Thailand, Bangkok 2019 – In the last decade, the startup ecosystem has been heating up. According to Bain & Company, one of the world leading management consulting firms, they reported more than 1,300 companies received seeding financing since 2011. The startup market value has reached $34 billion in Southeast Asia.
According to the Business Development Department, Khun Sorada Lerttharpachit, Deputy Director General, related that the new business registrations are 5,942 in May 2019, 77 more than 2018. Citing urban development as the reason for the increased number of new businesses, the sectors that grew the most in Thailand are a restaurant (164), property (371 and construction (530).
By next year, it is expected that South-East Asia will become the fifth largest world economy. Ten unicorns call South East Asia its home, the most famous being Sea (formerly known as Garena) and Traveloka to name a few. Five years from today, it is anticipated that ASEAN will spawn 10 more unicorns, bringing the total to 20 unicorns born and breaded in the region.
Brandnow.asia, a marketing and public relations agency that launched start-ups such as Lalamove, Shopback, and Grab in Thailand, has helped these dynamic startups get traction in the marketplace using earned media. The agency promotes this tool for young startups as they provide a number of cost-effective benefits. The top five reasons are as follow:
1. Create brand awareness and a positive brand image
When the media publishes a story on a startup, the readers get to know the brand. The article or review is seen as a third-party endorsement for the brand, thus creating a positive image for the company.
2. Attract customers
Startup with media coverage has a competitive edge over the competitor with no media exposure. The article can attract the right prospects to reach out to learn more thus helping to grow the customer base.
3. Draw interest of investors
Stories about the founder(s), past experience, achievements, and the team’s milestones, are of interest to the investors. By sharing these stories via an interview or press release, it shows investors that the startup is serious about growing the team and the company.
4. Attract employees
The new generation of candidates is interested to know the company’s cultures and philosophy. By speaking with the press about the company’s vision, mission and values, potential employees can learn about the company and drawing more applications as a result.
5. Establish trust and credibility
Finally, a company’s reputation plays a huge role in consumers’ willingness to purchase their product. Many buyers are now visiting review sites to double check before making the purchase, therefore a news article or review helps to build the brand’s reputation.