Tips on How to Approach the Chinese Market
As much as relations are strained at the moment with China, doing business there is still a good idea. This may be tough for now, but the right approach shall ensure you keep trading. Here are some pointers to get you in the right direction.
There is so much you shall gain when you go with the first-hand experience. You shall see so many business decisions being made based on assumptions on the country. For you to know for certain how they will find our products, you need to go to the country and fee for yourself. There is a need to involve your team, and to talk directly to the customers there and hear what they have to say. By going to their homes, you shall see first-hand how they get to use your products. By making sure you register wechat account, you will have a way to stay in touch with them. By having such an in-depth knowledge of the customers, it shall be easier to come up with products and services that suit them well.
There is also a need to concern yourself with competitive analysis. The local competition shall have several advantages you miss. These businesses are likely receiving government subsidies, which makes their position even more favourable. You need to look at what cards you have to play carefully.
You should also take time to plan your movements well. A rush to get into the market fully shall strain your resources and personnel. You need first to get a partner with whom you shall both gain. There is a need to have a timeframe in mind that suits both parties.
You should also take time to study the collectivism culture prevalent there. There shall always be the safeguarding of the welfare of a family, a corporation or a team of staff members. If you are negotiating with them, you need to make sure you find a solution that works for all of you. They also love to negotiate, which means that you can only be certain of any outcome only when a project is complete. Brace yourself for more negotiations while it goes on.
The government may seem involved in all major decisions in companies there, but those decisions are controlled more by individual regions. Though their decentralization processes, those regions get to determine how such decisions are made. There is, therefore, a need to let the national and local governments know more about what you are up to while there.
There is a lucrative market in the Chinese population that you need to find your way into. While it shall be challenging, it shall present great rewards in the end. You shall discover more info on how to do business better on this site.