Singapore Market to Global Market: Your Gateway to New Markets
As a Japanese-Thai (Teo Chew Thai) in my 30s living in Bangkok, I have experienced numerous cultures across different continents and countries since my childhood. The Singapore market, renowned not only as a financial hub for global companies but also as a culturally vibrant and ideal base for local businesses looking to explore new markets, presents unique advantages. With its well-organized infrastructure, robust financial economy, and a strong reputation for professionalism, the Singapore market offers unique opportunities for expansion into other new markets. However, as I have had more opportunities to engage with Singaporeans, I noticed a hidden quality that is often overlooked by Singaporeans themselves. My name is Taishi Hasegawa, I am a CEO at WYLD, a branding agency based in Bangkok. Our experienced partner, Pailin Hasegawa has worked with close to 40 brands around the world, expanding. Today, I am excited to share with you the distinctive attribute that makes the Singapore market so prepared for expansion into new territories.
Knowing What to Leverage
Have you ever been told by a friend about personality traits of yours that you hadn't noticed yourself? It's completely natural to be unaware of certain aspects of your own identity. To illustrate this concept, let me share a story I heard from a Japanese comedian, Nataka Atsuhiko, which highlights how blind we can be to our own characteristics.
Japan is a country of thousands of islands, many of which are not commonly known to most Japanese. A TV show once took Nataka to Awashima, a small island in the Sea of Japan, Niigata province. Their mission was to uncover unique aspects of this island. He spent a day exploring with the assistant director and cameraman, interviewing locals, yet they found nothing noteworthy to film.
However, during dinner at a local restaurant, where they strategize for the next day, the chef served them an unbelievably huge amount of squid sashimi on-the-house. Amazed by the size, they inquired how many squids it took to prepare such a plate. The chef revealed it was just one squid, which he had found on the beach, not caught fishing. They were baffled, as squid aren't typically found just lying on the ground. The chef then asked, "Don't you know that Taru-Ika often gets washed up on the shore after the rain?"
First of all, “What is Taru-Ika and what the heck is it supposed to do with this gigantic plate of sashimi?'' Nakata and his staff were confused. It turns out, Taru-Ika is a rare type of squid that can be up to about 100 cm in length and 20 kg in weight, which often washed up on a shore after the night rain so people walked up and picked it up in the morning. I know, a squid.
Initially puzzled, "What the heck is Taru-Ika, and what on earth does it have to do with this giant plate of sashimi?" they wondered. It turns out, Taru-Ika is a rare type of squid, growing up to about 100 cm in length and weighing up to 20 kg, often being washed up ashore after night rains. The locals could have showcased this unique squid during the day's filming. Instead, they timidly offered nothing until the filming had ended, and only then did they reveal this squid. A local might think, "This island is small; there is nothing exciting here, unlike in a city that has it all. What we have is just this huge squid that always appears after rainy nights."
This story serves as an analogy for your brand. The locals on Awashima, like your brand, possess unique traits—like the Taru-Ika—that are often unrecognized typically by you. It's exceedingly difficult to fully understand your strengths without external input. That’s where our role at WYLD becomes essential. We provide brutally honest feedback as external consultants, a role we have found to be highly effective and appreciated.
As an outsider to the Singapore market, WYLD can be at a perfect position for uncovering and leveraging these unrealized traits of yours. With this approach, you will gain clarity on what unique advantages you already have, and what to leverage within the Singapore market to navigate the complexities of global expansion, making the most of Singapore's strategic advantages.
Singapore’s Role as a Launchpad
Positioned at the crossroads of major global business routes, the Singapore market offers unmatched access to the booming economies of Thailand, Japan, and beyond. Government initiatives like the Enterprise Development Grant scheme not only supports the foundation for entrepreneurship but also bolster your possibility in expanding into overseas markets.
Strategically positioned at the crossroads of major global business routes, the Singapore market provides unmatched access to the thriving economies of Thailand, Japan, and beyond. Government initiatives, such as the Enterprise Development Grant scheme, not only support the foundation for entrepreneurship within the Singapore market but also enhance your potential for expanding into international markets.
In the long term, it takes about 5 times more budget on advertisement than solidifying branding, to get the same amount of return. Leveraging these schemes to work on long term assets like brand strategy and branding would technically be beneficial than fundraising 5 times more on advertising spend.
Over the long term, investing in brand strategy and branding is substantially more cost-effective than heavy advertising spending. It generally requires about five times more budget on advertising to achieve the same return on long-term investment. Leveraging these schemes to strengthen long-term assets like brand strategy and branding proves to be more beneficial than increasing advertising spend by five times.
