It’s common knowledge that festivities are celebrated religiously and lavishly in the Philippines. For businesses, Valentine’s Day, Ash Wednesday and Chinese New Year are all rolled up in the same week this year, making it a perfect time to profit.
Based on a recent study, there are over 900,000 firms in the country and 99.6% of them are MSMEs. Only a few, however, are knowledgeable enough on how to gain profit from seasonal festivities because of misconceptions. Take Valentine’s, for example. Companies who are in the line of selling flowers, chocolates and stuffed toys are seen as the only businesses capable of raking in money during the occasion.
In an effort to help business owners look at things from another perspective, here are some best practices that could help ramp up your game.
It doesn’t really matter what industry you’re in. What matters is that you think inside, outside and around the box. For instance, instead of having normal packaging for Valentine’s Day, how about providing minimalist or maximalist options to support your customer’s desire to surprise. For businesses in the food industry, a special course or menu could be made available during Ash Wednesday for those abstaining from meat.
Go above and beyond
Accessibility and convenience are only a few of the things that make for an astounding customer experience. It is certain that Valentine’s Day and Chinese New Year will cause congestion in certain areas of Manila, Chinatown and Dangwa. Going out of your way and launching a delivery option or providing complementary service for customers’ who order in bulk could be a viable technique.
Use resources wisely
It is important to know who your target market is. These days, social media can be a great tool for marketing and promotions. Engage with your target market through social media by letting them know what you have in store for the upcoming festivities. Construct your promotional materials cleverly so that your audience will look forward to buying your products and showing them off to friends and family. Another method you can adopt is inventing a hashtag for customers to share through social media when they make a purchase.
It’s in our nature to be inquisitive when we see unusual things. Imagine seeing an ad with a picture of a grandiose celebration for Chinese New Year with tikoy, tangerines, oranges, noodles, dumplings and sweet rice balls. You’d think the company who put up the ad sells food but then find out that it’s actually in the business of selling trashcans. Unusual, creative and something that will definitely catch attention.
Kyra Nicole Ang is a recent graduate student of De La Salle University’s Ramon V. Del Rosario-College of Business in Manila and was the Executive Vice President of External Affairs for the Management of Financial Institutions Association (MaFIA). She was an operations management trainee intern for 7 months and is currently working as a marketing analyst in the Growth Team of First Circle. To know more about how you can accelerate your business, visit www.firstcircle.ph or call 580-3200.