Expanding Horizons Online and Offline
Leo recognized that diversification was key to long-term growth. He began exploring new product lines, sourcing different varieties of dried fish, such as smoked mackerel and spicy dried squid. He also added other preserved seafood products like bottled sardines and pickled shrimp.
Product Diversification and Quality Control:
Leo established relationships with new suppliers, ensuring consistent quality and competitive prices. He personally inspected each batch of new products, implementing strict quality control measures. He also invested in better storage facilities to maintain the freshness and quality of his expanded product line.
Expanding Online Presence:
Leo realized the importance of a strong online presence. He hired a freelance web developer to create a simple e-commerce website for his business (10,000 PHP). He also expanded his social media presence, creating engaging content and running targeted online advertising campaigns.
Online Marketing and Content Creation:
Website Development: 10,000 PHP Online Advertising (Facebook, Instagram): 2,000 PHP/week Content Creation (photos, videos): 500 PHP/week (freelance photographer/videographer)
Leo learned about online advertising metrics, such as click-through rates and conversion rates. He also studied content creation techniques, focusing on creating high-quality photos and videos that showcased his products.
Partnerships and Customer Engagement:
Leo explored partnerships with other online businesses, such as food delivery platforms and online grocery stores. He also partnered with a local delivery service to optimize his delivery operations. He actively engaged with customers on social media, responding to comments and messages promptly. He also encouraged customers to leave online reviews and feedback.
Customer Feedback and Online Reputation:
Leo understood the importance of online reviews and customer feedback. He actively monitored his online reputation, responding to negative reviews constructively and addressing customer concerns promptly. He also implemented a customer feedback system on his website, allowing customers to provide feedback on his products and services.
Website Analytics and Online Marketing Metrics:
Leo started using website analytics tools to track website traffic, user behavior, and sales data. He also learned about online marketing metrics, such as cost per acquisition and return on ad spend.
Expenses:
Website Development: 10,000 PHP (one time) Online Advertising: 2,000 PHP/week Content Creation: 500 PHP/week Partnership Fees (delivery services, etc.): 1,000 PHP/week New Product Development (sourcing, packaging): 2,500 PHP/week
Increased Sales and Updated Capital:
Leo's diversification and online marketing efforts resulted in significant sales growth.
Weekly Sales:
Market/Grocery Sales (Manila): 40,000 PHP Online Sales (Manila): 25,000 PHP Market/Grocery Sales (Quezon City): 25,000 PHP Total Weekly Sales: 90,000 PHP
Weekly Expenses:
Accommodation (Manila, 7 nights): 2,100 PHP Food (Manila, 7 days): 1,750 PHP Transportation (Manila, 7 days): 1,050 PHP Phone/Internet (7 days): 350 PHP Employee Wages (Ana): 3,000 PHP Packaging Materials: 1,000 PHP Delivery Costs: 4,000 PHP Shopee/Lazada Fees: 2,000 PHP Social Media Marketing: 100 PHP Storage Space Rental (Quezon City): 3,500 PHP Transportation (Quezon City): 800 PHP Online Advertising: 2,000 PHP Content Creation: 500 PHP Partnership Fees: 1,000 PHP New Product Development: 2,500 PHP Total Weekly Expenses: 25,650 PHP
Weekly Profit:
Weekly Profit: 90,000 PHP - 25,650 PHP = 64,350 PHP
Updated Capital:
Previous Capital: 133,400 PHP Website Development (one time): -10,000 PHP Weekly Profit: 64,350 PHP Remaining Capital: 133,400 PHP - 10,000 PHP + 64,350 PHP = 187,750 PHP
Leo was transforming his small dried fish business into a thriving online and offline enterprise. He was embracing innovation, building strong customer relationships, and mastering the art of online marketing. He was on his way to building a sustainable and successful business.