5 Winning Strategies for Doing Business in China
By: Ja’Nel Edens, MBA Candidate 2018
Out of our 15 company visits, we identified several winning strategies to doing business in China:
1. Relationships. “The 3 R’s to doing business are: Relationships, Relationships & Relationships”. China is a collective society which values stability and relationships. This is critical to understand when conducting business. Relationships with a solid foundation in trust can take you a long way for you and your commercial endeavors locally.
2. Unique Quality of Service & Customer Experience. Companies doing business in China is are often successful because they offer a unique quality of service and customer experience. Creating something different from what’s being offered locally or traditionally can also serve you well.
3. Location is key. Being accessible to your target market is essential. Having a physical presence helps with establishing the company brand among local consumers as well as managing relations with local stakeholders and learning on the ground.
4. Know the Chinese market and expectations then adapt accordingly. It’s important to understand the local market and tailor products and services to local preferences.
5. Define your Target – It’s easy to think that China’s large population is sufficient for doing business, but experience has shown this is not so. Defining your target audience and customizing your strategy to meet your target consumer is key to success. Preferences vary across regions, generations, location and occupation.