Tips on How to Approach the Chinese Market
There could be a trade war going on, but business with China is still ongoing. 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.
You need to rely more on the first-hand experience. There are too many people making too many assumptions about the nature of trade there. To avoid making any mistake regarding things like how they like your products there, you need to go to China. You need to take your team with you, and arrange to talk to customers on the ground to hear their views and receive their feedback. You need to visit their homes and see how your product impact their lives. You should also register wechat account, to talk to customers in the country. 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 could be relying on government subsidies, which further increases the desirability of their position. There is a need to consider what you shall do about this carefully.
There is a need for you to plan your movements well. A rush to get into the market fully shall strain your resources and personnel. There is a need for you to first land the perfect partner to work with there, where you shall both gain from this arrangement. You should only think of a time frame that suits both parties well.
There is also a need for you to find out more about the collectivism culture there. There is always the prioritization of the welfare of a family, a business interest, or a group who work together. While negotiating with such groups, it is always best to aim for a solution that benefit everyone involved. There is also a fondness and enthusiasm for negotiations, meaning they shall be ongoing long after you believe they are settled, leaving the fate of any outcome certain only at the point of completion. There is a need to expect more sessions until the project is done.
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. As much as there shall be challenges, you shall find the rewards to be worth the struggle. You shall learn more about doing business there on this site.