Designing a successful marketing strategy is the foremost step after setting up a new business. No strategy fits all. Because it depends on the type of business and the market type where you want to launch your product/service. A good marketing strategy involves hard work of research and analyses of resources. Determining the right market entry strategy should be the top of mind for companies around the world intending to expand and benefit from the business opportunities in Southeast Asia. Different countries in Asia present differing market opportunities and challenges, but there can be numerous market characteristics within one country, for example, in China and Indonesia which are vast markets spanning a large geographical area. You need to analyze where your product will sell best and the strategies that you need to adopt in the various markets to ensure traction for your products.
Asian markets are not necessarily receptive to the western way of doing things from marketing through to pricing and dealing with local staff, cultural issues play a large role. Spend time getting to understand the local culture of the markets that you intend to enter. This will save time and frustration in the longer term. The right partners in your business journey will make a huge difference to the potential success of your business when expanding into Asia. Reliable partners in your business such as your distributors, marketing agents and corporate services providers are critical to success. There may be bureaucratic hurdles to face and finding a partner that has successfully navigated similar hurdles in the past can be an invaluable asset. Your business model needs to be adaptable to changes in the landscape of the market as those changes occur.
An important quality to possess when expanding into Asia is patience. This is required in setting up your operation, obtaining licenses and work permits. Things don’t necessarily move as quickly in many countries in Asia as they do in a company’s home country. Also, patience is essential in establishing your products and services in the market. Market acceptance of what you have to offer may take some time. Not being discouraged in the short term and having the resilience to overcome the short-term challenges should be rewarded in the longer term. Another key part of patience is possessing sufficient capital to give the business the chance to overcome the shorter-term challenges. This is all part of the planning process before entering the market.
Asia is a large, attractive, growing market. Asia offers significant opportunities, but those opportunities come with risks. Managing those risks requires a comprehensive, well-considered strategy that sets out in detail the planned steps to enter the market and succeed in your overseas expansion.