There are number of successful BUD stories since the establishment in 2012. The BUD Secretariat often invites applicant enterprises to share their successful experience with the government funding. BizMagnet BUD consultant is about to tell how a jewellery company transformed.
From West to China
The jewellery company had been a designer and manufacturer for Western clients over 20 years. In 2014, they believed that the Chinese economy was about to bloom and the luxury demand would increase afterwards. It was a chance to enter China. Because the difference between the West and China is huge, the company director Ms Chan applied the Mainland Programme of the BUD Fund. For time being, the company applied the Fund for several times to enhance and promote.
Branding, Upgrading and Marketing
For the first BUD application, the jewellery company established an online shop, product catalogs and testing, as well as participating in jewellery exhibition in mainland China. The very first the company needed was the pricing, fashion and target customers etc. The second application was to explore the distributor market. By setting up Wechat and Weibo (Chinese social media platform), the jewellery brand gained more attention with content marketing such as copywriting.
As consumer market requires quick response, the company applied the BUD Fund for the third time to purchase a 3D printer, and hired KOLs and artists to promote on their social medias. Lastly, the company developed an augmented reality mobile app to let clients to watch product projection. This really helped boosting the purchase. Ms Chan thought that the jewellery industry should transform from an absolute luxury to a modern fashion. Branding is the key of the transformation.
BUD Consultant helps effectively
There are dozens of pages in the BUD Fund guide to application, which is very time-consuming to digest qualified items and conditions. We can see by only 4 BUD projects the story is quite successful, therefore no applicants would apply for 40 times (Maximum number of BUD application). You will only apply for several times at most, why not hire a professional BUD consultant to help? The consultant should be experienced to save your manpower and time, as well as lower the risk of failure. If you are interested in the Mainland Programme or FTA Programme (previously as ASEAN Programme) under the BUD Fund, kindly contact BizMagnet.
