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Managing Director • Sierra Asia Partners
Best Practices:
- Consider your market entry strategy carefully, researching the market to find the right place in it for your company.
- Know your partner or potential partner, avoid the “same bed, different dreams” problem, and make certain that your interests are aligned.
- Understand regional differences; focus on regions in which your market strategy works best, rule of law and market order are strongest, and policy environment is most favorable.
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Understand the rules of the game: the written laws and regulations of the government and the unwritten rules in the industry and region you are entering.
- Protect your intellectual property and make use of the tools available to you under Chinese law.
- Build a great local team, trust it, make certain your company’s interest and the team's are bound together, and treat team members as you would like to be treated.
- Be aware of the most current economic reforms and how they might affect your enterprise.
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If you don't speak Chinese, make smart decisions about how to compensate.
TrustedPeer Expert
Best Practices:
- Estimate the size of your market as a periodic activity.
- Keep a retailer scorecard to help track the health of the supplier/retailer relationship.
- Create local customer teams – that is, teams that are located near a major retail partner's headquarters.
- Create integrated marketing campaigns designed collaboratively between suppliers and retailers.
- Product positioning is crucial for defining the product and delivering a clear message to customers.
- Retailer exclusive products create opportunities for both suppliers and retailers.
- Understand the distinction between consumers and shoppers, and conduct research to determine the behavior of both groups.
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