Edith Wong, Chief Marketing Officer, Invest Hong Kong
Advances in technology have been infusing every aspect of our lives, not least for marketing professionals. From chatbot, facial recognition, voice marketing, AR to VR, every second we are competing for our audience attention and their memory span.
Depending on where one stands, martech has different implications for different organisations. For ad tech companies, they want to help their clients reach out to as many target audience at the right time on the right platform. For publishers, they want to maximise advertising revenue from their inventory. For companies, they want to promote their brand to their target customers in an innovative way and convert an impression and a click into a purchasing decision. Brand safety, data privacy and agility in adjusting the digital campaign are key success factors.
Hong Kong – An Ideal Hub for Marketing Technology
Invest Hong Kong is the Hong Kong Special Administrative Region (HKSAR) Government Department responsible for attracting foreign direct investment (FDI) and supporting overseas and Mainland businesses to set up or expand in Hong Kong. Contrary to buying a consumer products or a ticket to a concert, the average lead time of such an important decision may take up to a year or even longer.
The Asia Pacific region is forecast to be the leading contributor to global ad spend growth in 2019, contributing 42 percent of the total global increase.
Growth continues to be dominated by digital channels, with digital dominating close to half of Asia Pacific’s share of total ad-spend. (Source: Dentsu Aegis Network 2019).
The UK and China are forecast to have the world’s largest shares of digital ad spend (64 and 63 percent respectively in 2019). 76 percent of digital spend in China is through mobile. China also has the highest digital share in Asia Pacific (63 percent), followed by Australia (52 percent), New Zealand (49 percent) and Hong Kong (48 percent) (Source: Dentsu Aegis Network 2019).
The robust growth of the Internet and mobile economy in Asia has led to an upsurge in demand for digital marketing and multimedia services in Hong Kong. Centrally located in Asia, Hong Kong is the ideal platform for international marketers to access the market, service clients and develop partnership in the APAC region.
Hong Kong is home to many multinational brands and global agencies, making it a centre of excellence for advertisers and marketers. Hong Kong is open to ideas and talent, and the interplay and connection with cities and countries across the region.
Opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area
Hong Kong is highlighted by the Central Government as one of the four key cities of the Guangdong-Hong Kong- Macao Greater Bay Area, a national strategy of China to foster deeper cooperation and coordinated economic development with the goal of developing the region into an international innovation and technology hub. The Greater Bay Area, consisting of Hong Kong, Macao and nine cities of Guangdong Province, covers a total area of 56,000 square kilometers with a combined population of about 70 million. The region offers enormous growth potential for brands as well as digital transformation companies.
78 percent of Hong Kong’s population is active social media users with Facebook, Youtube, Whatsapp, Instagram and WeChat being ranked as the most active social media platforms. Hong Kong offers rich supply of talents who are multi-cultural and multi-lingual, with competency to manage marketing campaigns on both Western and Chinese social media platforms.
Driven by high mobile consumption, supreme Internet connection speed and almost 90 percent mobile internet penetration, mobile advertising is estimated to lead Internet advertising growth in Hong Kong. The growth drivers include video-on-demand, live streaming, and online shopping, among others.