The Visayas region is home to a significant portion of small and medium enterprises (SMEs) in the Philippines, with these companies being involved in wholesale/retail trade, manufacturing, accommodation, and food services. And we’re only starting to scratch the surface.
As the SME landscape in Visayas continues to flourish, businesses are adapting these trends that are changing the game. With everything from targeted customer engagement efforts to tech-driven solutions, SMEs in the Visayas must constantly prove they’re ready for the changing face of today’s consumers, and ready to pursue success head-on.
Here’s how they’re rising up to the challenge this year:
1. Capturing tastes
Photo via official Sugbo Mercado Facebook Page
Catering to the needs of consumers is a vital part of every business. But as the profile of the typical consumer changes with time, SMEs must double down on ensuring that what they’re bringing to the table fits the right tastes.
Sugbo Mercado, the biggest weekend food market in Cebu, knows exactly about tastes. Understanding their customers’ needs and preferences is the focus of their operations. This has led them to come up with a portfolio of new and established food businesses, giving customers the widest selection for their diverse and changing tastes
2. Branching out
Local tourism is flourishing in the Visayas, with the surge of tourist and hotel occupancy in recent years. More and more companies are confidently developing their businesses, expanding to other places outside their regions.
One example is Fridays, a popular hotel in Boracay, which built its new franchise in Puerto Galera, Mindoro. Built in 2017, Fridays Puerto Galera is a hidden gem in the middle of a lagoon in Boquete Island, surrounded by white sands and clear blue waters. What started out as a four stand-alone bungalows was then developed into a “full service, quality hospitality” establishment.
3. Being strategic with location
Photo via official Sugbo Mercado Facebook Page
Location has never been more important for businesses, now that competition within industries grow every day. Because of this, SMEs strive to maximize their positions and provide value-added experiences to attract more customers. For example, Sugbo Mercado, has managed to welcome merchants providing other lifestyle products like clothing, crafts, beauty, and wellness to complete a curated collection of tenants in a master-planned bazaar space right in the BPO and lifestyle hub of Cebu, Cebu IT Park.
Meanwhile, Mike Panlilio, senior vice president for operations of Boulevard Holdings Inc., which manages Fridays, said that many tourists used to visit the area even before the resort was built, as Boquete Island is a popular diving and island-hopping destination. The company understood the importance of strategic location for Fridays Puerto Galera, combined with the power of its brand and the confidence with which the company can harness the local tourism in place.
4. Coming up with fresh and elevated offerings
Differentiating themselves from the others is what SMEs must do in order to compete and stand out in an oversaturated market. To do so, they must define their niche and offer something new. In the case of ANTHILL Fabric Gallery, a creative social enterprise and fabric/lifestyle store based in Cebu, they have managed to reintroduce local weaves as a modern garment by elevating Filipino culture through contemporary and circular design.
Similarly, for Fridays Puerto Galera, it is important to ensure that fresh ingredients are used in their dishes to elevate the quality and the taste of the food they offer.
5. Relying on the power of social media
Photo via official Sugbo Mercado Facebook Page
SMEs must turn to the digital frontier to build their brands and grow their businesses. In an increasingly tech-driven world, innovative measures could be just what sets a brand apart. John Paul Chiongbian, managing director of Sugbo Mercado Food Bazaar Inc., which operates Sugbo Mercado, credited their rise to the tech-savvy millennials– young diners who come and take pictures of the food and venue and share them on social media. As the demand for brands goes beyond merely establishing a social media presence–businesses should also continuously work on their efforts to engage and connect in authentic, experience-based ways.
6. Connecting with communities
Photo via ANTHILL Fabric Gallery Facebook Page
Consumers today are more mindful of what they support. Social and environmental awareness definitely plays a part in choosing the products and services they consume. SMEs should strive to become brands that give back to communities and the environment. For ANTHILL, their alternative approach to business is founded by their mission to keep the Philippine weaving traditions alive and to provide sustainable livelihood for our partner communities. It collaborates with different indigenous weaving and handcrafting communities, NGOs, and SMEs all over the country. Some of these communities are in Cebu, Bukidnon, Abra, Mindoro, and South Cotabato.
The game changes constantly for small and medium-sized enterprises as business trends and practices that shape up the industry emerge each year to test how they will play in the market. And to help them succeed in every step of the way, a reliable and trusted partner like Globe myBusiness can equip enterprises with the right technology to make it future-ready.
SMEs can level up their business with best in value business solutions to create smoother operations and enhance customer experience. Regardless of size, industry, and where they are in their business journey, Globe myBusiness always finds a way to guide and empower these micro, small and medium enterprises towards success.
In line with the celebration of SME Week, Globe myBusiness, in partnership with DTI, salutes the Filipino small and medium businesses for their contribution to nation building. Saludo, SMEs!
For more information on Globe MyBusiness solutions, visit: https://www.globe.com.ph/business/sme.html