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Asia’s Top Markets A Rundown of the Best of the Best

Asia’s Top Markets: A Rundown of the Best of the Best

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The Asia Pacific region is on the roll despite numerous setbacks caused by political unrest and natural disasters. And we can owe it all to several factors that contribute to its steadfast position as a major global economic driver.

For sure, the region is expected to grow significantly for the year 2018. Writing for E-Consultancy, Research Analyst Jeff Rajeck is seeing a potential for greater growth in the countries that comprise the Asia Pacific sector. He is able to point this out based on several developments, one of which is Amazon’s expansion into the Australian and Singaporean markets. That being said, the online retail giant’s venture into new territory will certainly impact the way major brands in the region will handle their marketing campaigns.

Dubbed the Amazon effect, this situation will surely see major companies on Singapore, Malaysia, and the Philippines to up their game in an effort to secure their positions from a looming “land grab” by Amazon. For Rajeck, such a situation is both a threat and a benefit. But a lot of emphasis has to be put on the latter since brand will consider overhauling their strategies and find better ways to market their products and services. It’s only a matter of taking into account the following approaches:

  1. “Consider whether it is still worth pursuing their own e-commerce sites, or whether they should outsource the online customer experience to the marketplaces.”
  2. Rethink current marketing strategies and consider whether to sell their products and services exclusively through their sites.
  3. Hiring the right skill sets and talents to better address marketplace concerns.

Without a doubt, this situation will require brands to become more aggressive in the face of a large of influx of foreign capital into the region. But what does this have to do with international B2B enterprises that want in on the action?

Well, it’s still a question of strategy. Local enterprises will certainly equip themselves to protect their hold on the local market, so international companies will have to focus on strengthening their brand’s appeal to compete effectively. On the other hand, it’s also a question of knowing where to invest. The Asia Pacific region pretty much covers a wide area, encompassing countries that have their own norms and attitudes towards business.

That being said, B2B companies will need to place their foot on areas where there is a high potential for growth.Luckily, we have prepared a list of the top markets for the international B2B crowd. If you feel the need to expand your products and services to include the Asia Pacific sector, here are best places where you can establish a beachhead.

Related: Making B2B Lead Generation Work for Consulting Firms in APAC

India

India

With a robust services sector, this subcontinent is expected to enjoy massive growth by 2020 – if it is able to come up with the proper economic reforms. For a country that has so much potential due to its population, India has seen dismal numbers in the better part of 2010, according to a 2013 article published in the EuroMonitor International. Nevertheless, we can expect important sectors such as retail to rise on the strength of disposable household incomes. And with the demand for consumer electronics rising along with social media penetration, the country will certainly keep up with its neighbors in due time.

Singapore

Singapore

There’s no doubting Singapore’s strong grip in the electronics and manufacturing sectors in Southeast Asia. And as this tiny city-state continues to progress well into the next decade, we can anticipate a more internationalized market by 2020. Besides, the World Bank has ranked Singapore as “the second easiest place to do business,” and this is surely enough to keep foreign investors interested in establishing a presence there, particularly in the healthcare and telecommunications industries.

Related: 5 Business Development Ideas for Singapore B2B Products

The Philippines

The Philippines

Political issues have hardly affected the services sector for which this country owes much of its growth. One thing’s for sure, the Philippine still enjoys an ever-increasing consumer spending index, which comparatively higher than global averages. This along with policies that allow the smooth entry of foreign capital will continue to contribute to the country’s strong showing as an important player in the region. The business process outsourcing environment it is known for will continue to entice B2B players into expanding their reach in Southeast Asia.

Related: Callbox on Money Mind Singapore: What a CEO Had Known About the Philippines

How does Multi National Company Expand their Business in Asia

Expanding Business in Asia – How Do Multinational Companies Do It?

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We made some new and up-to-date insights for businesses looking to grow in Asia for 2020. Check it out here.

When does a company become multinational? The answer is right there in the terminology used. Regardless of the form it takes, whether multinational company, multinational corporation, international corporation, or transnational corporation, it only refers to one thing – a company or organization offering goods and services that operate in one or more countries. More often than not, the companies (branches) scattered all around the globe are managed from one country, the “home base”. A few examples of multinational companies include Microsoft, Google, McDonald’s, Apple, 3M, Accenture, and Coca-Cola. These companies have expanded and are continuously expanding, so much so that they have breached Asian countries already and are doing exceptionally well.

Why Expand Internationally?

The next appropriate question would be, “Why do such big companies expand to Asian countries?” I mean why not. It’s a little secret that some people have misgivings about Asian countries. Nevertheless, you should realize that these companies have done their homework before expanding to Asian territories; thus, they know what they are getting into.

Feasibility studies are done to determine which countries fall under the emerging markets category. These countries have opened up their markets to accommodate international trade and finance. On the part of the multinational company, investing in the economies of these countries is a gamble because inasmuch as it can be profitable, various risks are involved. However, at the end of the day, the main objective of a multinational company expanding business in Asia is to earn profits. Fiscal dynamics change on a global scale, which is why companies such as the ones mentioned above considered expanding to emerging markets for potential business growth.

Related: 7 Reasons Why Companies Should Consider APAC Expansion

Expanding to New Territories

A company that’s expanding business in Asia for the first time might have reservations, and that’s understandable. Going beyond the scope of a company does seem like a daunting task, but it can be done with careful planning. In fact, a company can expand its business in Asia without spending too much.

Related: A Tech Company’s Guide to APAC Expansion

How does a multinational company expand business in Asia without breaking the bank?

Here are a few tips:

Understand your potential market.

Keep in mind that by expanding business in Asia, you’re virtually bridging the culture gap. The last thing you want is to come out as too condescending, so you need to understand local cultural characteristics.

Related: 5 Tips for Marketing Online to an International Audience

Understand the needs of the local market.

Ask yourself if the product or service you’re offering is likely to sell. Remember that different motivating factors push customers to buy a product or avail of a service.

Related: The Three-Step Guide to Better Customer Retention in Singapore

Check out local competition.

Invest with the mindset that competition exists for the product or service you’re trying to bring into the country. Knowing that you’re competing with local companies will help you measure your KPIs to understand how you stack up against the competition. Sharing the industry with other players is a good way for you to improve constantly.

Callbox Shares Lead Qualification Secrets in Singapore Through Answering 4Ws and 1H

 

Understand the business landscape.

What are the requirements to sell your product or service? Do you need to alter your approach in order to meet the conditions of the local market? Are there restrictions to pricing that you should know about? It will be best to know the marketing trends in Asia this 2016 before plunging into a new atmosphere.

Related: Lead Generation Statistics in Singapore that You Should Never Ignore

Know your allies.

Before expanding business in Asia, it would be a good idea to identify your potential allies. These local entities can help you with your initial launch.

Explore the power of the Internet.

If you want to build a reputation as a legitimate player in the multinational field, take advantage of the Internet’s selling power. Use it to get a tight footing on your target market, as well as to build your image up. Know your social marketing goals and plan for the strategy you think will be best in targeting Asian prospects.

Employ a local specialist.

Through extensive research, you are sure to find someone who, for a reasonable fee, can assist you in building the list of local contacts that you will need for your business. That way, you won’t be wasting time and resources talking to the wrong people.

Get help in building a list of local contacts and prospects in Asia!

Remember, each market presents different challenges and opportunities. More than taking a long-term approach, it’s important to be adaptable and flexible because you’re venturing into the “unknown” and you need to be prepared. Keeping these tips in mind will help you expand your business in Asia and pass the process with flying colors.