OFWs market offers huge biz opportunity-A A +A
Monday, December 9, 2013
ENTREPRENEURS are encouraged to tap the huge overseas Filipino workers (OFWs) market to bolster their revenues.
"You go to any country, you will find Filipinos. The Filipino market has already spilled over globally... Wherever there are Filipinos, they are your consumers," said Jose Luis Liongson, a marketing professor at De La Salle University, in a seminar.
Liongson cited some local companies with majority of their sales coming from abroad because they serve the OFWs market.
To effectively penetrate such market segment, he said companies should develop new products for new markets "so you are very, very diversified."
"Global marketing simply means you are customizing based on local needs and customs of a country that you are going to market (your product). Don't mass market (to your target market)," he advised.
Liongson said firms need to study their target markets, their purchasing power and capacity.
He added that niche marketing is also imperative for competitive differentiation.
"If you want to beat your competition, it is not necessarily being cheaper, bigger and better. It is being different," he stressed.
Moreover, Liongson said business owners can market their products online.
"Their (buying) platforms are the internet, the worldwide web; they use social networks," he further said. (Philexport)
Published in the Sun.Star Cagayan de Oro newspaper on December 09, 2013.