Political positioning of the country you base in also has some influences on operating businesses. Ever since Thailand shifted back to a military-based government by the previous Prime Minister a decade ago, the foreign capital inflow has stopped. Why? Imagine what Western businesses would view a market that is governed by the military. They would probably prefer allocating their investment into a market with a business mindset rather than national defense. I mean, the stock market doesn’t entirely define the economics, but that would be a general cognition for any business decision maker. In fact, the Thai stock market has not been growing in the past decade.
The political climate of the country where you are based also influences business operations. For instance, since Thailand reverted to a military-based government a decade ago under the previous Prime Minister, the inflow of foreign capital has hard-stopped. Consider how Western businesses perceive a market governed by military interests—they typically prefer to invest in markets that prioritize business operations over national defense. While the stock market does not completely define an economy's health, it generally shapes the perceptions of business decision-makers. Unfortunately, the Thai stock market has experienced stagnant growth over the past decade despite the actual competitiveness in businesses.
In contrast, most markets in ASEAN still operate under similar governance styles. However, the Singapore market continuously attracts foreign capital, boasting well-funded infrastructure and facilities. This presents a significant advantage for any business considering establishing a base in the Singapore market, given its wide-ranging support for enterprise activities.
Leveraging the Singapore Market for Global Expansion
The business environment in the Singapore market is celebrated for its connectivity, efficiency, and pro-business policies.
When my partner talked to a Singaporean friend who runs a creative agency in Singapore, my partner asked her how difficult and how long it takes to process the company registration in the Singapore market. Because I experienced registering two companies in Thailand and have seen Japanese processes, I naturally assumed it would take about 2 weeks if you know ‘someone’ in the Department of Business Development of each county, or 2 months if you don’t rely on relevant connections. She then went folding her thumb and fingers, counting the time units it took her to complete. So I thought she was about to say a couple of days, but instead she said “one and a half hours”.
During a conversation with a Singaporean friend who runs a creative agency, Pailin inquired about the difficulty and duration of the company registration process in Singapore. Having registered two companies in Thailand and being familiar with the Japanese processes, I had assumed it would take about two weeks with the right contacts in the Department of Business Development, or two months without such connections. However, as Pailin’s friend counted the time it took by folding her fingers, I braced for an answer of a few days. To my surprise, she said, "one and a half hours."
The entire country is built to conduct businesses. Compared to Japan and Thailand where policies tend to be formulated towards pro-society orientation, I clearly see a distinctive advantage lying under pro-business policy making in the Singapore market. You rarely see any regulations and policies that are more supportive than the Singapore market anywhere.
Singapore is fundamentally formulated for business operations. It's rare to find a regulatory environment more supportive than that of Singapore. In contrast to Japan and Thailand, where policies often lean towards pro-society orientation, Singapore's pro-business policy making offers a distinct advantage.
These attributes make it an attractive proposition for local companies aiming to extend their reach beyond Singapore. By leveraging these privileges, businesses based in the Singapore market can effectively manage the complexities associated with entering new markets, where companies in other markets like Thai or Japanese have to spend some resources dealing with inefficiencies.
These attributes present a compelling advantage for companies in the Singapore market aiming to expand internationally. Leveraging these benefits, businesses based in Singapore can efficiently navigate the complexities typically associated with entering new markets—complexities that businesses in other countries, such as Thailand or Japan, often face due to bureaucratic inefficiencies.
Why Partner with WYLD?
Partnering with WYLD means gaining a collaborator who is deeply familiar with businesses based in the Singapore market and skilled in international expansion. Our insights into the dynamics of the Singapore market, combined with our experience in various global markets, enable us to offer tailored strategies that support your new market expansion. From qualitative market research, competitive analysis and design thinking driven framework to crafting compelling branding, we ensure that your brand is ready for the new markets.
Choosing to partner with WYLD means you are gaining a collaborator deeply familiar with the nuances of businesses based in the Singapore market and experienced in guiding international expansion. Our profound understanding of dynamics within the Singapore market, combined with our extensive experience across various global markets, allows us to provide bespoke strategies that are crucial for your successful expansion into new markets. From conducting stakeholder workshops, qualitative market research and competitive analysis for crafting compelling branding, we ensure that your brand is optimally prepared for entering new markets.
For companies based in the Singapore market aiming to expand to oversea markets, WYLD stands as your ideal partner. By leveraging your strategic position in the Singapore market together with WYLD’s expertise, you can strengthen your local successes and transform them into substantial global achievements. Contact us today to explore how we can assist in facilitating your business's expansion into new markets.
Credits
Primary author: Taishi Hasegawa - CEO at WYLD.
Author assistant: Manusavee Sattha
Graphic by: Patsorn Arayaluck
Special thanks to Pailin Hasegawa - Head of Creative at WYLD, for foundational insights and expertise in storytelling that inspired this article.
