Qoo-10 reportedly laid off more than 80 percent of its Singapore-based workforce recently, a strong indicator that the retrenchment trend in Singapore has yet to fade. In 2023, the yearly retrenchment doubled from 6,440 in 2022 to 14,590 in 2023. Furthermore, the second quarter of 2024 has surpassed the same period of the previous year, highlighting the concerning evidence that the advancement of technology has resulted in disruption within the Singapore workforce, and is expected to continue in the coming months.
What is worrying is this – no one seems to be spared, as it affects employees across the board regardless of their capabilities, dedication, or accomplishments.
Being retrenched was undoubtedly one of the most challenging experiences of my career. Despite my initial worry about finding new job opportunities in a competitive market, it eventually inspired me to reinvent myself.
That’s when I took up the challenge of creating OtterHalf, a marketing agency with a core focus on operating as businesses’ fractional marketing teams.
From being unemployed to employing a ‘dream’ team of marketers
Being home to 4,500 tech startups driving investments totaling $6.1 billion, Singapore is at the forefront of the startup ecosystem, not just within the Southeast Asian region, but also across Asia. In this competitive landscape, we see businesses and brands investing a substantial amount of resources in their marketing efforts.
While an increase in brand awareness might suffice for tech startups with larger financial resources, smaller tech startups with limited resources are unable to justify the low return on investment based on brand-related success metrics like impressions alone. Rather, it is about shifting the focus towards ideating and executing lower-funnel marketing initiatives that drive conversions. Because of my experience working with multiple growth-stage tech startups, I was able to quickly identify this gap in the market: the lack of a marketing agency that truly understood these needs and could provide the specialized, high-impact marketing support required. Hence, OtterHalf was born! As I built the team, I took the opportunity to recruit a team of very talented and highly niche marketers with a collective experience of more than 20 years in marketing and partnerships within the tech industry, to form my ‘dream team’
A year forward, OtterHalf secured 12 major projects, bringing in six-figure revenue. We’ve worked with clients such as Oddle Eats, REFASH, and CapitaLand. We were also accepted into the SMU Business Innovations Generator Incubation Programme and were shortlisted as a finalist in the ‘New Kid on the Block’ category for MARKETING–INTERACTIVE’s Agency of the Year 2024.
Key takeaways for others facing similar setbacks
Being on the receiving end of the retrenchment notice gave me time to think through what really mattered to me. Yes, it was an unpleasant experience, and getting back on my feet seemed like an impossible task. But, having gone through it, it marked a life-changing trajectory for my career, filled with lessons I would not have learned otherwise.
1. Don’t be afraid of pivoting and adapting
The OtterHalf I started is not the same as the one I have today. Initially, I pitched us as a marketing agency that understands tech. However, the agency market is competitive, and I found myself questioning what our unique value proposition could be to make clients want to pay us on a regular basis. Being active in Singapore’s fractional leadership community, I realized that many fractional CMOs were already supporting tech businesses. With these fractional CMOs in place, there’s a need for an execution team to back them up.
Recognizing this opportunity, I quickly pivoted and launched our fractional marketing services. We now act as businesses’ experienced part-time marketing team, working with them on a credit plan model. We launched this service in January 2024 with zero retainer clients, and today, we have four. Especially in an economy where technology is constantly disrupting the ecosystem, flexibility is key, and constant adaptation is needed.
2. Leveraging on your existing network
The world is becoming increasingly interconnected and leveraging on existing networks is now a necessity. Building and tapping into your established network could often lead you to many pleasant surprises. In fact, many of OtterHalf’s early successes (i.e. our first three clients) came from tapping into my existing network and connections.
3. Dive deeper into your niche
While possessing a broad skill set and a diverse knowledge base can provide a foundational advantage, merely skimming the surface may no longer suffice in a rapidly changing ecosystem. I remember wanting to solely focus on marketing for all types of tech businesses (software, hardware, B2C, B2B, everything) when I started out, but I soon realized that my team could drive the most value to B2B2C platforms, aggregators, and e-commerce businesses, instead of B2B businesses. Not only that, I thought I could conquer the hardware solutions market, but I found it so difficult to convince potential clients to work with us, given that we had limited expertise in that sector.
Eventually, knowing our strengths and limitations, we decided to dive deeper into what we do best – working with B2B2C platforms, aggregators, and e-commerce businesses, driving growth via strategic partnerships, and some areas of online marketing. Embracing specialization is no longer a choice but a strategic imperative for sustained success and growth in today’s dynamic business environment. What I realized over this entrepreneurial journey is this – People often remember businesses for something that they are great at.
4. Never give up. More importantly, always go back to why you first started.
There were so many times in this journey when I thought about the easy way out – to head back to corporate and earn a stable monthly income. However, every time that thought flashed across my mind, there were always reasons why I stayed on, whether it was a great testimonial from a client, us being shortlisted for MARKETING INTERACTIVE’s ‘New Kid on the Block’ Agency of the Year Awards 2024, or strangers reaching to let me know the great work that my team was doing. Many times, I thought about why I started OtterHalf in the first place, and that kept me going.
5. Have fun
I can’t emphasize how important it has been for me to be in the moment and find joy in whatever I do. The journey has been really fun, though, as expected, there were tough times. But the fun part of my job is enough to make me jump out of bed and show up every single day.
Ask me two years ago if I would ever foresee myself being where I am today, and my answer then would likely be “You must be crazy!”. While we have managed to accomplish more than I ever anticipated in a remarkably short time, The journey of OtterHalf had just begun. We are actively pursuing new partnerships, and I am optimistic about the promising developments that lie ahead for our team and clients.
For those going through the experience of job loss, I want to emphasize that this is not the end. Rather, it might serve as the foundation for new growth and opportunities. You may find yourself achieving more than you ever thought possible.
Cassandra Ong is the Founder and CEO of OtterHalf.
Former Growth and Marketing Lead at Tripadvisor, Chope and Foodpanda, Cassandra faced a low in her life when she was made redundant during the mass tech layoff of 2023. She launched the remote-based global marketing consulting firm OtterHalf with two ex-team members who were faced with the same situation. By knowing first-hand the struggles of staying relevant in a competitive tech industry, they built OtterHalf with a mission to bridge the marketing expertise gap of tech companies, and to help give businesses the advantage they need to thrive.
With 12 years of experience in marketing strategy and strategic partnerships for big names under her belt, her proudest achievement would be: Securing CapitaLand as Chope’s partner, seeing through the partnership, and ultimately resulting in their investment in Chope’s Series D funding round.
Cassandra graduated from Singapore Management University in 2011, with a Bachelor of Business Management and majors in Human Resources and Economics.
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