resource, in the area.”

Kiesha has first-hand experience of smaller businesses approaching large agencies and being put off by the cost. She says, “Bigger organisations can be a bit intimidating to smaller businesses – especially when they only need a one-off marketing facility or a bespoke marketing service.”

While larger organisations often don’t see the immediate potential in helping businesses when they’re starting out or are at the ‘expansion phase’, Kiesha seizes the opportunity to put her big agency knowledge and international marketing expertise to the test.

“For the past 15 years I’ve worked in the UK and South East Asia. In this time, I’ve seen the communications climate change dramatically – and it still is changing, year on year”.

In tandem with her ‘day’ job as a Business Development Manager for upmarket restaurant chain, Gusto, Kiesha honed her communications skills as a regular Radio Presenter for Cheshire’s Silk 106.9, BBC Radio Manchester and Capital (formerly Galaxy 102). It meant she had her finger on the pulse of all kinds of media. “I’m a natural-born communicator,” she says, “I was increasingly drawn to digital channels and I could see that the major draw of digital is its level of accountability and significant ROI”.

Photo credit: Jonathan Farber

As well as running Icon, Kiesha has spent the last year completing her Google Ads certifications and working on SEO projects with a number of clients.

Kiesha continues; “There is still a need for an integrated marketing communications strategy to support and strengthen the digital aspect, including PR, events and traditional print and radio advertising”.

Kiesha says; “While we’re based in Wilmslow, we often work from The Workspace in Handforth, a beautiful co-worker environment that has flexible terms – it’s great for businesses who want to collaborate. We work with businesses of all sizes to provide one-off support or ongoing marketing management (across the mix) in and around Manchester and Cheshire. We create tailor made packages in line with our clients’ budgets or we can offer bespoke solutions to suit their needs.”

The Workspace Handforth Meeting Room

Photo credit: Compton Harry Photography

It’s not every day a company can benefit from marketing experience of the kind Icon can deliver, without the international agency price tag. With so many success stories under her belt – and plenty more waiting to happen, Kiesha is more than happy to spread the good news.

For more information visit www.iconmarketingcommunications.co.uk .

To celebrate its fourth year. Icon Marketing Communications Ltd is offering all readers a 1 hour complimentary marketing consultation. For more details, please contact Kiesha on kiesha@iconmarketingcommunications.co.uk or call 07979940526.

The Workspace can be contacted on 01625 522209 or via email info@theworkspace.uk

For more information visit www.theworkspace.uk.

Hello! Is anyone listening? The magic of Radio and its similarities to running successful Social Media campaigns

It’s a while since I last wrote a blog, the truth is working in marketing you tend to neglect your own promotion in favour of your clients. But that’s no excuse it is important to be consistent. So today I wanted to talk a little about the wonderful world of social media. I remember being one of the first of my friends to sign up to Facebook in April 2007. Back then there was no Instagram, Snapchat, Pinterest and Twitter was only in its first year.

How far social media has come since then? Facebook now has in the region of 2.23 billion users. They’ve recently had a ‘rough’ time losing £90.8 billion of their share value following the Cambridge Analytica scandal (I must hasten to add the company is still valued at nearly £400 billion – yes billion).

What is true is that businesses of all sizes are looking to harness the power of social media. Just like any other media there are different channels which may be more suited to your target audience. Instagram users for example are predominantly aged between 18 and 29 and there is a greater tendency for them to be female over male. Whereas Twitter and LinkedIn users, tend to be older and more business orientated. Effectively utilising social media reminds me a lot of my time as a Radio Presenter. Different stations appeal to different audiences.

But the similarities don’t stop there. Just like the world of radio particularly commercial radio;

You need to plan…

Before each show I’d spend at least an hour prepping. My prep would include reading the local and national papers, checking on upcoming events, researching in to any new music that was added to the playlist, creating topics to encourage listener interaction. Planning was imperative to an enjoyable show (for me and the listener).  The same can be said for social media, making the time to produce a fortnightly or monthly social media plan will make the process of generating regular content a far less onerous task.

You’re promoting…

 In radio this is usually the station you work for, other presenter’s shows, local events or special guests. But equally as a business owner utilising social media to promote your business is a wise choice. What other media gives you the opportunity to directly promote your product/service to your customer?

