What US Businesses Need To Succeed In China
In the last two articles we published on the topic of taking American brands to China, we explored what the market is like in China, and why New York brands, in particular, could benefit from launching an initiative to gain some market share.
This article is focused on what it’s going to take to succeed.
There are a lot of top-level business resources available in a variety of areas such as sourcing, manufacturing, marketing, finance, investment, co-branding, cross-marketing with major domestic and global brands in China.
Regardless of the path, you choose to expand globally – these 17 points will help you decide if China is a place for your brand.
- Success requires a strategy, you will want to do some research on the market or partner with someone that has domain expertise in China
- Understand the key players that will be involved in your supply chain
- Establish a timeline for a successful launch and what steps you are going to take
- Build a financial model to understand the investment and your ROI
- Evaluate how brand fundamentals are going to resonate with the Chinese consumer
- Adapt brand assets to the market and build a brand guide
- New York/American specific brand profiles are desired over other global brands
- You have the option of building a physical presence, noted in Shanghai, Hongzhou and Nanjing (the delta region of 180M+ population, with strong national market impact)
- Create content and distribute on e-commerce, digital platforms for Chinese consumers
- Collaborate with other brands on co-branding projects
- Access media companies and influencers to create brand awareness
- Strategy and development partnership to help guide brands in the marketplace
- Supply chain partnerships to help streamline operations
- Brand partnerships with domestic and international companies for collaboration
- Media partnership with multiple media outlets
- Tax and legal and management professionals
- Operation management partnership for monitoring, auditing, optimizing
This article just released, check back as we update it with more resources.