Research suggests that today, 40% of global economic activity occurs in Asia, and world growth is expected to continue to be led by Asia over the next decade.
Half the world’s current population lives in the many diverse nations of Asia and with population growth, Asia will not just be the biggest global producer of goods and services, but, also the biggest global consumer market.
However, succeeding in Asia is not a given. Many organisations have boldly stepped into the region and have at times, failed to gain the traction they are looking for.
The growing trend of expanding businesses into Asia does however present some challenges that should be properly understood in order to be appropriately addressed.
Without question, getting your marketing right plays a crucial role when breaking into any new market and can ultimately determine whether you succeed or fail.
To work profitably in Asia, businesses need to take a long-term approach and ideally, work with an Asian marketing partner who understands the culture from within. The region is incredibly diverse with many different languages and culture in each country, each with varying levels of market maturity.
Digital technology has transformed the landscape of client engagement, commerce, marketing and more in such a way that impacts every area of your business. Every company now, essentially, becomes a digital technology company. This means that managing your transition to a digitally driven business model is not just critical to beating competitors, it is, crucial for corporate survival. It is essential to reflect on these aspects to become a digitally transformed company:
Firstly, the pace of digital change is rising exponentially, making it very difficult to maintain a leadership position. To counter this, an acceleration of new digital solutions is essential.
Secondly, companies are under increasing pressure to compete digitally. Traditional established business models are being disrupted by “born digital” start-ups.
Thirdly, customers expect a good experience across all touch points. You must ensure their interactions on all channels are both seamless and exceptional.