When entrepreneurs go offshore, the target is getting a good launch pad and growing rapidly. In Hong Kong, the great ease of doing business, government support, and the ready market have been used by some of the top multinationals to grow fast into the Asian and global market. However, achieving this growth is still a great challenge to many investors. In this post, we bring you the best tips used by multinationals to achieve their current status.
Adopt the most effective marketing strategies
Though Hong Kong and other top markets present a ready market, every investor must appreciate that the competition is equally stiff. For example, the competition in the e-commerce sector is very high because of the many stores operating online in Hong Kong and from outside. To grow faster, most multinationals included the following in their marketing strategies;
Assessment of consumer behaviour: This is critical in defining what the clients want, how to reach them, and convince them to convert. For example, a company offering antique furniture should seek to establish what people think about them.
Partnership and integration to win bigger market faster: Though every company will work extra hard to win a bigger market, the efforts take time and require a lot of resources. A better strategy to win a bigger market share is entering into a partnership with competitors to cut marketing costs and enjoy a bigger share. Remember to draw the right agreements with the partnering companies before starting to work with them.
Think big about the company
If you think small about a company, the chances are that it will remain at the same small level. This is very important in creating the best environment for faster growth. When you think big about the company, all the efforts will be directed towards achieving the same status. To come up with a big idea, it might be important to contract an appropriate strategist for a long-term strategic plan.
Position the business for success
A good business must be put on wheels and set for success. To position the business for success, you need to hire the best staff and involve clients at every level of product development. Having the right staff will make it possible to set the best foot forward in designing products and services at every level of operations.
For example, it will be easy to use creativity and innovation to come up with great products and drive more traffic. Also, engaging clients at all levels of services design will help to make them own everything to reduce the cost of marketing while raising the cost of operations.