Developed Markets in Asia
Australia, Hong Kong, Singapore, and Japan are major developed markets in Asia. Developed markets in Asia are soaring, and in 2017, analysts are more bullish on developed markets than emerging markets. China’s markets, including Hong Kong, maintain their steady growth, which is expected continue. Xi Jingping, who championed global trade at the Davos Conference in January 2017, is a positive factor in the economic growth. Projections are that Hong Kong’s economy will grow 1.8% in 2017 with GDP accelerating to 2.2% in 2018.
Experts project that Japan’s economy will grow in 2017, but there may be a mid-year market correction. That notwithstanding, Japan’s growth will continue through 2018.
Economists, reporting in FocusEconomics, project that Australia’s GDP growth will remain stable, aided by growth in the non-mining sector of the economy. Singapore’s economy rebounded in the fourth quarter of 2016 but may slow to 1.6% growth in 2017. Then it will increase to 1.8% growth in 2018.
Methods to Get Ahead of Competition
Considering the bullish predictions for developed markets in Asia, companies serving the Asian-Pacific sector need to be creative to stay ahead of the competition. The following paragraphs give insights on actions the will help you to get an edge over your competition.
Establish Virtual Offices in Australia, Hong Kong, Singapore and Japan
Companies can establish virtual offices in target markets by subscribing to an international call forwarding service, like Global Call Forwarding, which provides local phone numbers and toll free numbers to its customers. The virtual office is a simulated presence. Incoming calls are forwarded seamlessly across borders to your headquarters, call centers, mobile phones, or computers using Voice over Internet Protocol (VoIP). Callers have no fees or roaming charges and are unaware of the destination locales. Callers think your office is local.
Global Call Forwarding provides the largest selection of local phone numbers and toll free numbers worldwide. Its international call forwarding service covers over 150 countries and thousands of cities around the world. Using a virtual office will enhance your company’s telecommunication to markets in the Asia-Pacific region and will stimulate the growth of your sales and services in that area.
Look to the Future
Many businesses dwell on the past. Yes, it is important to review history to identify missed opportunities and mistakes. However, it is prudent to look to the future to identify market shifts, new scenarios and competition trends.
Understand Your Competitors
Try to get a complete understanding of the actions, strategies and tactics of your competitors who cause many of your problems. With a full understanding of the competition, you will improve the way that you service your customers, and your business will prosper.
Prepare for Upstart Rivals
Upstarts frequently operate using new business models. They approach the marketplace differently. They may have new solutions to problems, and they may use new technologies to support their operations. Remember, there are many bankrupt newspapers that ignored the power and distribution of social media.
Refine Your Methods
When your staffs repeat their behaviors, your competition can begin to anticipate your actions. Be less predictable by changing your operational methods. You may find that different approaches can accelerate growth opportunities.
Customers usually tell you they want better, faster, cheaper. They will not tell you what your competitors are doing. Nor will they tell you when they are evaluating new solutions to problems that you may have created. In short, do not ask customers for advice but provide what they want, i.e., better, faster and cheaper.
However, outsiders, who are familiar with your business, can provide valuable advice on market desires. Listening to outsiders can help you become a stronger competitor.
Exercise Care When Cost Cutting
Do not allow cost cutting-steps to degrade your products and services. When that happens, your competition will take advantage and possibly steal business from you.
Learn from Product Testing
Planning and forecasting are necessary, but they may not predict the market impact of product or service changes. Rely on testing, either in-house or in the marketplace, to get insight into the market acceptance of changes. Testing allows you to make changes as needed prior to full market release.
Target Your Competitors
Identify the locked-in traits of your competitors. If those traits are weaknesses, attack them.
Reacting to Fierce Competition
Compete on experience instead of price
Customers are often willing to pay more for excellence in products and services. Strive to provide unrivaled products and customer service by doing the following:
- Make it easy to do business with you.
- Humanize your brand through effective marketing and communications.
- Provide customer support even when sales are not pending.
Find your niche
Find new opportunity in market segments that your competitors do not service well. Conduct market research to find underdeveloped or under-served market areas. Identify customer needs in those areas and take steps to satisfy those needs.
Track your competitors’ moves
Follow industry developments, regulatory changes, market trends and competitors’ new product announcements. Buy your competitors’ products to learn their strengths and weaknesses. Try to visualize how competitors will respond to your business strategies.
Invest in talent
To do this, it is important to consider competitive salaries, benefits and perks, company culture, and opportunities for career growth. Engage prospective employees by searching social media like LinkedIn or Facebook. Advertise openings on your websites. When you make an offer, be willing to negotiate.