The Chinese economy is expected to grow at around 7% per year in the next five years, still creating growth in the rest of Asia Pacific. This growth rate still allows companies to expand with the right strategies. Peter Karlsson from Profits And People outlines four key focus areas for successful expansion.
Analyse and research the potential markets more carefully
Changes in various country and regional economies will continue to be more dramatic than in the past and this will cause a more rapidly changing market place. Data from market research and market analysis therefore needs to be evaluated more carefully and with increased frequency and depth. If not you are giving your competitors the upper hand. Adapt your marketing strategies and product development to the new market. Try to take advantage of the changing market place.
Improve your competitor intelligence strategies
Asian companies have traditionally been better than western companies to gather intelligence that help them win in the market place. This is not a popular topic in the west with massive amounts of jobs at stake. Companies still need to be better at gathering intelligence, in particular when it comes to their competitors. The companies with the best intelligence strategies often win.
Connect with the right people and create long-term relationships
Connecting with the right people has never been more important. When doors close in the areas you planned to target, the right people can help you to open doors in other areas. Even when it comes to large global companies, people do business with other people. Gaining a better understanding of people from different cultures is therefore essential. Successful companies create successful long-term relationships.
Better risk management strategies for a greater peace of mind
Nobody likes to have the carper swept away from underneath their feet or to suffer great losses. A constantly changing market place with “sharks circling around you all the time” creates the need for better risk management strategies. Identifying and effectively mitigating risks will be vital for companies who want to grow and stay in business I the years to come. Do your due diligence properly.