Market Validation Case Study: Overseas Expansion of a UK-based Banking App into Hong Kong and Singapore
Project Summary
In a strategic partnership, I worked alongside a London-based, FCA-regulated banking app focused on supporting British and overseas founders in their quest to establish a U.K. limited company and business account. Following their successful funding round, the client aimed to delve into the potential of foreign markets. To assist with this endeavor, I was entrusted with the responsibility of facilitating their market validation and entry into Hong Kong and Singapore through a targeted marketing campaign.
Client’s Challenge
The main challenge was the client’s unfamiliarity with the Asian business environment, including a lack of insights into local user behaviors. This knowledge gap posed an obstacle in their ability to offer localized services.
Their primary challenge lay in understanding the Asian market, crafting a marketing campaign that resonated with local needs, and gauging the market response in Hong Kong and Singapore.
Objectives
The key objectives set for this project included comprehensive market research to understand the user behaviors in Hong Kong and Singapore. This was necessary to tailor a localized marketing campaign designed to appeal to potential users in these regions.
An essential part of the project was to carefully monitor and analyze the market response from these campaigns. The results and insights obtained would then provide strategic direction for the client’s future marketing efforts in Asia.
Strategy and Implementation
After a detailed discussion with the client about their needs and concerns, I devised a digital user acquisition strategy to implement the market validation plan. This involved the combination of social media (Facebook and Instagram) and Google Performance Max campaigns, which were designed to appeal to three distinct demographic segments in Hong Kong:
- SMEs looking to expand into the UK market
- Hong Kongers (especially those moving to the UK) keen on buying a property in the UK under a company name
- Digital nomads and freelancers in need of a UK business account
Once the campaign showed signs of success in Hong Kong, a similar strategy was applied to the Singapore market.
Alongside these efforts, SEO keyword research was conducted to gain a deeper understanding of market trends and user behaviors. This research informed the creation of a content strategy tailored to enhance the client’s future marketing endeavors in Asia.
The Results
Successful Ad Campaigns and User Engagement
The chosen approach proved highly effective, demonstrating significant results in both the Hong Kong and Singapore markets. The social ad campaign reached an audience of over 200,000 in the two regions, achieving a cost per click as low as GBP 0.2-0.4.
Supplementing this success was the Google Ads campaign, which garnered over 170,000 impressions and 6,700+ clicks in Hong Kong, all at a cost per click of an affordable GBP0.06.
Building the User Base by Attracting Business Founders
The campaigns successfully attracted a sizable number of business founders interested in establishing a UK-limited company, thereby enabling the client to form an initial user base in Asia. These new users now offer a rich resource for the client to study and refine the user experience.
Laying the Groundwork of SEO and Content Strategy
The SEO keyword research and content strategy recommendations provided have laid a solid foundation for the client’s future marketing campaigns in Asia. This venture has effectively kickstarted their global expansion strategy, with Hong Kong and Singapore acting as the launch pads.
Conclusion
This case study offers a compelling example of how a well-planned and localized marketing strategy can assist a business in making a successful foray into foreign markets. The London-based banking app’s successful entry into Hong Kong and Singapore is a testament to the effectiveness of the implemented approach. I take pride in facilitating the client’s overseas expansion, paving the way for their future growth and success in Asia.