The rise of the middle class in Asia is presenting brand new investment and sales opportunities for Australian businesses, but how can marketers steer their brand to tap into these rich veins?
There is a vast array of businesses and sectors that can market to Asia. At the top, the property market, financial services, travel, tourism and education sectors stand out. But the flow on is immense and includes industries such as retail, technology, food services, hospitality and transport.
Whilst there is lots of talk about corrections, crashes and adjustments in property, this article will take a broader look at the scale of the opportunity for small and big business in Australia with our neighbours across Asia.
There is a host of different ways your business can use digital marekting successfully and gain your slice of the pie.
The Asian property boom
Australia ranks fifth in the world for offshore investment and a lot of it comes from Asia, including the acquisition of the largest industrial portfolio in Australian history by China and Singapore's Ascendas Real Estate Investment Trust, in 2015.
In Singapore, heavy taxes on second homes, low interest rates in Australia and a strong exchange rate make buying here an attractive proposition. Chinese investors alone splashed $12.4 billion on Australian real estate in the 2014/15 financial year.
With the buyers lining up, there is a raft of data you can access to successfully market towards investors.
These include; market trends, boom housing suburbs, where Asian investors are buying, exchange rates, shifting government rules and regulations on investor spending and economic trends.
According to the Federal Government, Australia is well positioned to be a hub for financial services for the entire Asia-Pacific region. Our highly developed financial markets and the growth of the investment funds sector make our nation an attractive proposition and something for marketers to target.
It has been reported that financial services make up 10.6 per cent of Australia's GDP - over four times that of agriculture.
Opportunities for travel, tourism and education sectors
These sectors can see gains in Australia with more wealthy Asians coming to our country to study and holiday.
This in turn flows resources into many other sectors, including retail, construction and transport.
The Federal Government's Tourism 2020 plan aims to boost the total overnight spend by visitors to $140 billion.
It has been reported that there were about 4300 new enrolments of Chinese students in Australian high schools in 2014.
There are a host of data analytics that can assist marketing these sectors, and by using these numbers, you can identify new and emerging trends, new and high-yield markets, market insights and economic analysis in tourism and travel.
For instance, education data reveals that China is by far the largest market in terms of enrolments in Australian education, with 129,222 in 2015. This is followed by India with 48,602 and Malaysia with 18,870 enrolments.
With this information, education providers can analyse growth trends in different programs, courses and universities to discover how best to tap into these markets.
And the usefulness of the data doesn’t end there as real estate, retail and transport companies, for instance, can learn where students are and what their needs and interests might be.
The opportunity for business, large and small, to market into Asia using digital tools is immense. If you would like to talk more about how this might look and work for your and your business, just say hello – www.blirt.com.au/hello
Stuart Leo, Founder and MD, Blirt
Stuart is the founder and Managing Director of Blirt - passionate marketer, brand strategist, MarTech devotee and leader of the team at Blirt.
As one of Australia's leading MarTech strategy groups, Blirt specialises in customer experience, marketing automation, digital communications & full funnel customer engagement to help organisations lead in the experience economy.