“A Warren Buffet quote that has been brought up frequently during the past weeks…”
With Singapore’s tightened circuit breaker measures, many businesses continue to be affected by a sharp decrease in revenue. This has certainly instilled doubt and uncertainty in the best minds behind businesses.
A Warren Buffet quote that has been brought up frequently during the past weeks, “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” seems to apply strongly in this situation. Especially now when many are indeed fearful of the impact that the circuit breaker can have on their businesses.
Conversely, we see the “be greedy when others are fearful” strategy put into real-world practice by businesses that have increased in relevance during this quarantine period. Food delivery businesses offer tantalizing meal alternatives as we grow tired of the usual variety at home. Online classes entice us to pick up skills with the new found free time. These businesses are greedily going all out because the effort is paying off at a time like this.
“focus on 2 likely scenarios…”
But what does this mean for other business models? In order to understand if this strategy will do well for a particular business, we’ll have to focus on 2 likely scenarios. One that’s happening now, and another which we can expect to come.
Right now, companies that are consistently advertising will undoubtedly gain more visibility since the majority of their competitors are less active. This places their brands at the top of the minds of consumers – providing a buying option now or when business resumes.
“so that they’ll choose your brand over the competition…”
And when markets start to recover, droves of businesses will spring back into action to make up for lost time. The marketplace will quickly fill-up with the usual noise and distractions, which worryingly makes it even harder to standout for businesses that haven’t been establishing a presence.
This demonstrates the importance of continual marketing during the circuit breaker even if the business is at a standstill. Initiatives such as giving customers the option of making discounted advanced purchases, or communicating future launches to build anticipation can make a world of difference.
Not only it sets impressions in the minds of potential customers so that they’ll choose your brand over the competition, it also plants the seeds for future recurring sales – This will in turn help with inducing a faster recovery when business resumes.
It’s vital to be consistent with marketing efforts even during the extended circuit breaker. This is done by keeping your offers simple and relevant for your target demographics and reaching out to targeted consumer-pools via the most fitting channels.
Understanding that a bulk of the workforce is working from home, reach out via cable TV and direct mail. And because the majority use their mobile device throughout the day, SMS, MMS and email marketing can be used to present quick buying options.
Be conservative only on picking the right channels and targeting the right crowds. Businesses that spend only on reaching out the right people can maximize the outcomes of their campaigns with great effect.