HONG KONG, Nov. 19, 2024 /PRNewswire/ -- The 2024 Weibo Brand Impact Summit, held on November 13, brought together industry leaders, corporate representatives, and brand managers to discuss emerging trends in social media marketing and explore innovative solutions for local brands in the Greater Bay Area. Under the theme "Activating Business Potential in the Greater Bay Area," the event highlighted the region's vibrant market opportunities and the critical role of social media in brand development. The discussions promised to pave the way for sustained, quality growth in brand effectiveness, ensuring a robust future for regional brands.
Economic Growth and Market Challenges in the Greater Bay Area
The Guangdong-Hong Kong-Macao Greater Bay Area (GBA), known for its robust economic growth and as a focal point for Chinese brands aiming to go global, has seen its economy exceed RMB 14 trillion (approximately US$ 1.94 trillion) in 2023. With projections of over 5% growth in 2024, the area continues to demonstrate its immense growth potential.
The GBA acts as both a gateway connecting China with the global market and a stage for Chinese brands to display their cultural and strategic prowess. This strategic positioning offers vast opportunities for brands to flex their strengths, though it also brings unprecedented challenges.
On one hand, the consumer demographic is evolving, with significant shifts in consumption preferences and habits. This raises the question: how can brands effectively engage with the younger generation of consumers? On the other hand, the fragmentation of channels and the dispersion of attention pose another challenge - how can brands leverage social media effectively to maintain a consistent presence and voice in this complex landscape?
Weibo's Influence: Connecting Brands with Consumers
As brands navigate this dynamic market landscape, Weibo's influence in connecting brands with consumers has been a major topic, with Senior Vice President of Weibo Marketing Jingdong Ge discussing how the platform has become integral to marketing strategies that resonate with the youngest and most active online communities. "Weibo marketing is essentially marketing through trending topics," said Ge.
Today, the popular social platform serves not only as a channel for information dissemination but also as a vibrant social network connecting hundreds of millions of users through shared emotions, opinions, and interests. The platform can rapidly amplify trending events, allowing brand narratives to resonate deeply with audiences. Each interaction on Weibo can provide an opportunity to forge emotional connections between brands and consumers.
Weibo functions as both the launchpad for buzzworthy events and a discussion aggregator, with its trending searches often seen as indicators of hot topics. Yan Kong, Director of Weibo Marketing Operations, describes the platform as a mirror of contemporary culture, particularly appealing to the youngest and most active users. In today's digital age, Weibo's strategic relevance is underscored by its ability to engage users, its robust communicative capabilities, and its significant impact on the digital ecosystem.
Weibo's Strategic Role in the Global Market
In the current competitive landscape, brands face numerous hurdles, including dwindling follower counts, reduced visibility on social media platforms, content deficiencies, and stalled revenue growth. Wanlin Wang, Planning Manager of Weibo's Commercial Ecology Management Department, pointed out that addressing these challenges hinges on strategically accumulating and leveraging a brand's social assets. He highlighted Weibo's role as a trailblazer in recognizing and leveraging these assets to enhance brand equity and market position.
Over the years, Weibo has established a formidable array of offerings through sustained collaboration with global agencies and brand owners. This has been achieved through relentless research and development and continuous enhancement of its services. MiuMan Fung, Channel Manager of Weibo Hong Kong, detailed how the platform offers robust, targeted, and comprehensive resource support for brands seeking to make inroads into the mainland market or connect with consumers in Hong Kong.
In today's era of global integration, brand competition within the GBA extends beyond the domestic consumer market to encompass the global stage. An increasing number of international brands are eager to tap into the opportunities presented by the GBA. Simultaneously, as a strategic frontline, the area is witnessing an inevitable trend of Chinese brands expanding internationally.
Against this backdrop, Jinfang Gu, General Manager of Weibo's Commercial Ecology Management Department, attended the meeting alongside several respected industry experts. They included Hao Shen, Professor of Marketing at the Chinese University of Hong Kong Business School; Annie NG, Co-Founder and Executive Director of Ding Sauce Foods; Li Ma, Brand Director of Guangdong Genius Technology Co., Ltd; and Dick Wei, Senior Advisor at Nan Fung Trinity (HK) Limited (NF Trinity). Together, these participants explored strategies to enhance brand power by fostering deeper emotional connections with consumers. They also discussed how to capitalize on emerging marketing and growth opportunities within this dynamic market.
The 2024 Weibo List of Influential Brands in the GBA Unveiled
Since the 1970s, the Lion Rock spirit has defined the cultural ethos of Hong Kong, embodying hard work, diligence, innovation, flexibility, and self-improvement. This spirit is not only a source of pride for its people but also shapes the business landscape, where local companies are celebrated for their adaptable business strategies, global perspective, and innovative mindset.
To foster stable and sustainable long-term partnerships with brands and organizations in the GBA, Weibo concluded the meeting by unveiling the 2024 Weibo List of Influential Brands in the GBA. The initiative aims to recognize and encourage partners demonstrating business potential, breakthrough innovation, emerging influence, and exceptional impact.
The GBA Influential Brands accolade exemplifies the spirit of innovation and social responsibility. It not only recognizes outstanding business practices but also aims to motivate companies across the Greater Bay Area to drive economic growth and foster social advancements both locally and globally.
The 2024 Weibo GBA Partners for Business Potential honor was awarded to the following companies: Nativex, Buzz PR & Company Ltd, Ace Access Consulting Limited, AsiaPac Net Media Ltd, Ridgetree International Limited, and IZEA.
The recipients of the 2024 Weibo GBA Influential Brands for Breakthrough Innovation accolade included: Link Asset Management Limited, VistaJet, Lisboeta Macau, Lingnan University, the Shenzhen Research Institute of Shanghai Jiao Tong University, Drinking Fun, Candymama, Mason Tang Photography, Merry Mary, Solutions Health Care Products & Services Limited, Kingfa Sci. & Tech. Co., Ltd, Guangdong Genius Technology, Sirius Cultural and Creative Planning, Ding Sauce Foods, and Excelsior College.
The 2024 Weibo GBA Emerging Influential Brands title was granted to the following entities: The University of Macau, M+, Games of the Future, Moon Shadow Lighting Technology (Guangdong) Co., Ltd., and the Federation of Hong Kong Brands.
The recipients of the 2024 Weibo GBA Influential Brands for Excellence distinction included: The Hong Kong Polytechnic University, Darry Ring, Macau Maia Technology Co., Ltd., Saudi Arabia's Royal Commission for Alula, Friendly Dog (Shanghai) Business Management Co., Ltd., Richard Mille, Hotmaxx, Air Macau, and Guangzhou Interest Island Information Technology Co., Ltd.
The summit not only reinforced industry connections across different regions and sectors but also sparked a rich exchange of ideas, providing valuable insights and broader perspectives for marketers. Looking ahead, Weibo is committed to continuing invigorating the advertising industry by uncovering more untapped potential.