3 costly mistakes to avoid
DESCRIPTION
To create a proiftable Asia Pacific campaign, you must avoid 3 very basic mistakes that can cost you MILLIONS OF DOLLARS in failed deals, partnerships and prospective lucrative opportunities. You MUST learn how to avoid them .TRANSCRIPT
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3 Costly Mistakes To Avoid
To Create a Profitable Asia Campaign
AS FEATURED IN THE WALL STREET JOURNAL
With David Clive Price
Which One Are You?
I already have business in Asia and want expert tips
All I see are people talking about launching business in Asia, what’s this all about and can it work for me?
I already know I want to start business in Asia - so let’s get started!
What You’ll Learn Today…
1. Why Business in Asia is Thought So Difficult
2. Three Costly Mistakes to Avoid in 2014 & Beyond!
3. How to Turn Potential Mistakes Into a Profitable Asia Campaign
4. How to Get Started
5. How to Get my Personal Help for Free!
For Those Who Don’t Know Me…
Coach-Consultant, Author, Speaker on Asia Business
25 Years in Asia and UK advising Asian and Western companies
Writer on Asian cultures, speechwriter to East-West companies like HSBC & Standard Chartered
Passionate about introducing businesses to Asia
The Master Key to Asia
To support your business plans in Asia, I’ve written The Master Key to Asia
Of course I recommend it!
You can buy it on Amazon as Paperback or Kindle or at www.davidcliveprice.com/master-key-asia
More support is on its way - The Master Key to China!
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Twitter handle: @DavidClivePrice #asiabusinesslive
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Let’s get started
Left out or confused?
Go deeper into one market but feel you’re scratching away?
Have a partner but it’s not working as it should be?
Deals gone nowhere, or emails unanswered?
Low trust of new markets/partners/countries?
In an Asia market already but…
Lack confidence and trust
Not performing as well as you’d like
Find the culture off-putting and oblique
Cannot get a straight yes or no
MISTAKE #1: SHOWING IMPATIENCE
Wanting to wrap up everything quickly
Aiming for decisions, signed & sealed contracts
Thinking you can sign off and leave the rest to the team or partner
Forgetting that business in Asia is PERSONAL
What do all Asia markets have in common?
More communal & less individualist than West
Collectivist: harmony, family, teamwork, hierarchy
Not losing face but saving face
Preserving the surface of things
The million dollar question for Asia clients is:
Can I do business with you?
Can I introduce you to my network as a credible business partner?
Are you someone that understands our rules and ways of doing things?
Will you stick out or come over as excessively pushy?
So how can you fulfill these requirements?
Be present and show patience
Build business relationships over time
Build networks of obligations, trust and respect
Watch the doors open when you adapt to the local customs & cultures
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MISTAKE #2: FOCUSING ON PROCESS
Silence is not golden for Western ears
Emails’ silence, presentations’ silence, yes-or-no silence
Why are we so insistent on a rapid response?
We want a deal as quickly as possible in ‘globalized’ world
Treating Asia business as based on transactions alone
Indirect and relationships-based in most Asia markets
Only very international cities like HK and Singapore are exceptions
Primary significance of long-term business relationship
Guanxi (Chinese version) is at heart of Asia business deals
What is a guanxi network?
Tea-drinking and ‘non-business’ topics are part of guanxi
Chinese are not the only ones in Asia to use this assessment process
Much entertaining, drinking & karaoke also involved
This makes results-driven Westerners even more impatient!
What’s the difference with Western networking?
We build up organic relationships usually AFTER contract is signed
Contract is first stage in completion of other contracts
In Asia, guanxi & network building come FIRST
Strong personal relationships and obligations lead to deals
How can foreigners get guanxi?
You don’t have college, local or family networks
So the best you can hope for is ‘foreign friend’
To become more than a ‘friend’, you must get the key to the informal system
The key is acknowledging obligations and building your own networks
MISTAKE #3: BEING GLOBAL NOT LOCAL
Many foreign companies forget to localize their brand and operations
We live in a globalized world, we have great brand DNA
Problem is Asia markets are all different
Countries like China have many different markets (as Tesco and others have found out)
The example of Ruritania
What’s special about the country that might affect your business?
What makes Ruritanians tick?
Among their characteristics are a belief in Optimism and no supermarkets
They cannot say no and sign their contracts in invisible ink
Asia is full of ‘Ruritanias’
High growth markets with many cultures & traditions
Some are related but many are dramatically different
Hong Kong is not Singapore, Tokyo is not Seoul
Kuala Lumpur is not Manila, Beijing is not Taipei
The Key to Success in Asia markets?
Competitive intelligence
Local knowledge
Who are your main competitors in Asia?
No longer global multinationals or companies
Competitors are local & regional players
Have their own ‘competitive intelligence’
Understand local consumer behavior
Have lower cost bases and more customer feedback
Have long experience of ‘targeting’ to local Asia tastes
How can you compete with local Asian companies?
Find out everything you can about the market
Partner with strong local partners
Leverage their knowledge of local tastes and of medium-tier and lower-tier growing cities
Immerse yourself in customs, etiquette & culture of your target market (s)
Make partnerships for inbound investment
Think globally but start locally
‘Glocalization’ means global solutions
Global solutions must have Total Relevance to local markets
‘Glocalization’ will produce lucrative opportunities for both Western & Asia companies
It’s all related!
Avoid these 3 COSTLY MISTAKES to build success
Focus instead on relationships, networking and long-term value
Build ‘glocalization’ and competitive intelligence into all your plans
Create a successful business strategy for Asia
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