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Date last updated: January 18, 2023
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SITUATIONAL ANALYSIS •
CONSUMER TRENDS AND INSIGHTS •
BUSINESS WORKSHOP •
EXCHANGE OF THOUGHTS
•
What we’ll unpack:
Understand the economic landscape of the Philippines
Thrive in a world where consumers are becoming more intentional and considerate.
Learn how to create value through consumer-centric approach to business.
2 Key Questions:
How can we ensure we keep things afloat as business owners given the state of our economy?
Is it even the right time to start a business given the state of our economy?
What are the things that you are uncertain about as a woman/man in business this year?
UNPACKING SENTIMENTS
DEFINING THEMES:
Global Fragility
Destabilisation, geopolitical tensions, climate crises, and sinking consumer confidence.
BOF & MCKINSEY & CO, “10 THEMES THAT WILL DEFINE 2023.”
DEFINING THEMES:
Two-Track Spending
Heightened differences and varying consumer behaviours
High-income vs. Low-income
BOF
& MCKINSEY & CO, “10 THEMES THAT WILL DEFINE 2023.”
DEFINING THEMES:
Walking Paradoxes
DRIVEN MOSTLY BY YOUNG CONSUMERS. THIN WALLETS AND EXPENSIVE TASTE. CONVENIENCE BUT SOCIAL CONSCIENCE. CRAVING FOR AUTHENTICITY BUT BOMBARDED WITH MICRO TRENDS.
THE ECONOMIST, “NEXT ERA OF CONSUMERISM.”
SITUATIONAL ANALYSIS
IMAGE SOURCE: FORBES, “ARTEFINO"
Understand the Macro-economic landscape of the Philippines
Socio-Economic Classes in the Philippines
ZOLETA, “SOCIAL CLASSES IN THE PH.” MANGAHAS, “COUNTING SOCIAL CLASSES.”
A B
D E C1 C3 1.6%
C2
40% 58.4%
Socio-Economic Classes in the Philippines
TOTAL POPULATION: 113.1M BY 2023
ZOLETA, “SOCIAL CLASSES IN THE PH.” MANGAHAS, “COUNTING SOCIAL CLASSES.”
A B C2 D E C1 C3 1.6% 40%
58.4%
1.8M 45.2M 66M
Socio-Economic Classes in the Philippines
Through knowing how our SEC is structured, we know about the sample size of our target consumers from the PH population. Remember that in building a business, we will not be able to target the general population. The key is targeting an important niche first and slowly building from there.
A B C2 D E C1 C3 1.6% 40% 58.4%
ZOLETA, “SOCIAL CLASSES IN THE PH.” MANGAHAS, “COUNTING SOCIAL CLASSES.” TOTAL POPULATION: 113.1M BY 2023 1.8M 45.2M 66M
ECONOMIC EMPOWERMENT
• GINI INDEX = 41.58%
• Rise of Middle Classdifferent from 2011
• 40% of the population belongs to the Middle Class
• Earns well for daily essentials, educations, has 1 car, + have the luxury to for discretionary spending
IMAGE SOURCE: MARC, “MIDDLE CLASS IN THE PHILIPPINES.” IMAGE SCREENSHOT TAKEN 20 MARCH, 2022
UY, “CONSUMPTION ANALYSIS PHILIPPINES.”
PHP 13.46t
HOUSEHOLD FINAL CONSUMPTION EXPENDITURE (HCFE)
40% - DAILY LIVING COSTS; 32.3% RESTAURANTS & HOTELS; 25.7% TRANSPORT WHICH LEAVES 2% FOR MISCELLANEOUS SPENDING.
PSA, “Philippine GNI and GDP - HFCE”
ALLOTMENT OF FUNDS
• Big portion of our monthly salary are allotted to discretionary funds “Others” after basic needs “Food”
• Income Inequality
• Unless you offer a commodity, other forms of businesses will have to constantly communicate their offers.
IMAGE SOURCE: MARC, “MIDDLE CLASS IN THE PHILIPPINES.” IMAGE SCREENSHOT TAKEN 20 MARCH, 2022
UY, “CONSUMPTION ANALYSIS PHILIPPINES.”
Food for thoughts
As long as there is strong income inequality, all the more reasons that consumers spend on hedonic purchases beyond their needs. The only challenge is, how do we buy into their consumption and be a part of their consideration process? UY,
“CONSUMPTION ANALYSIS PHILIPPINES.”
CONSUMER TRENDS & INSIGHTS
Thrive in a world where consumers are becoming more intentional and considerate.
IMAGE SOURCE: MALTA CHAMBER OF COMEMRCE, “SMES"
Part I. THE LENGTHY CONSIDERATION PROCESS
CONSUMER TRENDS AND INSIGHTS
Sales and Marketing Funnel Ten
CREATING BUZZ THROUGH CONSTANT 360 IMC
TRIAL AND EDUCATION
AWARENESS
CONSIDERATION
PERSONAL PRODUCT ENGAGEMENT THROUGH RETAIL AND MERCHANDISING, ACTIVATIONS ETC.
