F1 is coming to Singapore hotter and faster than ever!
In part D Special Report of Saturday’s Strait Times (September 20, 2008), there were 11 pages dedicated to the F1 event that is going to take place in Singapore very soon. New structures needed to be built, and contractors rushed to meet deadlines. Now the track is almost ready and so are the pit stops. With the influx of F1 fans to Singapore during that period, everyone is trying to boost their sales. However, those people are not staying longer than the 3 days of “racing period”, ruining companies “hopes and dreams”. To capitalize on that short period of influx of tourists, many hotels have lowered their rates or removed their “minimum days stay” just to get customers. It’s like “might as well earn less per person than not earn at all”.
We can also see from the various articles that many companies are trying to capitalize on the F1 theme to attract customers. A common advertising practice – to get people in the mood and to provide the atmosphere for the arriving F1 event. Furthermore, it is also to boost sales in the lights that people will support this big event that is held in Singapore for the first time in history. It will also be the first time in F1’s history for the race to be held at night!
As the article on page D5 says, “The great F1 sale”. Examples provided by the article consist of sports brands like Puma – “selling official Ferrari merchandise … [with] racing car models and cans of red bull with purchases”, Tag Heuer – which “stars Lewis Hamilton and Kimi Raikkonen as its brand ambassadors”. Using these icons to boost the “value” of their product as well to boost sales, promoters are using the weapons of influence like liking, authority, and social proof. Using these “stars” or big names as the faces of their product, they are appealing to fans and subtly saying that their product is of superior standard because these elite sportsmen use them. Liking and authority has taken place there. As for social proof, since F1 advertisements are everywhere (supermarkets, fashion retailers, bookshops, even bakeries). For example, BreadTalk has a new bread in a shape of a F1 racing car called Ferraberri. Advertisers hope to get people in the mood to spend on these memorable items. And the best way to do it is show consumers that everyone else is doing the same thing!
Some limited edition items have been promoted and with the principle of scarcity, we can see F1 fans buying those products. Limited edition items are definitely a good way to push items as people know they wont be able to get it next time if its sold out. Of course, the products have to be of a certain value and worth so people would cherish it as well. Like Mr Joseph Baladi, chief executive of BrandAsian said: “just because customers know about it doesn’t mean people are going to buy the products off the shelves. Singaporean customers are smarter than that, they’re not going to rush out and buy something if it’s totally irrelevant (to F1).”
On a side note, another thing to think about: to go to the stands to watch F1 live? Or stay at home at watch it on television? Which do u prefer/think is better?
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6 comments:
well i have to agree i would totally make use of the tourists during the short period of time and earn whatever i can. It is very true many of us don't just rush off to buy some products til we know if is of some use to us.
I would totally love to watch it live instead of on tv. I feel that you get a better feel of the whole thing if ur there instead of watching it on tv.
helloo!
well personally i'm not a big fan of f1.. and my mentality of going down is "whatever for, the cars are travelling at such high speeds, we'll just be smelling their dust and hearing the vroomvroom, might as well watch it within e comforts of my own home"
but den again.. with all the advertising and hype and all, i just might throw away my horrid lazybum mentality and head down to join in e crowd in e 'first night race' ever held in singapore!
there ARE three days to this event afterall :D
hey rachel! (:
i think the use of mass media here is so evident, what with all the advertisements and what not. a perfect example of how companies use mass media as a tool for marketing, and increasing revenue. like what indi said, totally make use of the tourist to generate revenue.
as for whether i'd like to be there or not, why not! omg, it'll be so fun! :D but of course, if you're gonna be there, good seats are important, if not, comfort in my own living room would be much preferred. even with all the hype.
haha. (:
♥
Man.. it would definitely be more awesome to watch it live than on the TV. I think that's the universal consensus. Mia, don't you want to watch it just for the adrenaline kick?
This F1 is like a major temporary cash cow. And like us Singaporeans, we're trying to squeeze every last buck out of it. But actually, kiasuness has spread to the rest of the world. Commercial gains are the goal of every business after all. Money is what makes the world go around.
But anyways, it's a great and novel idea for them to bring the first night F1 race to Singapore. Good job government for snagging this unique experience! It's one of the cooler things they've done lately.
hey there...
well i chanced upon ur article, and since i'm one of the thousands that will be there come fri, sat and sun, let me enlighten you guys on F1..
1) i've only heard ferrari, mclaren, bmw, toyota and sauber.
2) and some of the famous drivers like alonso and hamilton.
so what am i suggesting?
i'm not really a fan but there are certain things we should try out and experience. such as the singapore flyer and so on... F1 is an event that comes once a year and the money and tourism and thus the jobs it generates is worth so much. i don't think they'll be much communication (but lotsa feedback) there but i'm gonna enjoy myself nonetheless...
we only live once and see you guys at the 'world's first night race'!
Well this is late but next time around live is awsum and a pit pass if you can :)
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