Singapore is one of the leading markets for British branded products. Although small, Singapore is a wealthy state and among the leading business hubs in the region. With the ready demand for branded British products, setting up an international business in the city-state is relatively easy. You only need to know what your target market is, and how to get the products into the country.
Outlined below are 10 tips how to do business in Singapore
- Lifestyle branding is ideal
Branding is critical when targeting the Asian market. Many Asians seek approval and appearance from peers, which is why they will buy products from well-known brands. This works particularly well in the fashion industry where everyone here wants to be seen as ‘fashionable’.
- Bring products appealing to consumers in Singapore
As mentioned earlier, Singapore is a wealthy state with many people living modern lifestyles. You therefore need to understand the consumer’s needs, and only bring products that fit into their lifestyles to sell.
- Understand the weather patterns in Singapore
The weather in Singapore can be somewhat complicated. It can be sunny one minute then stormy the next. The country can also be freezing cold at times, which is why you need to ensure shopping malls and offices are well air-conditioned.
- Sell unique and innovative products
Just like any other wealthy state, the locals here appreciate unique and high-quality products.
- Consider the market’s purchasing power
You need to consider the purchasing power of your target audience when introducing new products to the market. The purchasing power of most average Asian consumers is relatively lower than in Europe. Look at the exchange rate to understand this well.
- Market online
With many of the locals here having access to high-speed internet, most of your target audiences may be online. Your business would do much better if you had an online presence. In addition to creating a website for your business, you’ll need to engage the audiences on social media for higher quality leads.
- Offer consumers insight on your products
Most consumers here will still need help using some of the products you may have. Creating how-to promotional videos and explainer videos how they can use your product to make their lifestyle better would be a wise idea.
- Ensure all products have a ‘Made in Britain‘ marquee on them
Many locals here are concerned about products originating from China. British artistry is however celebrated here, which is why you should include this marquee for assurance.
- Package properly
Everyone loves an excellent and quality packaging. Be sure to come up with unique packaging for all your products, and especially based on the season.
- Understand the market
Many of the consumers across Pacific Asia have impressive spending power, though can still choose not to at times. It may be best to live there for a while and even get Singapore permanent residence to get an idea of the culture and grasp the market.
With a high concentration of wealthy individuals and businessmen in Singapore, it’s possible for your business to hit the ground running. Doing business here should open up more opportunities considering the reduction in trade barriers since the economic integration of ASEAN Economic Community.
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