Wake Up And Smell The Tea – A RANT
If today you’re not talking to a Chinese consumer seriously, with a dedicated channel push you are simply missing out on the biggest market opportunity since the gold rush. Yes that’s true and it’s time to really pay attention.Chinese represent almost a third of the worlds population, they speak a language more than anyone else and their coming to a city near you; with migration exploding in the past 5 years. Embrace it and they will also embrace you.
Tom Peters keeps it very simple ‘your board should reflect the market you’re serving’. Would it be so crazy to have Chinese board members acting in the best interest of your company? Chinese like to deal with other Chinese; it’s only natural – so make it easy for them. How much of your company is made of Chinese ancestry?
Arguably the biggest trend we can expect to see in 2011 will be international brands customizing products, marketing and communication to a global Chinese consumer (See trendwatching for further evidence). It’s not a made in China strategy. It’s a ‘made for Chinese’ strategy that will emerge as a profit centre for the next 10 years.
Companies tapping into this phenomenon include American Airlines, Zara, H&M and many more. Retail it seems is the most unique and profitable sector; having seen continued double digit growth across key provinces in China – not to mention the online phenomena Taobao (ebay of china). Online represents by far the easiest pathway to retail success, with most Chinese more than willing to spend online – the cost of freight makes the proposition far more attractive than in the west.
How many of your customers are Chinese? How much of your marketing is tailored to a Chinese consumer? How many Chinese reside in your home country? These are just a few questions that drive alarming results – when the world has experienced economic turmoil of gigantic proportions now’s a better time than ever to recognize key growth markets and cater communication for them.
More rants can be found over a coffee with Mailman.