Hard work, an information edge and flexibility are the key factors enable Yuan Tung to respond to market competition,” says THOMAS CHAN, Director, Yuan Tung Financial Relations Ltd.
Over the past years, the market in the public relations industry in Hong Kong has been increasingly competitive. Being an international financial center, Hong Kong remains attractive to players from the mainland and overseas as well as local. Undoubtedly, the flourishing mainland economy fueled this trend.
Currently there are over 100 public relations companies in the city with different expertise. Hence, similar to other industries, the competition is getting more and more severe. Talents with good experiences are inadequate that creates a potential threat.
“Like life, business is seasonal. Circumstances always change. Just like a person, a company needs a long-term strategy but to periodically shift its focus in order to stay ahead of the curve and achieve healthy growth. Hard work, an information edge and flexibility are the key factors enable Yuan Tung to respond to market competition. Besides, we continue to recruit and train talent to respond to market needs,” says Thomas Chan, Director, Yuan Tung Financial Relations Ltd.
Challenges Ahead
“According to the founder of Virgin Group Richard Branson, publicity is absolutely critical. A good PR story is infinitely more effective than a front-page ad. Yuan Tung has abundant experiences in crisis management. In 2015, an opportunity came when a client assigned Yuan Tung to handle the public relations of a kidnapped case. A delicate message was skillfully crafted and a press conference was efficiently organized. Media relations was properly handled. As a result, the crisis was successfully contained in a way that the victim’s positive image was upheld while good and prominent news coverage was achieved. Opportunity manifests more often than many realize, and the prepared are most likely to seize it. Among other successful events and campaigns, this was the most striking example for Yuan Tung in 2015.”
Offering ‘Value’
“Basically there are four factors,” says Chan. “Firstly, value positioning differentiates Yuan Tung. From the customer perspective, in terms of value for the money, Yuan Tung is an excellent choice. Our total offering is superior to those of our competitors. In the financial and political fields, we have strong vertical and horizontal skills, backed by experiences and connections that can offer our customers total experiences and a comprehensive suite of services. Quality is the key. No company can be good at everything. The key is where you choose to fight a battle or win a war.”
Secondly, we manage customer expectations very well. Yuan Tung has a credo – ‘under promise and over deliver’. We believe that if we continually exceed our clients’ expectations, they have few reasons to look at our competitors. We always use a little creativity to ensure that our customers get more than they expect in a positive way.
Thirdly, we have positive company culture. Attitudes are contagious. We are nimble and hence agile. We can implement changes quickly to take advantage of new opportunities during thriving markets. In falling markets, we have HOPE (Hold On Pain Ends) to survive the stormy seas. A bird sitting on a tree is never afraid of the branch breaking because its trust is not on the branch but on its own wings.
“Finally, we have sharp business focus and sound financial position for long-term development. Former US President Dwight D Eisenhower said that in preparing for battle, he had always found that plans were useless, but planning was indispensable. This is what we are doing.”
“In conclusion, Star Wars creator George Lucas once said, ‘part of the issue of achievement is to be able to set realistic goals, but that’s one of the hardest things to do because you don’t always know exactly where you’re going, and you shouldn’t.’ I believe that it is important to always set goals that can realistically be achieved within a set period of time and over which I can have as much control as possible. There will no doubt be challenging times in any business, not just mine, but it is imperative that I focus on the task I have set myself,” concludes Chan.
For additional information please visit www.yuantung.com.hk
Hong Kong’s Business Leaders share market and interest intelligence in the pages of HKMVC 2017
