Over the last 20 years, investors have discovered that they can rapidly grow their enterprises by moving them offshore, especially to jurisdictions that give them a competitive advantage. So, if you are yearning for faster growth or want to take your brand to the status enjoyed by other top brands, it is time to go offshore. In Hong Kong, one of the top jurisdictions on the globe, you will find almost every brand, from Apple to Volkswagen, already using it to grow their presence in the customer-rich Asian region.
Since 1997 when Hong Kong gained independence, its administration has had to look for alternative sources of revenue because it is an island with no land for agriculture or minerals. To grow and remain competitive, Hong Kong adopted a business-based economy, which it uses to support businesses for faster growth. After company registration in Hong Kong, you will enjoy low taxes and easy access to the neighboring markets through the country's multiple bilateral trade arrangements.
For most investors coming to Hong Kong, the main question they have at the back of their minds is, "What is the best way to grow my company's market share?" This post will highlight the main strategies you can use to grow your Hong Kong market share.
Strengthening Customer Relations
Because you are working towards growing your market share, the efforts have to start with securing the current market. Therefore, you need to start by strengthening your customer relations to avoid losing clients to competitors. Indeed, good customer relations can help to grow your market through referrals.
One of the methods that you can use is building a community around your brand or product. This will give you more time to engage your clients and incorporate their suggestions into your product. In the end, your customers will easily identify with your brand and stick with it even during challenging times.
Another useful step in growing your company’s market share is through aggressive marketing. Here, the goal is identifying the targeted customers and using the right strategies to reach and win them. For example, are you targeting the young or older generations? One of the common marketing strategies to consider is the use of social media because almost every person in Hong Kong uses social networking platforms for official or personal purposes. Other methods of marketing that you might consider are:
- Video marketing
- Mobile apps
- AdWord advertising
- Affiliate marketing
- Video marketing
If you want to grow your company’s market share even faster, consider acquiring other more established companies in Hong Kong. This gives you control over their staff, resources, and current market share in Hong Kong. Note that although acquisitions can help to grow your company's market share rapidly, they can be pretty expensive. Make sure also to follow the right procedures for company acquisition in Hong Kong.
The strategies we have discussed above can help you to win a bigger market share, which is likely to translate to more sales and profits. To enjoy this and a lot more, it will be a great idea to work with an agency of experts. These are professionals with a lot of understanding about the Hong Kong market. For example, they can help you with company registration, tax advice, and compliance with law.