Every investor is headed to Hong Kong! If you take a closer look, it is easy to understand why – the jurisdiction is overflowing with immense potential for growth. For more than 20 years, Hong Kong has become an investor’s paradise because of its well-developed infrastructure, supportive regime, and straightforward tax system. This jurisdiction is irresistible.
As an offshore investor, the first step of growing your enterprise offshore is company incorporation. However, we must say that you need to prepare appropriately in order to make your Hong Kong company successful. In this post, we will tell you tree useful tips that you can count on to overcome competition in Hong Kong and rapidly grow your business into a multinational.
Start By Studying Your Target Customers: What Do They Want?
No matter which niche that you want to serve, the truth is that success is only possible if you understand the targeted market well. Indeed, it would be a great idea to start studying the market before venturing into the Hong Kong market. Some of the successful companies in Hong Kong made it by wisely roping the targeted clients into their product development and forming communities around their brands. To demonstrate how you can use this method, we will use an example.
Take the case of an app developer targeting the top types of lending institutions. Instead of just designing the main features based on what the developer thinks is okay, he can reach potential clients and ask them what their ideal apps would be. Then, develop it and strategically enrich the main features. When the product is finally released into the market, the targeted clients will find it irresistible. As one of the innovative products on the market, they will come and buy from you. From there, you can target taking your products to more clients with a focus on enhancing customer value.
Understand Your Competitors
As we mentioned earlier, Hong Kong is a business paradise. This implies that it is important to think of the best methods of overcoming competition to stand out in a crowded market. For example, if you are offering health and fitness products, why would the clients come to you instead of competitors?
To overcome competition, you need to start by studying the current businesses and their operating models. For example, a travel company in the hospitality industry might want to look at the companies in the niche and adopt more good business marketing strategies. For example, instead of only using billboards, TV ads, and websites like most companies, you might want to reach out to potential clients via social media even before they leave their homes. This way, they will see you as part of their community and want to work with your company after getting to Hong Kong.
Work with Experts
Another strategy that works very well for most companies is using experts. As mentioned by GuideMeHongKong If you can select an agency of experts early enough when registering your company in Hong Kong, it can help with the process of incorporation and serve as the company secretary. More importantly, the experts have been in the market and understand the strategies that work. So, you can rely on them to understand the market and pick strategies that will bear results. For example, you might be advised to target expanding to mainland China as opposed to simply targeting Hong Kong.
If you want to overcome the high competition in the Hong Kong market, it is crucial to be innovative and think long term. As we have highlighted in this post, you need to understand the targeted clients, direct or indirect competitors and craft strategies for success. Remember also to bring experts on board.