What You Can Do to Grow Your Market Share in the Fast Growing APAC Bloc
Asia-Pacific (APAC) recorded an estimated economic growth of 7.1% in 2021 and is projected to continue on an upward trajectory in the next few years. This, coupled with a large population of over four billion people, makes APAC an excellent bloc for growing your company into a multinational. Once you have registered a company in one of the countries in APAC, perhaps China or Hong Kong, the next step is growing its market share.
A Brief about Asia-Pacific
Before looking at some of the best tips for growing your market share, let’s look at some facts about it.
- APAC has a total membership of 21 economies. Some of these include China, Hong Kong, India, and Singapore. The Pacific Islands Forum and Pacific Economic Council are also members of APAC.
- The total population of APAC is home to 60% of the total world population. This means that about 4.3 billion people live in the region.
- In 2021, the total GDP of the Asia-Pacific region was about USD36.8 trillion. China, Japan, and India contribute the largest chunk of APAC’s GDP. For example, the GDPs of China and Japan in 2021 were USD16.8 trillion and USD5.3 trillion, respectively.
According to Adrian Cheng, ASIA pacific is overflowing with potential, and you should not be left behind in exploiting it. He adds that you should adopt innovative models to strengthen the brand, grow the market share and sustain high profitability.
Special Tips for Growing Your Business in APAC
Check out the following expert tips to rapidly grow your business presence and market share in APAC.
Invest in Research
For your business to grow in Asia-Pacific, it is prudent to invest in research. Market study will help you to understand the unique requirements of targeted markets so that each product is tailored to address them.
This is important because the needs of people in one country, such as China, are different from those of Vietnam or Malaysia. The research will also help you to understand the current competition, allowing you to craft better strategies for a bigger market.
Many are times that companies’ ability to penetrate new markets is limited by the lengthy process of building new supply lines. Instead of crafting completely new networks, a better idea would be working with partners in APAC. This means that you can rapidly enter the market using their already established partners’ supply chains.
For example, a company dealing with consumer goods can work with local retailers, wholesalers, and online e-commerce networks.
Take Advantage of Modern Technology
Another awesome way of growing your market share in APAC is using modern technology. For example, more people today are on social media, and it will be an excellent idea to meet them there. Indeed, you can use advanced technology to not only drive a bigger market share but also grow leads, sales, and conversion. Some of the modern technologies to consider include search engine optimization (SEO), search engine marketing (SEM), e-commerce, and mobile applications.
Whether your business is already incorporated in or planning to enter APAC, the tips we have highlighted above can help it to win a bigger market share. You can consider implementing one strategy or several depending on the design and operations of the company.