Thanks to improvements in global mobility, statistics show that there are more than 50.5 million expats (a number that is still growing) around the world.
What these numbers show, is a huge, affluent yet diverse segment of the population that is a great business opportunity only if you know how to reach them!
In this article, we explore the needs and wants of this diverse segment of consumers and learn how businesses can most effectively tap on this lucrative market of overseas professionals by using the appropriate channels and reaching them at the right part of the consumer journey.
Read on to learn more.
Understanding The Expat Opportunity
Before we get into the “how” to reach out to them, we want to be clear about the “why”.
Still undecided if the expat market is a lucrative and meaningful one to zone in for your business strategies for the long-term?
Here are some compelling reasons in support of the opportunity:
- Expat wages tend to be about 400 -900% higher than local employees – even with the pandemic narrowing the gap with less attractive compensation packages, it is still a meaningful one.
- Complex immigration processes and acclimatizing to a new culture and way of living is a huge challenge for expats relocating to a new country for work.
- The recovery of global economies from the pandemic will potentially increase demand for foreign talent in growing industries once more.
With their specific needs and wants in dealing with relocation challenges they are not only less price-sensitive, but with high disposable incomes. With an ever-growing market of such valuable consumers, it is clear why the expat opportunity should not be missed.
Analysing The Needs and Wants of The Modern Expat Market
To enable your business to capture this market, you need to be in tune with their pain points and offer the right solutions accordingly.
So, what exactly are the needs and wants of the expatriate community?
Despite their heterogenous nature, with expatriates hailing from different cultures, here are some of the common pain points they face in their journey away from home:
As relocation tends to come with many consequences to an individual’s lifestyle, there is significant research that needs to be done pre-move to determine what needs to be done before the relocation.
From settling immigration documentation, setting up new bank accounts for finances, finding accommodation to handling logistics, there is a whole lot to be done and lots of decisions to be made.
The Opportunity: For businesses, being able to provide well-researched information and a clear road map for these frazzled expatriates with too many things on their mind, is a great way to position your brand as a credible vendor who can help them settle their needs.
After the big move, expatriates continue to face challenges in living in a completely new environment. And that is where services to help them overcome language barriers, deal with housing issues, establishing a social network, keep in contact with their family and friends abroad will be extremely valuable.
Knowing which channels expatriates seek help and support post-move is essential to being able to reach them and offer your solutions.
Do some research about which digital platform they primarily rely on – is it dedicated expat forums, Facebook groups, or any other platforms? If so, marketing outreach on the specific platforms will help you get your message to them most effectively.
Case Studies of Targeted Expat Marketing
To help you see targeted marketing for this segment in action, we have pulled together 2 examples of how businesses have tailored their marketing to attract the expat community.
To promote their expat banking solutions, HSBC has positioned itself as an expert in the needs and wants of expats.
From commissioning annual studies on expats to identify trends and insights, conducting seminars to share insights directly with their interested target segment, to guiding information searching expats via SEO optimized content on their expat focused content hub and social media, HSBC is there at every step of the consumer journey.
Another brand that is utilizing online platforms to reach out to the expatriate community is Dow Jones. Through outreach via popular expat online forums to provide guidance and help to expats seeking information and help, Dow Jones managed to improve subscription rates to their expat-focused publications.
How Moovaz Can Help
As a convenient one-stop-shop digital platform for expats to plan and settle their relocation needs easily, Moovaz is an ideal bridge between expats and relocation service partners.
Interested to reach out to your expat customers at the right time to offer your services? We can help, partner with Moovaz today (email@example.com) to learn how we can value add to your business as your reliable partner.