2022 Suggestions on the effective strategies to enter the market and promote brands in the GBA
Based on the findings of case study, the BDC has put forward a host of strategic and management insights for Hong Kong companies’ reference, which particularly shed light on the effective strategies to enter the market and promote brands in the GBA:
- The Greater Bay market was full of vicissitudes in the past few years. It is mandatory for those who anticipate to develop and promote their brands in the Bay area to invest in market research and improve their market sensing capability, enhancing their knowledge of the complexity of New Retail Economy and their impact on buying behaviour of consumer goods.
- Today, local consumers in the GBA do not respond to Hong Kong brands in an ecstatic manner. Hong Kong business owners and managers have to change their management mindset and even business models. For instance, firms may modify business models to incorporate omni channels and adopt a holistic brand management approach to developing and managing brands in the GBA.
- As local consumers still associate certain premium benefits with established brands, firms should consider investing in building brands to ensure sustainable growth of their business in the bay market. In particular, Hong Kong brands are still perceived to have certain pedigree attributes like reliable quality, trustworthiness, integrity, and good design by the BGA consumers. Hong Kong brand owners should incorporate these values in their advertising messages to strengthen the identity and image of their brands.
- The rise of Z-generation, rapid expansion of middle class, and influences of the pandemic and digitisation on consumer needs and buying behaviour have led to changes in market structure of various products. Brands should re-examine their segmentation approach to track the evolution of the consumer market in the Greater Bay Area.
- To effectively use and manage big data, Hong Kong companies should learn from GBA’s local brands to develop private traffic channels. Perhaps forming strategic partnership with local companies could be a solution good for instant impact on performance.
- As affected by the pandemic, consumers in the Mainland China are nowadays more consciousness of public health, corporate social responsibility, and environmental sustainability. Hong Kong brand owners are encouraged to closely monitor these changes and incorporate the related elements to enrich brand experience to support the promotion of their brands.
- “Feeling economy” and “pet economy” have increasingly become integral part of GBA’s local economy. As such, Hong Kong brand owners should be more innovative and creative when designing the product portfolio and brand experience to cultivate brand preference and nudge consumers toward consumption.
Back
