Covid-19 affected the global community adversely and like the other countries, Hong Kong was not spared. It affected Hong Kong’s international trade performance, commodity and financial market, and the entire macroeconomic environment. However, the businesses are now recovering.
Even though it is not clear when the Covid- 19 pandemic will end, vaccines are available and people are observing the set guidelines. So, if you have an established business in Hong Kong, it is time to start marketing it. The administration has come up with strategies to foster the growth of both local and foreign businesses.
However, for your business in Hong Kong to grow, you have to come up with the right strategies. We have gathered all the tips you need to do that. But first, here are the important numbers to keep in mind.
Important Information about Hong Kong Market
When starting your business marketing in Hong Kong, you have to understand the industry in numbers. The first thing you should know is that the population of Hong Kong stands at 7.5 million individuals of different nationalities. That alone makes the city one of the densely populated areas in the globe. In other words, it is the right place to establish your business if you would want to target many customers easily.
According to Data from UN Human Development Index, Hong Kong is among the highly developed territories. Currently, it is the city with the largest number of skyscrapers on the globe and the residents enjoy high life expectancy. In the year 2020, its nominal GDP stood at $341.319 billion.
Marketing Tips to Keep in Mind When Planning to Market Your Business in Hong Kong
Keep the core goals of your business, particularly the growth prospects when choosing marketing goals. For instance, if you focus more on import/export operations or penetrating the other parts of Asia, you have to consider that when formulating your business strategies. Here are the tips you should keep in mind.
- Develop an Effective Marketing Strategy
Over 90 percent of people in Hong Kong have access to the internet. That means digital marketing should be one of your strategies. So, create an effective content strategy. Content marketing allows you to communicate directly with your target customers. You can inform them, educate them, and even persuade them to purchase your products.
Some effective types of content to consider include video blogs, blogs, case studies, and infographics. Study your target market properly so that you can identify what your clients need.
- Segment Your Target Market
More businesses are expected to adopt pay-per-click (PPC) and search engine optimization (SEO) strategies. For that reason, you have to stay ahead of them by understanding the latest search engine algorithms.
When creating your marketing content and choosing SEO, PPC, and other digital options for your business in Hong Kong, leverage artificial intelligence (AI) and personalization. A quick example, personalization will allow you to arrange your business for faster growth. As a result, you will generate more high-quality traffic to your site and qualified leads.
- Invest More in Social Media Marketing
Nearly 58 percent of the global population is using social media today. That means ignoring the social media platforms is a big mistake you would not want to make. The platforms will allow you to reach your customers in Hong Kong and other parts of the world easily. They will help you engage with your clients during the product development, generate more leads, and even sell your products directly to them.
Hong Kong has a huge ready market for your products and services. Further, after establishing your business in the country, you will find penetration to Mainland China and other parts of Asia easy. Agencies of experts are experienced in the Hong Kong market and they will help you come up with a growth plan. They will also help you register your company, plan your entry plan, file tax returns, and capitalize the bilateral trade agreements.