As 2019 draws to a close, we would like to take stock of the various advertising trends in Singapore to give you a ideas for how you should go about planning for 2020.
New Products to Bring Regulars Back
We believe that 2020, the sector will continue to reinvent itself with new products and offerings. We saw global brands consolidate product offerings, only keeping products that consistently brought in strong sales, while replacing poor performers with seasonal items that were better candidates for a very limited marketing budget.
We think that everyone should do some housekeeping every once in awhile. Bringing in new products is a fantastic way of reminding your customers that your business is innovating and finding new ways to improve and is still worth their attention.
Here are some examples, all you need is to structure a short campaign for the launch, followed by a string of small discounts to carry through its introduction. Don’t short change your new offering by skipping out on good photography and design, it could be what makes or breaks it!
Driving Small Discounts Hard
A lot of our clients are concerned with thinning margins in 2019 due to the reduction of foreign labour and a sharp increase of the cost of raw materials, and thus were very reluctant to use discounts as an anchor for marketing. We also saw many businesses offer small discounts but were very sheepish in spreading the message, at some level it felt like marketeers felt mildly embarrassed that they were not throwing out bigger discounts.
Interestingly, consumers are still very sensitive and attracted to small discounts, even 5-10%. Look to Fave, Grabpay and Shopback cashback program bring back hordes of regulars on a daily basis.
In 2020, we suggest that businesses should strategise small but regular promotions across your menu to give your regulars a reason to try something new, and at the same time afford your brand the breathing room it needs to appeal to new market segments.
Here are some examples for your perusal, if you look through the math, most offers are not what we would consider blockbuster, but they still prove to be viable outlets to attracting a steady follow of patrons.
There’s No Deal like a Good 1-for-1
With that said, please don’t mark down your bestsellers for an entire month.
We believe that such fantastic deals should be reserved for those special days to bring your brand back to the top of consumers minds and not as a panacea to slow and quiet days.
Look to some current examples below.
Good Designs Never Fail
At the end of the day, design is a function of effective advertising. A huge segment of the market are formed by buyers that are not just looking for something cheap, but are looking for a good deal. This means paying less for something worth a lot more, rather than just something cheap in absolute monetary terms.
Have a look how the big boys have moved sales without dropping their prices.
Conclusion
2020 may be the tightest year for margins, but dig deep, make a good plan and stick to it! There maybe nothing worst that to fade away from your best customers memories.
We would love to have a chat about your marketing ideas, feel free to email me personally at [email protected] or drop us a line at +65 6909 8543 during office hours if you need someone bounce ideas off.