CONVERSION
POINT OF PURCHASE
LOYALTY
ADVOCACY
SUSTAINING THROUGH REPEAT PURCHASE, STORE VISITS, NEW COLLECTIONS, LOYALTY PROGRAMME
WORD OF MOUTH
Sales and Marketing Funnel Now
CREATING BUZZ THROUGH TRENDS* (VIRAL)
OVER-ALL BRANDING (AESTHETICS)
KOLS, REVIEWS, RESEARCH
PERSONAL ALIGNMENT OF VALUES, AESTHETICS, BELIEFS, AND POV
BRAND EQUITY - ARE THEY SCANDALOUS? WHO ARE THE OWNERS? WHAT ARE THEIR VALUE CHAIN PROCESS
AWARENESS
INTEREST
CONSIDERATION
INTENT
EVALUATION CONVERSION
POINT OF PURCHASE ONLINE
LOYALTY
ADVOCACY
REPEAT PURCHASE THROUGH SUBSCRIPTION
WOM BRAND EXPERIENCES WHERE RETAIL BECOMES FORM OF MEDIA.
EVALUATION
LOYALTY
ADVOCACY
CONVERSION
LOYALTY
ADVOCACY
CONSIDERATION CONVERSION
INTEREST CONSIDERATION AWARENESS INTENT
Ten Now
AWARENESS
Food for thoughts
Given that there are multiple steps before point of purchase, what are the actions that you should take as a business owner in order to ensure business stability?
Part II. UNDERSTANDING CONSUMER INTENTIONS
CONSUMER TRENDS AND INSIGHTS
Post-Pandemic Consumer Profles
MULTIPLE IDENTITY THE VALUE SEEKERS STEALTH WEALTH
IMAGE SOURCE: INTO THE GLOSS/ JENNA LYONS
IMAGE SOURCE: HANNAH STRAFFORD-TAYLOR/ NET A PORTER
IMAGE SOURCE: THE ROW/ KENDALL JENNER
PURCHASE IS PERSONAL, VALUE ALIGNMENT IS IMPORTANT
UY, “STATE OF LUXURY.”
PURCHASE VS. PURPOSE
Emergence of conscious consumerism. Instant anything comes with environmental and social repercussions.
Transparency, Mindful Acquisitions
TREND WATCHING, “2023 TREND CHECK.”
IMAGE SOURCE: KABOOMPICS
IMAGE SOURCE: KABOOMPICS
AGE OF HEALING
Seeking new routes to enlightenment. Relentless pursuit to self transformation.
Self-love, Self-care, Self-empowerment
TREND WATCHING, “2023 TREND CHECK.”
BRAND BEINGS
Authenticity will be the cornerstone of the new era of consumerism.
Authentic Actions, Intentionality
TREND WATCHING, “2023 TREND CHECK.”
IMAGE SOURCE: KABOOMPICS
IMAGE SOURCE: KABOOMPICS
VALUE-BASED SEGMENTATION
More than the SEC, integrate consumers passions, values, point of views, and attitudes.
Broadening scope, the bigger cause
TREND WATCHING, “2023 TREND CHECK.”
Food for thoughts
Now that you are aware of the recent consumer trends and behaviours, what are you going to do differently moving forward?
BUSINESS WORKSHOP
Learn how to create value through consumer-centric approach to business.
IMAGE SOURCE: KABOOMPICS
Name of your Brand Champion
31
General Target Market Info
(Demographic, Psychographics, Geographic, Core Values)
Female, 24-40 years old, Single, Self employed, with Income range and allowance above US$ 1000
Bachelor’s Degree and Continuing Education, Asia and the Pacific,
Authentic, Driven, Passionate, Resourceful, Intentional
32
Market Segmentation
Identify 3 ideal customers based on the profile above.The Brand Champion possess all the important values, whereas the other 2 possess one value but you see potential in them.
ex. Millennial Mom — Mompreneur, Working mom, Stay-at home mom
33
THE FASHION DESIGN MOGUL THE FASHIONABLE RESTAURATEUR
THE GO GETTER ENTREPRENEUR THE CAUSE ADVOCATE
Semiotic Square - Value Based Segmentation
Value 1 Value 2 Brand Champion Value 1+2 Not Value 1 Not Value 2 Not Value 1+2 Target Market A Target Market B
Target Market C Target Market D Potential
SHEeo Target Market in terms of their Value Creation Process
The SHEeo Empowered
The Fashion Mogul - Values creating authentically rooted from intentions.
Intentional
Fashion, Travel, Wellness, Spirituality
Driven
The Goal Getter
EntrepreneurValues walking the talk and taking action
The Cause Advocate - Values the bigger picture. Finding ways to help a bigger community.
Resourceful Passionate
In the Dark - Struggles to find courage, fearful, and needs empowerment to act on SHEeo dreams.
The Fashionable RestaurateurValues her bountiful resources from where her success will be built.
Market Targeting
Who do you want to talk to first? How are you going to communicate with them?
37
AGES 22-40 YEARS OLD, MULTI-PASSIONATE, CONFIDENT, EFFORTLESS, AND DRIVEN
MODERN WOMAN
For the Modern Woman who walks the talk, knows what she wants, and uses her influence and raw innate power from within to get what she wants and where she wants to be.
38
TARGET SHEEOS
Food for thoughts
Ever feel like you’re lost and have no idea what value to give to your community? Take this time to list all the new ideas in your head. And remember to always go back to the drawing board (target market), use your values as your inner compass.
Exchange of Toughts/ Key Takeaways
2 Key Questions:
How can we ensure we keep things afloat as business owners given the state of our economy?
- Business Knowledge
- Knowing when to Pivot
- Understanding your Consumers, their attitudes and behaviours
2 Key Questions:
Is it even the right time to start a business given the state of our economy?
- The answer is it’s always the right time to start a business. Continuous improvement is better than delayed perfection.
THANK you!
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