RCBC’s strength lies in its high flexibility in terms of tailor-made service and pricing strategy. In addition, it will periodically conduct research and analysis of the market so as to stay at the frontline. Comparing with other competitors, RCBC’s approach is to consult the Nordic clients to go for Hong Kong as a stepping stone to China.
My strategy: The ecosystem approach
Besides innovative technology, the main driving force and competitive advantage of the Nordic sectors or industries is the ecosystem being well planned, built up and developed. According to James Moore (1996), business ecosystem is defined as an economic community supported by a foundation of interacting organizations and individuals – the organisms of the business world. It is basically about the stakeholders in the business ecosystem.
Having the ecosystem in place is extremely important. When the Nordic companies go to Hong Kong, they have to find out the upstream and downstream channels, the related stakeholders, government department and agencies, tax and company regulation and etc. This is exactly what I can provide my service. I can precisely advise where to get information, which institution or body to contact with, what the business context is in Hong Kong. I am familiar with both the ecosystem of the Nordic region and Hong Kong because of my working experience in Norway and Hong Kong.
Therefore, my strategy is firstly to map out the key stakeholders in the ecosystem who can be collaborated, and provide customized service to create value to the individual company at
- the ‘before-entering’ stage: advise on entry strategy genuinely and realistically
- the ‘during-entering’ stage: coordinate the facilitation and services in Hong Kong effectively
- the ‘after-entering’ service: follow up the setup proactively