For some of us, one location for our business is more than enough. For others, venturing online, into new suburbs and cities is crucial for maximizing returns on equipment, your brand, your products and potential. But what about expanding your business into Asia? Have you ever been tempted to take on the Dragon or are you happy enough to let your competitors pounce?
It’s an exciting time in Asia and even if you don’t think you’ll ever have a branch of your business or be selling your product there, many of the lessons can be applied to growing your business locally too.
Asia is vast, the population is huge and it’s certainly a lot closer to do business with than Europe or the Americas. But it is close only in distancenot in culture. Never assume that your products or services will match the same needs and wants as they do I Australia.
China and its population of 1.3 billion people is on a massive growth curve and the four Asian Tigers: South Korea, Taiwan, Hong Kong and Singapore have all maintained enviable growth rates over the last decade. This translates to higher household incomes and more purchasing power. For Australian entrepreneurs looking to take their businesses to Asia, expectations are running high.
But wait before you book your flight to Asia, consider the following facts:
It is not easy to build a business in Asia. One can’t really tame the almighty Dragon and even multinational companies that are long established and successful in the region are constantly challenged by the ever changing trends and consumer demands. Notwithstanding these countless obstacles, Australia is well placed geographically to exploit numerous opportunities that are there for the taking.
Here are a few things to consider prior to launching into the Dragon’s lair:
You will also be able to locate other centres around Australia
An understanding and appreciation of all these will prepare you for the challenges that await you in Asia and will assist you in adapting marketing strategies and preparing the right marketing mix. Understanding and addressing the differences in culture between East and West will be invaluable in your attempt to negotiate deals with your potential partners or customers.