Breaking into the China market can be a real challenge for SME exporters.
It pays to do your homework before making the big move.
At the Naturally Good Business Summit in Sydney next month, Tom Ellis, the Investment Director of Mai Capital – an Australian Investment Group, will join a group of industry experts to identify challenges facing SME exporters.
With an international network within the investment community, Mai Capital assists companies looking to expand into China.
The panel session is tailored for Australian health brands wanting to break into the Chinese market.
Speakers will share about their own experiences, along with providing practical advice for businesses in assessing their readiness, minimising risk, develop market entry strategies and leveraging cross-border e-commerce.
Mr Ellis offers these three tips for small businesses wanting to break into the international market:
Understand your target market
There are often differing consumer and business preferences across geographies, and so having a strong understanding of the target market is crucial. It will allow you to be able to effectively communicate your message in a way that truly resonates with your customers. Having this understanding allows you to tailor your approach and provide products and services that are specially tailored to the market you are trying to serve.
Develop strong local relationships
Local partners that are already established in your target market can be a highly useful resource capable of making the international expansion process much smoother. The right relationship can be the tipping point that establishes your presence in the market and pushes your business to a new level. Developing new relationships, and maintaining existing ones, should be a constant behaviour, something you always look to do.
Maintain a long-term view
It is really important, for whatever market you are trying to expand to, to see it as a long term sustainable opportunity to do business in that market. This will ensure that when you come across obstacles (which are inevitable), you have the resilience to see it through and not move on to the next opportunity. Following trends and having a short-term mindset is not the best approach, when you expand to a new foreign market, it takes time for things to develop.
The Naturally Good Expo, incorporating the Business Summit, will be held at the ICC Sydney Exhibition Centre, Darling Harbour. The Summit will be held on Friday, April 27 and the Expo April 29-30.
For more information and to register visit: https://naturallygood.com.au