Singapore is among the most attractive sites for businesses. Local as well as global business persons are attracted towards Singapore’s market to expand their business. It is imperative for business organizations to build a brand and mark a presence to earn a profit in this crowded market.
Here we are sharing some basic rules and tips for establishing a market presence in Singapore.
Choose a narrow target – The biggest mistake most companies do while trying to build a market presence is choosing a wide range of target audience. When you are trying to target everyone you are actually targeting none. Choose a narrow target and work rigorously to attract that small fragment of the market. Once you have built a loyal customer base you can gradually widen your area of the target.
Understand the trends of Market – Before diving heads on, you should understand the specifics of the Singapore market trends of your industry. Unless you don’t understand the market you won’t be able to plan intelligently for filling the gaps with your product or services. Creating any marketing strategy without understanding the market is similar to jumping in a sea without learning about tides and waves.
Make bonds with complementary businesses – Don’t stay confined to your own industry; look beyond the limits to search for some reliable partners. Try to enter into a partnership with the businesses that are complementary rather than competitors and have a strong customer base. This type of collaborative relationships is beneficial for both the parties as each of them get a share from other’s customer base without losing their own.
Be a part of business associations – Singapore has a large number of chambers of commerce and other business associations. Make sure to be a part of such groups to leverage the benefits of shared knowledge and business opportunities. However, choose the one that resonates with your business industry and participates actively in the networking events.
Embrace Social Media – Today no business can think of survival let alone building a brand without a strong Social Media presence. It is the best place for earning word-of-mouth recommendations from your customers for attracting the prospective ones. Engage with your customers to stay in the sight because once you are out of sight you’ll go out of mind.
Build a collaborative relationship with the influencers – In this competitive market, it is not enough to keep bragging about your product or services. Search the influencers who are followed by your target audience and build collaboration with them. Do you know a YouTube channel followed by most of your target audience? Ask the person behind the channel to mention your brand in their videos. All social media platforms have such influencers, you just need to search and collaborate with them.
Focus on Inbound marketing strategies – With 97.05% literacy rate almost the whole consumer market of Singapore is educated. And, so it is tough to lure customers in the conventional style of marketing where you push customers into buying your product or services. The best way to reach such educated target audience is the method of inbound marketing where you educate the customer about your industry and leave it upon their fair judgment to choose you as the best.
Get actively involved in community activities – You can’t earn loyal customer base in Singapore simply by advertising your product or service as there are a huge number of businesses doing the same. You need to take the less traveled road by businesses to be visible to your target audience. Get involved in community services and public events to create an emotional bond with your target audience.
Don’t forget or ignore your existing customers – Last but not the least. It is natural to be enthusiastic about attracting new customers but don’t forget the existing one in your enthusiasm. Organize contests or give-away programmes online for your loyal customers. It does not need to be a physical prize; featuring the best reviewer on your business page or thanking the most active participants of social media is enough to make your customers believe that you care for them. If someone has a complaint, listen to it intently and try to resolve it.
All these tips will help you make a market presence in Singapore. But, if you need more strategic and full-proof plans for creating a strong market presence then you should contact some expert strategists. The experts at https://www.e-sandhurst.com/ can surely help you attain your desired goals in the Singapore market with their long-earned experiences of the markets of Singapore.