Building A New Brand Proposition For The Greater Bay Area
- Brands are identifying and capitalising on new opportunities in Southern China’s Greater Bay Area and working with with trusted media to build brand equity
- Marketers are focused on building products and services to address the diverse needs of the regions population
As the Chinese government and the administrations in Hong Kong and Macau ramp up their commitment to the development of the Greater Bay Area (GBA), brands are identifying and capitalising on new opportunities to extend their reach and build brand equity. This is more relevant than ever, as brands are now working across different markets while operating in a diversified media environment.
This topic generated much debate at a recent round-table event hosted by the South China Morning Post. The talks were part of the Post’s Remarketing series, launched to help drive brand growth in the region.
Significant Advantages and Opportunities
The nine round-table speakers, representing a broad range of industries from banking and insurance to tourism and property development, agreed that the GBA should not be viewed as a threat, but rather a provider of significant advantages and opportunities to grow their brands.
“Initiatives such as the Talent Admission and Cross-boundary Wealth Management Connect Schemes have created favourable conditions for business expansion and fostered wealth management opportunities. Following the resumption of normal travel between the Chinese mainland and Hong Kong, BOCHK has successfully leveraged its strong and diversified products and services to reconnect with customers from both the southbound and northbound markets, fueling our growth,” said Cherry Tsui, head of marketing, Bank of China (Hong Kong).
“Our customers are seeking targeted solutions to swiftly address their pain points, enabling them to seize the business opportunities coming their way. We strive to breathe life into our marketing efforts, ensuring our communications resonate and personalise with each customer’s individual needs spanning various core aspects such as wealth management, investment, homebuying as well as payment,” said Cherry Tsui, head of marketing, Bank of China (Hong Kong).
And the banking industry isn’t alone in experiencing this.
A New Brand Proposition
The airline has been working hard at building connectivity that enables people to travel across the region seamlessly. It is set to open a new lounge at Shekou Ferry Terminal in Shenzhen in September this year that will boost smooth travel. In doing so it will further boost brand equity and customer experience.
Meanwhile, insurance providers such as Prudential and HSBC are expanding their product offering in Macau, with a strong emphasis on building brand stories that emphasise one “home market”, rather than the three separate markets of Macau, mainland China and Hong Kong.
According to Priscilla Ng, group chief customer & marketing officer, Prudential, as long as Hong Kong’s value proposition remains strong, customers will continue to come. She believes it is her company’s job to ensure the product remains useful when customers return to mainland China or Macau.
“The value proposition is what will drive customer behaviour,” she said.
Cross-Border Storytelling
That message is echoed by Stephanie Ng, global head of marketing, wealth & personal banking, HSBC, who says it is important for brands to focus on building their stories across borders.
“We use the power of storytelling to create that sense of belonging,” she said.
The speakers at the event were all in agreement about one thing: the development of the GBA is a long game, and brands need to work with trusted media to bring their messages to its diverse population. They also need to focus on building their products and services to address the range of needs of customers across the region.
“It’s always about the customer experience and value proposition,” concluded HSBC’s Ng.
