In case you were wondering, micro, small, and medium-sized enterprises (MSMEs) have long been the backbone of the Filipino economy. For reference, the Magna Carta defines MSMEs accordingly, by using asset size as a qualifier:
- Micro – up to 3,000,000 PHP
- Small – 3,000,001 to 15,000,000 PHP
- Medium – 15,000,001 to 100,000,000 PHP
With 99.5 percent of all establishments in the Philippines being MSMEs, it cannot be denied that they are a significant factor impacting economic growth, as MSMEs account for the employment of 62.8 percent of the country’s workforce. So long as numbers don’t lie, this is evident in the data from the Philippines Statistics Authority; refer to the table below for the distribution of establishments in the country, according to enterprise size:
|Enterprise Size||Count of Establishments||Percentage|
This large volume covers the wide range of industries: from wholesale and retail to automotive repair, accommodation and food services, manufacturing, and also financial services. And while it is important to note that this data is from 2015, a retrospection within a marketing context can help us understand the trajectory and growth of MSMEs.
With the uncertainty of the coronavirus pandemic still looming over the remaining months of 2020 and the immediate future, it is crucial that these enterprises endure. With the implementation of campaigns built on the right strategies, we can help MSMEs make the most of their online presence through social media management and digital marketing. Given the massively substantial contribution of these businesses towards the nation’s economy, here are a few marketing tips that MSMEs can consider as we all move forward.
Engagement, Visibility: Meet Your Audience
With the country popularly known as the Social Media Capital of the World, nearly every Filipino child and adult is on some social media platform — be it Facebook, Instagram, Twitter, Snapchat, LinkedIn, Tiktok, or the next hottest app. As a business owner in the Philippines, it is imperative that your brand be present on social media. People these days often use Facebook to search for products and services that they need, whether it’s going through the businesses’ profile pages, seller groups, or via Facebook Marketplace. As a platform for both reach and engagement, a Facebook business page can be quite the cost-effective and insightful advertising tool with the right campaign.
Another business trend is the use of promotional reviews by way of collaborating with Instagram influencers and Youtube vloggers. This marketing strategy, albeit it can be quite niche, is rapidly gaining popularity as a new way to advertise one’s brand.
No Better Time to be Creative: Be Present
However, for a large majority of MSMEs, especially the much smaller ones, marketing need not be as technical. To be as basic and resourceful to say that creativity is still key in capturing your audience is being honest. A well-thought of but crudely-made meme, for example, can explode, go viral, and give a business the spark that it needs to go from a two-digit return per sale to three, and sometimes, even six. It is important to stay relevant, but don’t jump on trends left and right.
We Can Feel Your Brand: Authenticity is Legit
All things considered, think of a brand that resonates with you, and then ask yourself, “What makes me feel like this organization/brand is saying something about me?” Brand loyalty cannot be faked. Consumers will remain committed to a brand that represents or echoes their values or belief systems. Keep a genuine voice, because people can tell if a brand is trying too hard. For MSMEs, this is the time for marketing with a purpose.
Build the Foundation with New Age Digital
In recent months, we have seen many businesses transition towards online platforms much faster than in the last couple of years. From having their products and services sold on e-commerce websites, to direct selling through social media platforms, this shift by many local businesses towards the digital space had to happen. But what about you?
Many MSMEs are fighting to stay afloat in this pandemic, and a strong way towards making it to the other side is by going digital and building your online presence. Once there, however, the work is only beginning. To initiate and sustain engagement with your target audience, create timely and relevant posts, and speak with an authentic voice — these are just a few tips that any business owner can do. By creating and implementing a marketing strategy that fits your business needs as an MSME, we can help you better understand what your clients are looking for and what your competitors are doing about it. Allow us to help you focus on building your success.