The government has launched various initiatives to support and even revive MSMEs. However, these initiatives must be accompanied by a creative, adaptive, and innovative mindset from MSME business actors in recognizing trends and seizing opportunities. One of the key efforts currently being pursued is the digitalization of MSMEs.
However, it’s important to understand that without a solid strategy, even strong soft skills won’t be effective. So, in addition to developing soft skills, you must also have a clear business strategy.
Through the Pak Untung Class program by Youtap Indonesia in collaboration with Rumah BUMN, themed “Smart Ways to Read Consumer Trends to Make Your Business Stand Out,” an event was held on October 14, 2021. This program aimed to help MSME players enhance their knowledge on how to read trends, understand consumers, and gain greater benefits in growing their businesses.
During the current national economic recovery, MSMEs must begin to adapt their businesses in new ways. One important step is learning how to read consumer trends—this is crucial to ensure their businesses remain competitive in the market. One of the speakers from Rumah BUMN Bandung, Husnullaily Nurullia, encouraged participants and business owners to register their businesses. The goal is to improve their business capacity and capabilities..
In a statement from Rumah BUMN, it was mentioned that:
“Rumah BUMN Bandung is a platform for the development of MSMEs and millennials. We will continue to guide to help increase business capacity and capability, while also engaging the millennial generation who are passionate about growth and entrepreneurship.”
The program didn’t stop there participants were also invited to learn how to effectively read consumer trends so they can start and grow their businesses using solid marketing strategies.
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Faisal Ardan, an online business practitioner, shared his tips on making business decisions, particularly in identifying consumer trends when running a business. Faisal has been involved in online business since 2012, starting with selling online game vouchers, teaching online courses, and eventually founding a digital marketing agency. Today, he identifies as a content creator, sharing various online selling tips to help MSME players increase their profits.
In his presentation, Faisal emphasized that understanding consumer trends is a key factor every entrepreneur should learn, especially for those operating in the digital space.
“Today’s topic is crucial for business and selling, especially for those running online businesses,” said Faisal Ardan during the Pak Untung Class webinar hosted by Youtap Indonesia and Rumah BUMN on Thursday (October 14).
He added:
“It’s essential for us to read trends and understand the market, because in my opinion, online business moves very quickly and evolves based on data. Things change rapidly—the algorithms shift, the trends change, and so on.”
Understanding consumer trends plays a crucial role in running a business. The goal is to keep your customers loyal to your brand or products and prevent them from switching to your competitors.
Also Read: 7 Most Effective Online Sales Strategies to Boost Revenue
It’s not just about growing your business; maximizing profit is certainly the goal of every business owner. This is also true for Evik Santika, better known as Kang Evik, a successful entrepreneur who managed to earn maximum profits even during the COVID-19 pandemic.
Kang Evik started as a private employee back in 2010. But in 2020, he decided to fully focus on developing his own business. In his story, Kang Evik shared that the COVID-19 pandemic impacted all sectors, including MSMEs, as consumer purchasing power declined.
“That’s when I had to learn to manage my capital, income, and expenses,” explained Kang Evik.
“At first, I was conventional. There was no such thing as transaction recording. I just served customers, and I only had one employee at the time. I would only find out the daily earnings at night.”
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From this experience, Kang Evik emphasized that financial management is crucial when running a business. That’s when he started trusting Youtap Indonesia to help manage all the transactions in his store. Kang Evik began using Youtap to better plan for stock management and prepare for future needs.
“This is how I manage my finances using Youtap. It helps me plan what to buy, what to prepare, and what to work on next,” he said.
So, in conclusion, understanding consumer trends and managing finances effectively are key factors every business must master in order to grow sustainably.
Find the best digital business solutions for your company only at Youtap. As a fintech company, Youtap provides an integrated platform for businesses of all types and sizes, from MSMEs to large enterprises. Our services include:
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