How To Prepare Your Business For A Lunar New Year?

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Written by: Minh Châu

A GLIMPSE OF CULTURE | VIETNAM

Every business must prepare for the Lunar New Year consumption season. However, because the upcoming Lunar New Year season is unlike any other, many business units are also struggling to “chase” the new consumer trend. Tet is a time when demand for goods increases, so businesses take advantage of this by increasing sales during Tet. Here are some examples of common implementations.

1. Sell In Combos

The concept of selling by combo is certainly no longer foreign to both sellers and buyers, as this is a very popular form today. Businesses frequently use this technique to boost sales during the peak season. Selling in combos increases the number of products sold to the store while also allowing buyers to save more money when purchasing separately.

However, do you know how to select the right products in a combo package to entice customers to buy? The combo package will usually include related products. Combinations such as shampoo + conditioner, laundry detergent + conditioner, cake + candy, and so on. Sellers must understand their customers’ needs and shopping habits in order to provide buyers with appropriate and convenient combos. Offering convenient combo packages saves customers time searching for products while also providing a reasonable price when purchasing combos, increasing the likelihood of customers purchasing.



prepare your business for the lunar new year

2.Implement Promotions

It is essential for promotions to stimulate customer shopping needs during major holidays of the year, particularly Tet. From big brands to small and medium brands, from household goods to fashion, they all offer a variety of appealing promotions at the same time. This is understandable because the Vietnamese mentality is to always buy things at a “bargain” price, and preferential programs will appeal to them.

Businesses must carefully balance costs and profits in order to provide a highly effective incentive program to increase sales during Tet. The promotion program must be appealing to buyers while also generating high profits for the company. Furthermore, the incentive program should be targeted and limited in duration. For example, offer up to 50% off today only, or offer a golden hour frame, limited quantity, and so on. Giving an “urgent” time will encourage customers to purchase goods at the right time. They are at that point because they do not want to miss out on a special offer.

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3. Free Gifts When Shopping In Tet's Holiday

Giving gifts when shopping during Tet is a popular way for many businesses to increase year-end revenue.

When customers receive Tet gifts, they will be delighted and will want to purchase goods. Gifts should, however, be Tet-related and useful. Giving a set of New Year’s red envelopes to hold money to celebrate the year; New Year greeting cards; offering discount coupons; giving beauty vouchers; giving movie tickets; and giving a New Year’s wall calendar are some examples.

These gifts are usually not of great monetary value, but they make buyers happy when purchasing products and improve the business’s customer service quality.

prepare your business for the lunar new year

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4. Discount Policy When Buying In Bulk

The amount of goods consumed at the end of the year is very large; items are purchased in large quantities to meet the individual needs of families. Furthermore, people buy a wide variety of items to give to relatives, friends, partners, and so on, so the quantity purchased is large. As a result, the end of the year is an excellent time for businesses to offer discounts when purchasing in bulk in order to entice customers to purchase products. For example, buy two products and get 4% off, three products and get 10% off, and five products and get 15% off.

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Therefore, it is important to think about explaining any cultural references that can confuse the audience of the translated material, either naturally in the text or via a footnote. This is precisely what happened when the Twilight series was translated into Chinese; the footnotes describing aspects of American culture foreign to Chinese readers helped the book become a bestseller. This method can also be applied to slang to maintain the cultural context that is frequently crucial to texts.

5. Focus On Advertising

If businesses want to increase sales during Tet, they cannot ignore advertising, which is one of the most effective business communication methods.


  • Emotionally oriented advertising

Customers are no strangers to meaningful advertisements that touch the emotions of many famous brands such as Pepsi, Coca-Cola, Pushmax, and others during the Tet holiday. In general, the advertisement’s main message. Tet holiday is frequently centered on the love of relatives and family. This is understandable because everyone thinks about family at the end of the year, and they all want the family to gather around the tray of rice on New Year’s Day. Brands can use the aforementioned psychological factors to incorporate meaningful stories and intimate messages about family affection in order to elicit emotional responses from viewers. Customers who are impressed and like your brand message are more likely to purchase the product. To have a perfect New Year advertising campaign, however, the brand must invest in advance thorough research, creative content, and selecting the right advertising person to help increase sales on the occasion Tet.


  • Increase advertising on social networking platforms Facebook and Instagram

Facebook is one of the most popular social networking sites in Vietnam. As a result, businesses should not disregard such a “fertile” environment when running advertisements. When you run Facebook ads, you will easily reach a large number of potential customers. In addition, you can advertise on Instagram. Although it does not have as many users as Facebook, the number of Instagram users is rapidly increasing, and this will soon become a popular social network in Vietnam. However, because Instagram users are mostly young people, it is only appropriate to run ads for brands that cater to this demographic.

Conclusion

Each of the aforementioned strategies provides different benefits to each business. Simultaneously, it brings the warm and lively Tet atmosphere that every new year has. Vietnamese people value Tet so much that they are willing to spend freely on shopping for themselves and their families during this Lunar New Year. As a result, this is the most important sales opportunity of the year.

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