A bus on fire.
Kid abused at childcare center.
Internet regulation.
Asiana air crash.
These are few of the BIG and widely discussed and shared news for the past few days and weeks. BIG because it never or rarely happens. Widely discussed and shared because it affects us or people we know directly or indirectly.
Take the haze for example. Although Singapore has been experiencing the haze problem for many years, they were not as bad as the recent one where the Pollutant Standard Index (PSI) hit 401.
MacDonald stopped it's delivery service temporarily and other fast food restaurants soon follow suit. Some businesses offer free face mask and some group buying websites ran sale on this item. Others were quick to capitalize on this opportunity to jack up the price due to the great demand. Some food delivery businesses use this chance to promote their delivery services. Other businesses started to provide delivery services so that their customers do not have to beat the haze going out to get their food. A marketing guru even go to the extent to teach his clients on how he has used the haze as an opportunity to spike his sales. This tactic is also being used by big corporations and celebrities.
While there's no doubt that some business owners are doing this to benefit their customers, there are others who are out to make some quick bucks or to gain publicity and increase profile.
Twelve cupcakes owners dispute with the local media over charging them for an interview was picked up and reported. Whether deliberate or not, the business gained more exposure from this single argument than any number of interviews and paid advertisement. They got a boost to their brand and sales. Of course, having celebrity owners played a part.
There was a case of a corpse found in the water tank on the roof of a block of flat some times back. Many of the residents dare not use the tap water. Some companies selling water filter immediately send their salesman knocking on the doors.
A food business used the haze as an opportunity to provide free delivery service for order above certain amount. There are endless chances for you to take advantage of events or situation to increase sales.
To put it in business term, it's call opportunistic marketing.
It's absolutely fine to find ways and means to increase sales. However, most business owners literally take these events as what the name implies - OPPORTUNITY. When you think of opportunity, you immediately think of how you can take advantage of it NOW. As the Chinese saying goes, hit the rod when it's hot.
It's very true. You have to strike when the event is to your advantage. Two weeks ago, you see people running frantically from one pharmacy to another hoping to buy face mask. They find all ways and means to track down where and when stocks are arriving and did not mind queueing hours just to get one in their hands. Now, face mask are everywhere. You can find cartons of them in supermarkets and pharmacies. You can find them just next to the cashier. But they are not moving at all.
What they do not take into consideration is that such opportunistic marketing can go the wrong way. Instead of getting more sales, higher profile and more publicity, you end up with resentful customers, higher profile and bad publicity.
For the corpse in the water tank case, do you think the residents are going to view those salespeople as people whom they can trust? Or are they just peddlers there to sell them something and take their money? These businesses have forgotten that while their salespeople can go to the residents, the residents have the option to go to other businesses. People will remember how you take advantage of them.
These business owners take it as one off event to make money one time off the customers - Hit and go. They think of the short term benefit (increase in sales) and forget about the long term damage to their brand and reputation. As a business owner, do you want a one transaction customer or a satisfied customer that will trust you for a long long time? Think of how the event is going to benefits the customers BEFORE benefitting you.
Another thing that business owners neglect is how the event ties in with their core values and what they stand for. Some companies will jump at any and every opportunity they can find to increase sales and damaging their brand and reputation in the process. Customers get confused about what these companies stand for and what is believable.
For example, instead of hitting back at the media for requesting for payment for the interview, could Twelve Cupcakes organize an event to bake 1,000 cupcakes and run a charity sale with all proceeds donated under the media's name? After all, their slogan is Handmade with Love.
Richard Branson is known for being the underdog challenging the big boys and so when he challenged British Airway's monopolistic control over the air traffic, it fits his image perfectly.
And if you are able to tie the event to a cause that you are championing, you have a winning formula.
Want to know how?
Get your copy of Richard Branson's Autobiography below.