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If you’re looking to get started with expanding your business into China and you want to ensure your success, we have taken the guesswork out of it and made a simple list of the top nine things you need to do to get the money rolling in. Cracking the Chinese market isn’t as hard as people make it out to be, so long as you follow these simple rules.
Source:http://www.executivecentre.com.hk/locations/china/guangzhou/guangzhou_ctf_finance_centre/gallery/gz_hna_tower_office2_1024x740_72pdi.jpg
Marketing 101
Don’t forget what you learned in the marketing basics classes you took as part of your Business degree. You need to focus on the 4-Ps: product, price, place and promotion and you need to ensure that you are doing plenty of research so that you can track your success. Make sure you’re working on your value proposition and figuring it out so that it meets your target market’s needs.
Get the right space
Part of cracking the Chinese market depends on you having the right first impression. A key part of this is the right kind of office. If you’re not quite at the stage of springing for a full term lease in the heart of Shanghai then the next best thing is a serviced office in the heart of Shanghai. You can get the best parts of a prestige office without the overheads. It’s good for your bottom line and it’s good for your business’ image. What’s not to love? Click here for more on serviced offices.
Be patient
Don’t rage around hoping that a more-is-more approach will work. You need to understand that the sales process is a lot longer than in Western markets and people will take their time. You need to foster a relationship with your prospective business ally and work with them on a regular basis before they will work with you.
Listen carefully
You need to be listening in and understanding what is wanted in order to meet the needs of your local market. Companies in China aren’t interested in buying something off the shelf, they want a tailored solution that works for their needs.
Build a relationship
As we said before, make sure you focus on making a relationship strong with the right mix of professional and personal contact with a supplier. This may be social events like dinner, drinks; or it might be a few meetings – or a mix of the two.
Follow a formula
Something that the Western business does well is to follow a standard method for doing business. Use this to your advantage, but don’t be overly rigid about it.
Be flexible
Yes, we just said to be methodical, but now we’re saying to be flexible. You need to adjust and adapt to things like products, service, payment terms and price in order to have success in China. Companies from the West need to be aware of what the needs are for their Chinese market and be flexible to adhere to what is wanted.
Negotiate strongly
Key to your success will be your ability to stand up for what you want. Make sure you respectfully negotiate and manage all meetings with dignity and care for cultural wants and needs.
When working in the Chinese market it can seem as though there are a huge amount of rigid rules and guidelines – but the fact is it just comes down to being respectful and managing your dealings in the best possible way. Your flexibility will pay off – so enjoy the process as you discover a new and exciting place and way to do business on foreign soil.
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