It seems everyone enjoyed listening to Bo Ji’s Win In China seminar series and received great value from attending our ACSME event in Melbourne.
Here were the key take-outs:
Don’t fear China. It’s a large and important market with a strong interest in foreign technology, products and services and this is the perfect time to make your move. Don’t be put off by what you read, hear or see! Australia is well positioned to take advantage.
Most companies fail in China because they don’t do their research or are unwilling to localise their product or service proposition. Walmart is a good example. Be aware of cultural differences, consumer behaviour and local success factors
The Chinese are relationship-driven in their decision-making. Sometimes they do business with people they like and trust even if the product or service offered is inferior to other options. Always put the relationship first.
Hire Chinese talent. One quarter of the world’s STEM (scientists, technologies, engineers and mathematicians) are Chinese. This STEM workforce is already 8 times larger than the US and growing 6 times as fast.
Four Steps to achieving miraculous growth in China:
Understand the chinese consumer
Establish a local team (eg STEM) with strong execution capabilities, local understanding and hard work
Develop the right channel strategy (e-commerce, distribution, franchise etc.)
Create an effective marketing strategy
Cultural differences are important to observe and respect. Just because “their way” doesn’t seem to fit “your way” of doing things, don’t write them off as unprofessional or chaotic. Think about the advantages of their approach. They’ve been doing business the same way for thousands of years. They can’t all be wrong!
Australia has never done anything to harm or upset China. This puts us in a unique position of trust and respect. Make the most of this!
CKGSB CEO Program - an international study tour program recommended by David Thomas who attended in May this year.
China CEO is a 5-day intensive program that is designed to help today’s business leaders to learn China-specific knowledge. Please watch the video to learn more.
Here are some links to relevant resources and information as you plan your next steps:
Copies of Bo Ji’s slides
Details about ACSME Membership - join our growing network of Australian SMEs with an interest in China.
CKGSB China Start Program - for ‘start ups’ and ‘scale ups’ to meet and pitch to Chinese investors
Free subscription to “China Bites”, our regular take on what’s happening in China, and why it matters.
Registration link to tonight’s “Win in China” session in Sydney if you have colleagues or friends who should attend.
Please let us know what else you need to assist you with your China strategy, or other questions, by contacting us at firstname.lastname@example.org.