If you’re in F&B or retail, CNY sales can count for the bulk of your annual revenue. For some, sales rise by a sharp 40%i, making it crucial for businesses to take full advantage of the increased demand. Tap on the opportunity to boost your business revenue this Chinese New Year--here’s how.
Facebook data shows that while content posting in general increases during the Lunar New Year, mobile numbers specifically are 4.6 times higher than desktop postingsii. If you’re posting Facebook ads, make sure they stand out while swiping through a feed full of family reunion and dining posts. However, you will have to take note of the length of your Facebook copy as mobile ads have a character limitiii, as compared to regular desktop ads. Keep your messaging concise as overly long copy gets cut off on mobile.
You don’t have to create new products just for the festive season. Take your cue from local retail chain Zalora. Instead of ordering a new set of products just for CNY, Zalora curates a list of CNY outfits and accessories from their existing catalogue, repackaging them as Lunar New Year-ready outfits.
Repackaging helps associate your brand with the festive occasion, and enables your business to capture more traffic during this festive period. Customers are thus more likely to look to your company for relevant products or services as CNY nears.
Festive promotions are not limited to just F&B reunions. Think of how you can put a festive spin on your own products and services. For example, the car rental service Drive.sg attracts the consumer base looking for a quick getaway during the holidays by offering discounts on their services, positioning themselves as a cheap and convenient option for those travelling across the causeway.
They also capitalize on the annual spring cleaning tradition by offering car rental services for those looking to store or donate unused furniture and clothes, with an added incentive to entice consumers.
Despite the festive season being the busiest for many businesses, most are still unable to manage the increased demand, and the loss of staff during the holidays. To fight the manpower crunch, consider hiring temporary workers. Sites like Singapore Gumtree and PartTimeJobs are good places to start.
Established Chinese restaurant chain Putien takes a different approach. To ensure service staff is not stretched beyond their means, Putien offers Takeaway promotions on their Chinese New Year feasts. This way, they still handle the increased demand, enjoy the resultant revenue boost, while managing consumer traffic.
With global brands like H&M and Burberry recognizing the untapped potential in Chinese New Year festivities, it goes unsaid that local businesses should jump on the bandwagon to get ahead.