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Project Scope
This is a global marketing insight analysis/consulting project, collaborated with Monash University to assist some of the multinational businesses in Asia, Middle East and Europe to utilise local marketing insights to build brand equity locally.
The Process
Systematic review
Assisting an Australian health business to understand health market in Singapore.
First, we did a systematic review on the fitness space in this market (nutritional health, lifestyle, supplements and general practice)
Found out there are two main supporting reasons for health businesses to set their feet in Singapore:
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One is the Singaporean government is proactive and has high health budget to support the health industry grow.
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Second is consumers in Singapore have high health awareness; they are actively seeking health-improving products.
Insights collection and analysis
To build a brand locally, we need to think global as local.
To break down this vision, the essence of this strategic approach is to find out:
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How much do we leverage the "globalness" of the brand attributes?
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How much of those attributes effectively meet local needs?
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What do the locals need? How do they want it?
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What we understand is that with the increasing speed of globalisation, consumers are having immense knowledge of brands and product function claims.
So, choosing the right portion of global and local brand attributes to integrate is the key to open up a new market in a new country.
1st Step
Building Consumer Profile
Through market research, we gathered information on consumer attitudes toward the Australian health brand and created a few consumer profiles.
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Curious Consumer - They are not easy to keep, as they come and go only interested in what is new in the market but not going to stay loyal to one brand.
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Evidence-Based Consumer - Especially when it comes to health products, consumers are seeking validation of the product function claims.
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Global Consumer - They travel, and they shop globally, where this is also a new concept for us, a local consumer but he/she prefers not to buy local products.
2nd Step
Insights
Some interesting insights came out of that market research.
For global consumers, distribution is an essential point of their purchase intention.
To elaborate, if the same brand of product is available both in their local shops as well as online on the brand's official site, they would instead go online to purchase than go down to their local shops to buy.
The reason is that they consider that when an international brand is available locally, the product is losing the authenticity they are expecting.
3rd Step
Strategy and Planning
Our approach to responding to the consumers' perception of brand globalness is to use multiple distribution channels, have the stock ready in Singapore, but available online for purchase. Rather than shipping from Australia, the product now can ship locally, we minimised customers' waiting time, kept the essence of the brand's globalness image and saved the operating cost to set up the actual physical stores.
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