Updated: Aug 28
Ramadan is a big deal for Muslims all around the world! Beyond it being a time for binging on samboosas during iftar and luqaimat during suhoor, it's a time of fasting, reflection, and charitable giving. But did you know that it's also a time for businesses to dish out discounts and offers to their clients?
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So, what's so special about Ramadan that makes businesses want to dish out offers?
Well, for starters, it's a time when people are stocking up on all sorts of goods and services. Whether it's groceries for the big iftar meal or gifts for loved ones, people are ready to swipe that credit card!
Financial services firms, like many other businesses, often offer promotions and discounts during Ramadan as a way to attract new customers and show support for the local community. Ramadan is a time when many people are shopping and making purchases for iftar meals, Eid celebrations, and other events. By offering promotions and discounts, financial services firms can tap into this increased consumer spending and potentially gain new customers.
Isn't Ramadan supposed to be a time of giving, not taking?
Well, my friend, you're absolutely right! That's why businesses need to be careful not to come off as greedy or insensitive. No one likes a company that's just in it for the money!
Moreover, financial services firms may also offer promotions and discounts during Ramadan to encourage their existing customers to use their services more frequently. For example, they may offer discounts on ATM withdrawals or waive certain fees during the month of Ramadan. This can help boost customer loyalty and encourage more frequent use of the firm's services.
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Community-building goes beyond social media
Another way businesses can give back during Ramadan is by focusing on charity and community involvement. You know what they say: give a man a fish, and he'll eat for a day. Teach a man to fish, and he'll have food for life!
For example, organizing a volunteer event or sponsoring an iftar meal for those in need. Another way businesses can show their support for Ramadan is by educating their customers about the holiday's significance. Or maybe give a percentage of sales to a charity that supports a cause in-line with your company’s brand. Get creative!
Community-building is not limited to charity, though. Firms can utilize Ramadan to build deeper relationships with their stakeholders (customers etc.) by hosting either company iftars or running digital engagement campaigns.
Facilitate the giving spirit
During Ramadan, people are feeling especially generous. They're giving to charity left and right, and businesses want to get in on that sweet, sweet karma. During the month, many Muslims make donations to local mosques, charities, and other organizations.
Financial services firms can use this opportunity to show their support for the community by partnering with charitable organizations and donating a portion of their profits to worthy causes. This can help build trust and goodwill with customers and demonstrate the firm's commitment to social responsibility.
In conclusion, Ramadan is a time for fasting, reflection, and giving. If you’re managing product or marketing at a brand, just remember to approach it with sensitivity and respect, and you'll be sure to make a positive impact.