How to build an effective Tet business strategy in 2024

According to economic experts, consumers tend to spend heavily in the period leading up to Tet. These positive signs will support businesses in developing flexible business plans. This, in turn, will meet consumer demand and promote business growth. Let’s explore Kamereo’s Tet 2024 business strategy for all products in the following article!

What is Tet business strategy? Is it necessary?

Tet business strategy is a comprehensive plan aimed at achieving business goals before, during, or after the Tet holiday in Vietnam. This strategy needs to be built based on factors such as market analysis, business objectives, and the resources of the enterprise.

Additionally, the Tet business model will differ somewhat from monthly or quarterly business strategies. The Tet business strategy focuses on a specific period within the year and has a cyclical nature. Therefore, businesses need to prepare in advance and adjust their plans flexibly according to consumer demand each year.

Tet business strategy is essential for businesses, especially those in the consumer goods and food services sectors. Tet, or the Lunar New Year, is the most significant festive season in Vietnam, leading to a surge in shopping and consumption. Therefore, developing an effective Tet business strategy helps businesses increase revenue, expand their market, and capitalize on the festive season.

What to sell at the end of the year?

What to sell on Tet is a common question for many people in the last months of the year. Products like Tet gift baskets, cakes, fruits, etc., are usually sought after for Tet decoration or as gifts.

Selling wine and beer

Market overview

According to the General Statistics Office, in the first 9 months of 2023, domestic beer production increased significantly, reaching 369.2 million liters, up 6.6% compared to the same period last year. Moreover, the total beer production of all types reached 3,405 million liters, a 0.2% increase from the same period in 2022. This is a promising sign for the beer industry and businesses benefiting from it.

Kamereo – Reliable supplier of authentic beer

If you’re looking to import beer and wine in large quantities to meet the demand for business during Tet, but still have concerns about the source, contact Kamereo for peace of mind about product quality. We specialize in supplying goods to restaurants, supermarkets, convenience stores, etc., for many years.

Kamereo’s reputation is built on providing quality products, sourced directly from major brands. Therefore, the quality of wines and beers is guaranteed, meeting the commercial needs effectively. In addition, Kamereo’s modern logistics system helps record and distribute orders reasonably, ensuring timely delivery without affecting business operations.

Moreover, when customers purchase products at Kamereo with a minimum bill of 400,000 VND, they will receive transportation support. Below are some types of wines and beers available in stock:

Tet gift baskets for businesses and individuals

Tet is not only a time for people to share good wishes but also an excellent opportunity to give meaningful gifts. In particular, gift baskets stand out with their diversity, making them an ideal choice for both businesses and individuals. Moreover, you can customize the components of the Tet gift basket, including wine, tea, cakes, and specialty products for each region. This uniqueness is what gift baskets can offer compared to traditional gifts.

In 2024, the economic situation may still face challenges, and consumer spending mentality may become more limited. In this context, doing business with Tet gift baskets, especially high-quality products from Vietnam, with attractive packaging and affordable prices, could be the optimal choice to meet market demand.

Tet plants and flowers

What to sell during Tet? The end of the year is when the Tet flower market becomes more lively than ever. Furthermore, diverse demands from consumers during Tet, including home, office, store decoration, and gift-giving, create an attractive business opportunity.

The key to the Tet business strategy with plants and flowers is to choose a stable supply source from nurseries, with reasonable prices and quality. At the same time, mastering knowledge of caring for Tet plants is crucial to ensure freshness and attractiveness to customers.

Moreover, the business location also determines much of the success in trading Tet plants and flowers. You should choose a location with a high customer traffic density, such as near markets or bustling residential areas, to enhance consumption potential, especially in the days leading up to Tet.

Tet fashion business

As Tet approaches, the fashion market becomes more vibrant, as the demand for buying new clothes increases. Therefore, choosing to do business in this field may be a reasonable decision for your business.

Additionally, this is the answer to the question of what to sell online near Tet. Fashion items can be sold online and offline depending on your scale and financial capabilities. The key to success in this field is:

• Choosing a stable and reasonably priced supply source to create favorable conditions for business.
• In the fierce competition in the fashion industry, it is crucial to offer a reasonable price for the product.
• Fashion business needs a diverse and trend-following product line. Many predictions suggest that the dominant color in fashion in 2024 is emerald green – considered a symbol of wealth, elegance, and power.

How to build a Tet business strategy in 2024

In addition to determining the business products, you also need to plan specifically to ensure achieving profit goals. Here are specific steps to build an effective Tet business strategy.

Define specific goals

Not only for Tet business strategy but every project needs specific goals for measurement and evaluation. In addition, determining a specific goal is the key to proposing and achieving desired results. The SMART model is a useful tool for completing this step, helping you set specific, measurable, attainable, realistic, and time-bound goals.

The characters in the SMART model have the following meanings:

• S – Specific: Clearly and specifically determine a goal. For example, a Tet business goal could be to increase revenue or profit.
• M – Measurable: Capable of measurement. For example, the goal could be to increase revenue by a specific percentage or achieve a certain profit level.
• A – Attainable: Achievable and feasible under current conditions.
• R – Realistic: Reflecting reality, based on current economic and market conditions. For example, with a forecast of declining GDP growth, you may choose Tet business products that are suitable for this situation.
• T – Time-bound: Has a specific deadline. For example, set a goal to complete Tet business by the end of December to create pressure and manage time efficiently.

Market survey and analysis

Surveying and analyzing the market is an important step to determine an appropriate implementation plan for the initial Tet business strategy. You can use the SWOT model as an effective tool to identify and evaluate strengths, weaknesses, opportunities, and threats in your Tet business strategy.

• S – Strength: Look for the advantages of your business products over competitors. Focus on two important aspects: market share and the ability to meet customer needs.
• W – Weaknesses: Identify weaknesses in your business products and research ways to improve them.
• O – Opportunities: Identify exploitable opportunities based on market trends during Tet.
• T – Threats: Evaluate risks that may affect the performance of Tet business, from social, economic, political factors, and be ready to handle situations quickly and flexibly.

Focus on the product

After completing the survey and market research, based on the practical analysis obtained, you need to build a suitable product strategy. This includes selecting suitable products to sell during Tet, based on the suggestions mentioned above. This step will help you take advantage of specific competitive advantages and achieve business goals quickly.

In the Tet business strategy of 2023, businesses need to focus on the following factors:

• Products with superior quality or equivalent to competitors in the market. This is to attract attention and increase sales.
• Packaging design, along with the product, must be adjusted based on the market’s taste and demand. Because the attractiveness of packaging plays a crucial role when consumers shop during Tet.
• The product price must be reasonable and competitive compared to competitors in the market to create a competitive advantage.
• The product brand must have a reputation and credibility in the market, ensuring customer trust when shopping during Tet.

Multichannel Tet business strategy

Currently, online shopping has become a common trend. Therefore, you can take advantage of the online market to build a flexible business strategy that meets customer needs. Some platforms that allow online trading include e-commerce websites, social media, and personal websites.

Read more: Analyzing Coca Cola’s supply chain model in Vietnam

The above are some suggestions for products and ways to develop an effective Tet 2024 business strategy. We hope Kamereo’s Tet article will provide you with useful information to increase profits. Remember to follow the Business Tips section to stay updated with the latest information!