The Market Immersion Program (MIP)
MIP is a unique business development program designed to help Singapore enterprises grow their sales in the ASEAN region. The program has been reviewed and approved for grant funding by Enterprise Singapore for companies that meet ESG’s qualifying criteria.
Why Do Companies Join The Market Immersion Program?
The focus of the program is to generate strong leads and to secure deals with distributors and end customers
Companies benefit from receiving local guidance to make better business decisions to achieve long term success in their selected markets
MIP is a low risk program that helps companies with their internationalization with as little pain as possible
If you are interested to learn how MIP works, please contact us for a free consultation. We will also explain how the grant funding application works.
For those interested to join the January ’22 intake, please note that applicants will have to submit their business grant applications by September ’21.
How Does The Program Work?
MIP has been designed based on what experienced and successful companies do when they internationalize. We have incorporated these elements into a structured market expansion program. Here are some of the key features of this program:
- Identify in Advance the Customer Targets: You can’t start the internationalization process without knowing who your customer targets are. We will help you identify the distributors and end customers in your target market as we have in-country offices that will do the list research. We will also draw on our extensive company database for South East Asia that has been built from 25 years of undertaking business matching projects for over 3,000 companies.
- Dedicated Business Development: A one-off business matching program does not always work. Many companies know this from their own past experience. We will dedicate a local salesperson to focus on business development activities for your company. You will need to provide the product training and support the local salesperson in preparing quotes and responding to RFPs.
- Focus on Meeting Both Distributors & End-Customers: Many companies prefer to sell just through resellers or distributors, yet distributors are unlikely to sell an unproven product or brand. But our experience has shown that if your potential distributors see that end-customers are interested in your product or service, that can help in securing their interest. That is why, in MIP, the lead generation program focuses on both end customers and distributors.
- Test The Market: Many companies are frustrated because their current distributors are not actively meeting potential customers, do not know to take a consultative approach to sell technical products/services, or add a large margin that makes the final quote uncompetitive. MIP allows you to know your end customers better and to test the market for direct sales before you decide to set up your own entity.
- In-Market Support: Every country in South East Asia is unique because of its business culture and local regulations. Our MIP clients benefit from the local guidance we provide them to make important decisions. Our consultants have helped past MIP clients answer questions like “What is a decent margin for an Indonesian distributor?” or “Do I need to get that business license in Malaysia yet?” or “What should I do if the buyer wants something extra?”
Our client was struggling to break into the Vietnam market. After joining the program, our Vietnam office first conducted a market scan to help the client understand the competitive landscape and who their potential customers and distributors were. A local professional with the right technical background was then assigned to undertake an aggressive sales campaign.
As a result of their participation in the program, our client was able to reach out to about 694 end users and distributors, received over 50 requests for quotes, and was also able to convince one major distributor to distribute their products.
Our client, who offers customized solutions for turnkey projects in the water, wastewater, environmental, marine and oil & gas industries, signed up for MIP in two markets. Once product training was completed, the personnel assigned in both countries began reaching out to engineering consultants, EPCs, equipment distributors and water treatment companies to introduce the client’s products and solutions.
In one market, the client started receiving requests for quotes after just only 8 weeks of business development, while in Malaysia, the client was receiving requests for quotes after only 2 weeks of business development efforts. This client, who is an ongoing participant in our program, is now preparing to join MIP for a 3rd market.
Silvia Crowther, HR Director, CPP Wind Engineering
Giuseppe Di Lieto, General Manager South East Asia at an Italian Multinational Company in the Industrial Automation Industry