How to grow your business in Asia

By Louise Veitch, Head of South East Asia

This blog explores strategies for growing your business in Asia, emphasising the importance of local presence, networking, understanding cultural nuances, and effective marketing & communications activity. Learn how to navigate the unique challenges of the Asian market to achieve sustained success.

Many people may not know this, but Julia Donaldson’s classic children’s tale The Gruffalo took inspiration from a much older Chinese folk tale, The Fox and The Tiger. It’s a tale worth reading and one that comes to mind when I reflect on moving to Singapore two years ago to expand the Aspectus office here.

The short premise of the fable is, like the mouse in Julia Donaldson’s book, a fox who is captured by a hungry tiger, manages to escape becoming dinner, through the sheer sense of determination and believing in himself in a testing and terrifying situation!

While I wouldn’t compare moving to Singapore with ending up in a tiger’s lair, I would be lying if I said it wasn’t challenging at times. However, it’s also been an incredible journey so far and from the tests we’ve encountered, I – and the business here – continues to go from strength-to-strength thanks in most part to the fantastic team and client base we are assembling out here.

When we first opened our doors in Southeast Asia, Aspectus’ presence here looked very different. With limited people on the ground the business wasn’t growing nearly as quickly as our US, UK & Europe counterparts. Fast forward to today the Singapore office has quadrupled in size and the agency also has a presence in Thailand, Vietnam, China, the Philippines & Indonesia.

Success and timing often go hand in hand, so Asia’s booming economic landscape, which is expected to far outpace global growth this year, has helped to slick the wheels. We started to invest in our presence and our people in this region just as our core clients were realizing the huge opportunities that Asia presents.

However, timing isn’t everything and while we can’t deny any absence of growing pains, I wanted to share some of our learnings for getting to where we are and manifesting Aspectus’ own ‘inner fox’.

Be on the ground

In our highly connected post-Covid world, the value of being on the ground can often be overlooked without consequence – but not in Singapore. Having local experts who understand the region’s nuances is crucial for effectively communicating with and selling to your target audience.

The same goes for the value of being in the same time zone as the people you want to do business with. With only a two-hour cross-over for the UK and no (sociable) business hour cross-over with the US, being on the ground is essential for making things happen.  

The importance of networking in Singapore

Thanks to Zoom or Teams, it is not out of the question to have clients in London & New York that you’ve never met in-person. However, in Asia the culture of face-to-face meetings has survived the pandemic and although what you do is important, who you know is crucial. In-person industry events are essential for getting face-to-face. In Singapore there are industry events every week, but if we had to recommend our top 5 for our specialist sectors, it would be Singapore Fintech Festival, Tech Week, Token 2049, Asia Clean Energy Summit, & Money20/20 Bangkok.

Good work leads to more work

It’s almost always the case that doing good work leads to winning more work, but never has this been truer than in Singapore and the rest of Asia. Recommendations in this region can be even more valuable than reputation. So instead of chasing the next sale, focus on doing brilliant work, surpassing expectations and delivering real impact.

Always consider cultural nuances

Each country in Asia has its own unique business etiquette and cultural nuances. In Japan you have no chance of connecting with your target audience unless you are communicating in Japanese, in contrast with Malaysia and the Philippines where English is the standard language for business.

Tailor your business practices, marketing, and communications to fit the local culture for individual countries in Asia. This might include translating materials into the local language or adapting your business model to meet local consumer preferences.

Marketing in a new market

Make sure people are finding you on Google and when they do, make sure your brand, messaging & content backs up why your audience should be choosing your services. Done well, pay-per-click (PPC) provides immediate visibility, very effectively targeting potential customers and recruits. The ROI is undeniable.

Then you can consider proactive outreach to grow your brand and network. We recently hosted a Marcoms in Asia webinar with some of the top marcoms leaders in the region, which led to another 100 new connections and opportunities to build our network out here.

So timing isn’t everything. Building a business in Singapore has taken a ‘fox’s courage’ – often in situations that can be high pressured and a step into the unknown. But with the support of a loyal client base and an exceptional team across Asia and the rest of the world we’ve been able to pull off something special that is only going from strength to strength.

Key takeaways

• Q1: Why is local presence important for business growth in Asia? A1: Being on the ground allows businesses to understand local nuances and effectively communicate with their target audience, which is crucial for success in Asia.
• Q2: How does networking contribute to success in Asia? A2: In Asia, who you know is often as important as what you do. Face-to-face meetings and strong connections are essential for business growth.
• Q3: What role does cultural awareness play in expanding a business in Asia? A3: Each Asian country has unique cultural and business practices. Tailoring your approach to fit these nuances is key to successfully connecting with your audience.