You’re conversing…

Encouraging listener participation brings the show to life. One of my favourite features was my topical themed final song of the show, during this feature I would get listeners to get in touch suggesting a song themed around a news story from that day. People love to receive a direct response from a company, favourite brand or business . I once tweeted Screwfix about a great experience I’d had with their Cheadle store. They passed the message on to the store who responded to my tweet with a thank-you – I was touched. Conversing with your social media supporters encourages brand loyalty and sets you ahead of your competition.

You’re sharing…

 I remember a few years ago whilst I was working for Cheshire Silk 106.9 there were a number of school closures due to excessive snowfall. Silk became the go to station to find out whether your local school was closed. That’s one of the things I loved most about radio was its speed. If you were on air when a big story broke you could share it with you listeners instantaneously. That speed still puts radio ahead of other media such as print. You can utilise your brands social media to share something relevant in your industry or to your followers.

Sharing, conversing and promoting is the holy trinity as far as establishing a successful social media presence. But I would encourage you to exercise caution when utilising social media. Unlike the world of radio which is regulated by Ofcom anyone can get online through social media and share news, views, pictures and videos. Without the necessarily having the knowledge on what you should or shouldn’t share. I once received a piece of advice whilst working in radio which I still reflect on today ‘If in doubt, leave it out’.

Also avoid the temptation to sell too much. I once took a call from an irate listener during one of my shows for a commercial radio station following a particularly long ad break who asked ‘Are you running an advertising agency or a radio station?’ the truth was a little bit of both. But they raised a good point effective selling should blend in to overall content and be informative not overpowering,  if you ‘sell’ too much people will switch off or in the case of social media at a click of a button they have unliked/unfollowed your page.

Radio is a medium which will always remain special to me, my five years working for stations in Manchester and Cheshire has taught me so much. If you’d like to have a friendly chat about your social media or broader marketing strategy  feel free to get in touch kiesha@iconmarketingcommunications.co.uk

Working from home...

Make your space an Oasis

With the rise in the cost of living, individuals starting families later in life and the challenge of striking a work life balance many females are setting up their own businesses and opting to work from home. Companies still have reservations surrounding ‘telecommuting’. But for educated working Mums this presents an opportunity to ‘have it all’.

I set up my business after the arrival of my first son (Icon is an anagram of his name Nico). I looked into office space initially but decided that working from home would work best for me allowing me to keep my overheads low and pass these cost savings on to my clients.

As a working Mum being home-based has many advantages, popping a load of washing in whilst working, being home to receive deliveries, being home for ‘workmen’ not to mention fitting around my children’s school and nursery schedules. That said it does come with disadvantages. Working as a sole trader can be a lonely time (the prospect of cold-calling strikes fear in me to my very core). Although I have a team of freelancers that I can utilise it’s difficult to keep motivated when you don’t have a regular team around.

Over the last couple of years I have learnt a great deal about home-based working. Here are some helpful tips for fellow entrepreneurs;

1.       Make sure you have a designated space to work

It’s easy to lose focus when working from home and to become distracted by chores. Having an area set aside to work means you are entering into your office space just like going into work.

2.       Make a to do list

It may sound obvious but having a list of jobs that need to be completed each day and crossing them off is like giving yourself a pat on the back at the end of the day.

3.       Don’t forget to take a break

I tend to be at my desk each day by 8:45 and can easily become engrossed in a task. By making sure you take a break you can keep your productivity at a premium. I have a hula hoop at the side of my desk to use when work gets too much.

4.       Make your space an Oasis

Just like you would when going into the office it’s important to make sure that your workspace is inviting. I have a selection of photos on my desk and even a potted plant to ensure that my workspace is as appealing as possible.

5.       Find a good radio station

Listening to the radio is a friendly companion I have a selection of digital stations which I listen to which keep me focused depending on what work I have on. A dance station if I’m busy a bit of jazz if I’m feeling stressed music is a powerful medium.

6.       Make sure you network

Finding new business opportunities can be difficult when you’re home-based so it’s wise to broaden your network. Most towns have a networking organisation and the government business helplines can also provide details of networking events in your area. It’s good to have a reason to look business-like as working from home you can dictate your own dress code.

So there it is my tips on how to survive the home-working jungle. If you’ve recently established a new business and need some help to get it off the ground feel free to speak to me about your Business Development opportunities by calling 01625 533102.