Marketing an SME
Building a Global Brand
While your business might be based in Hong Kong, you must also be focused on building a regional presence. Being situated regional business hub such as Hong Kong, it is a waste to not take advantage of the many benefits of having a regional presence. Paul Hype Page is an example of such an international firm. We operate in many countries around the region and can testify to the many benefits of expansion.
A firm with a regional presence is seen as more reliable, and your clients will have greater trust in you. You will also be able to cater to a much larger market, by expanding overseas.
Fortunately, Hong Kong makes it easy for SMEs to expand, with funds such as the Export Marketing Fund (EMF) readily available to aid them. Paul Hype Page is here to help as well, we offer services to incorporate your company in various markets tailored to your business needs. We will also advise you on which market is best suited for you.
Embrace New Technology
Hong Kong has slightly more than half of its population online, and SMEs can enjoy being based in an internationally connected business hub as provided by internet penetration. Digital technology can help SMEs access a broader target audience. SMEs that leverage online marketing to create brand awareness and drive acquisitions are three times more likely to experience their desired level of growth. Digital technologies allow SMEs to gain market intelligence, scale, and tap into global markets at relatively low cost.
Listen and have insight
Offer a real incentive to the time-poor individuals who take the time to talk to you. You can start with industry organizations that have a useful online presence and run regional events that are worth attending. Be brief but full of information.
Use social media
Facebook advertising has attracted close to two million SMEs as it is an inexpensive and effective way to market products and services to just any audience. Statista reported that there are 6.5 million Facebook users in Hong Kong as of 2019 and it is expected to grow to 7.2 million by 2025. SMEs owners should leverage the power of social media to market their business in Hong Kong.
Next, make use of Google My Business (GMB). When a potential customer types a search, your products/services or company show as top results. GMB combines all your Google platforms into one central place. These include your Google+ profile, Google maps profile, your Google reviews, access to data on Google Analytics, and Google insights, thus immediately giving your business credibility and visibility.
Email marketing is another area of social media to venture in. Most people who visit your site will not immediately buy from you, so capturing contact information for additional marketing is essential. Have a “lead magnet” for example something you offer them in exchange for their email address like a free service trial or download.
Use of direct mail marketing. You can employ creativity. For example, you can customize your envelopes to make them appealing and attractive through unusual shapes, sizes, or materials.
Make use of a webinar. A webinar is simply a seminar that takes place online in the form of a presentation, demonstration, or discussion. And they are more engaging than simple videos.
Advertise in Niche Print Media.
As print media continues to decrease in overall popularity, the pricing or advertisement gets lower, so in the right niches, it is possible to run effective ads at affordable prices. To achieve a more effective outcome, combine it with social media.
Writing a column
Where you get to share your expertise in the form of weekly or monthly write-ups. These columns allow you to make consistent contact with an audience, thus building an actual relationship with the publication’s readers.
This is the process of creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined target. You require quality content, related topics, consistent content creation that is optimized for readers. Content writing is not limited to blog posts. It includes videos, podcasts, and online courses. Ensure you have the time and capital needed to get started with no initial ROI.
Local business groups.
Joining local business groups like The Hong Kong General Chamber of Commerce and The Federation of Hong Kong Business Associations Worldwide. These business groups will allow you to meet up with other like-minded people who already share some common ground with you.
Partner with other businesses
By combining resources to work out a complementary arrangement that provides mutual benefit to both companies. For example, a marketing company could partner with an accounting firm to recommend each other’s services during new client onboarding, a coffee shop could offer free vouchers to a snack place, and a counselor could refer a client to a lawyer or private hospital.
Offer Staff Incentives
Current staff is the best-suited way to get referrals because they know your product or service and your customer base, so they should be motivated to repeat the process each time they refer a customer/client.
Use Coupon Deal Sites
These sites amass massive audiences according to location, allowing local regional and even national businesses to offer limited-time discounts to their members. An example of such a website is Groupon. But coupon deal sites do not promote sales but rather promote deals, so unless you are making good deals, it is the last option.
The vitality and business performance of SMEs is very crucial to the development of Hong Kong’s economy. For economic growth to occur on a national level, there must be a partnership between the government and the private sector SMEs. The Trade and Industry Department provides service which aims to facilitate the development of SMEs and enhance competitiveness. The department strives to:
- Provide SMEs with a comprehensive range of free business information through the Support and Consultation Centre for SMEs:
- It administers funding schemes
- Provide secretariat support to the SME committee
- Participate in the SME-related activities of the Asia-Pacific Economic Cooperation and
- Promote the importance of brand building, provide useful information on brand development and market exploration.