Singapore’s rapid growth rates and global market reach made it as one of the four “tigers” of Asia, along with Hong Kong, South Korea, and Taiwan. Its economic prowess emanates from being keen on exports, an educated populace and high savings rate, which makes it the center of trade and financial business in the Asian region. Although these economic potentialities were not inherent to the people, a leadership so motivated to rise from the aftermath of colonization and recession brought Singapore to its global stature.
From a poor fishing town, Singapore opened its doors to industrialization in the 70s which paved the way for economic, cultural and political globalization. The government’s thrust on economic growth, support on business and limitations on democracy, transformed the city-state into a core nation that is safe, free of corruption and low taxes, and the main attraction to foreign investors.
As it started to embrace technology innovations in the 2000s, the city state’s business sector boomed. It was a breakthrough which drew giant players like Facebook, Alibaba and Google, and many other big-time players to open regional offices in the lion city. On the other hand, local brands found their way to take a leap across continents in a wide range of industries including food and beverages, retail, financial, hospitality, tourism, healthcare, and business professional services.
Out of the waves and vacant lands, Singapore now cradles beautiful skyscrapers and grandiose architectures that are mostly headquarters to many global industries.
Marina Bay, then and now.
Benefits of Expanding Your SG Business in the US
Singapore was recognized by The World Bank as the second easiest place to do business in the world in 2018. Such high standing enticed first world countries, like the United States, to consider the lion city as a strategic partner. The following attributes are the main reasons why they welcome Singapore brands in their respective markets:
- Open and corrupt-free business environment
- Prudent monetary and fiscal policies
- Transparent legal framework
- Active industrial policy that targets fiscal incentives, increase public investment, promotes the development of skill sets attractive to foreign investors.
- Focuses on economic diversification
- Well-secured property rights
- A good trading post
Singapore’s keen economic freedom score of 89.4 is the second-highest among 43 countries in the APAC region in the 2019 index, which sums up its financial success.
Katrina suggests: Expanding Business in Asia – How Do Multinational Companies Do It?
Tapping into the US Market
Expanding business operations in foreign markets is invaluable. It lets you create a direct relationship with your target customers, efficiently provide after-sales support, control pricing, and distribution, and gain accurate market insights. On the contrary, direct exposure to the market’s rules, profit repatriation restrictions and corruption may impact expected results.
But for the fearless and more creative, having the right tools and strategies are weapons that can battle the torments of business expansion in foreign markets. VeganBurg, CreAtive, Grab, Omni and Millenium Hotel and Resorts are just a few of the Singaporean companies that made America great again.
Callbox, one of Singapore’s top telemarketing firms, is also a trusted B2B lead generation company in the United States and has a wide range of database in Canada, Malaysia, Hong Kong, and the Middle East.
If you’re targeting the US to market your SG business like Hyflux, Raoul, TWG and all other locals who made it big in America, here are some steps:
- Figure out the reason why you want to become a global brand by developing a literal “playbook” of ideas of what you are trying to achieve and what expectations do you have for the future.
- Come up with a strategic plan on how to achieve real results which may be done in five different approaches. One is Local or Concentric, a process which starts with thinking within 100 miles radius around your home base, and widens 100 more times eventually.
- Develop a precise timetable for necessary approvals, meeting the distributors, complying with legal and federal regulations and getting all the paperwork done.
- Put together a portfolio of products you can offer.
- Pick the right distributor by doing a market survey of who does the job well. Look into their portfolios, what are their national accounts, and familiarize yourself with the language that they use
- Choose your accounts by taking into consideration your on-premise and off-premise strategies. Know your business partners and what business will you be doing with them.
- Tell your story via roll-out events, social media, local press and at the point of sale
The road to success was not easy for the lion city to trek, but perseverance, respect, and compassion drove Singapore to survive the inequities of life, gain economic repute and become a global brand.