The upcoming AEC is set to bring a surge in growth for business across various industries and sectors. One of the main factors for achieving this success is focusing on digital marketing strategies to reach the consumers who will be connected within Asean.
“The AEC will be an important milestone in the evolution of Asean. There will be challenges ahead, but there will be also the opportunity to access more than 700 million people as a single market,” said Dr Surin Pitsuwan, former Secretary-General of ASEAN.
?The AEC represents both a huge challenge and opportunity for Thailand and its people to move up the economic ladder with more skill intensive industries. However, those exceptional opportunities can only be realized if Thailand makes the commitment to enhance significantly the quality of its human capital and the productivity of its people,? explained Gerald W Fry, International professor, Department of Organisational Leadership, Policy and Development, University of Minnesota.
According to a report by The Nation newspaper, Thailand is the second-largest economy in ASEAN, supported by strong manufacturing and tourism sectors. A global management consulting, technology-services and outsourcing company, Accenture Strategy, estimated that Thailand will reach a $475-billion economy by the year 2020, with a projected compound annual growth rate of 4.3 per cent. More good news, consumer spending in Thailand is also projected to reach $375 billion over the next five years.
Accenture predicts that increasing disposable income across ASEAN will enable another 40 million people to make higher income 2017, giving them the chance purchase better quality products.
As one of the fastest-growing economies globally, ASEAN is estimated to reach $3 trillion by 2020. In Thailand alone, consumers are expected to grow by 9 million to reach 35 million and will generate $273 billion in new money by 2020.
Companies can look forward to the AEC as it will enable them to leverage our expertise and network throughout the region beyond Thailand. Additionally, as local companies expand overseas, local businesses will also be able to fulfill their various needs.
If your company is equipped to provide services that are both multilingual and multicultural, then you can effectively provide your services to clients outside of your country within the AEC. Companies with experience in working with the world’s largest corporations and brands will be prepared to take advantage of the unique opportunities that the AEC will present. We can all expect rapid growth both regionally and globally in the near future due to an increasing demand from local clients who wish to expand to countries in the AEC.
?REPUTATION WILL BE THE CURRENCY THAT SAYS THAT YOU CAN TRUST ME.?
Over the past 20 years, the internet and use of smartphones have changed the business landscape. Companies are expected to engage with their customers, who are also constantly reaching out and expressing their points of view on social media. What are your customers saying about you? Effective reputation management does not only mean how you react to what people say about you, your brand, or your products and services, but also whether you should respond and the perfect time to do so. Businesses must keep regular communication with their customers and shareholders on social media networks, while also maintaining a strong presence in the media.
Rachel Botsman disclosed in TED Global 2012 that companies need to understand that the modern day marketplace is driven by reputation, which is already a significant factor that affects how the public trusts your brand or company. How people perceive the way you think, your set of skills and knowledge, your good or bad behaviours is becoming increasingly important as technology allows users to share more information each day. Public perception of a company or an individual is formed more quickly and behaviours are scrutinized more carefully than ever before through social media and all forms of mass communication.
While it may seem daunting to keep up with the fast pace of advancing technologies and trends, it is crucial to know that we can actually alter our reputation through the messages we convey and our actions. We can utilize the influence of technology to help build trust with others. Advancements in social media and communication channels gives us the unique opportunity to connect with people in more meaningful ways as we express ourselves as a brand.