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Shanghai is the commercial and financial center of mainland China, and ranks fifth in the 2011 edition of the Global Financial Centres Index published by the City of London. All these make Shanghai a destination of choice for investors. However, there are characteristics that every entrepreneur must know before making an investment. Here are some tips for marketing to keep in mind to bring your business to success in Shanghai.
Tips for Successful Marketing in Shanghai—Marketing Basics
Remember the marketing basics – product, price, place and promotion are all important. All should be researched before and after market entry in order to ensure that the value proposition meets and continues to meet the target market’s needs.
Tip for Successful Marketing in Shanghai--Patience
Patience is required when applying the marketing basics to Shanghai market. In particular, the sales process is longer and more complex than in Western markets, and local buyers will take time to be convinced that a Western company has the ‘local’ credentials to meet their needs.
Tip for Successful Marketing in Shanghai--Listen
Only by listening will you be able to understand and therefore meet the Shanghai market needs. Chinese companies do not want to buy a product or service that has come straight off a shelf in the West.
Tip for Successful Marketing in Shanghai--Relationships
Focus, but do not over-focus, on relationships. Any salesperson must be prepared to be ‘friends’ with a potential supplier. However, this is as well as, not instead of, the 4 Ps of the marketing mix.
Tip for Successful Marketing in Shanghai--Be Confident in Your Quality
Western companies start from a strong position, in that they are usually assumed to have excellent quality. Focus on the value you add, and be prepared to explain why you can add value in Shanghai specifically.
Tip for Successful Marketing in Shanghai--Be Methodical
One of the qualities that define Western businesses is their methodical approach to doing business. It is clear that when this turns into a dogma about how business should be done, Chinese companies quickly lose interest in your offering. However, do not be afraid to highlight the methodical nature of your offering, as this is something that is valued by Chinese businesspeople and seen to be lacking in some Chinese businesses.
Tip for Successful Marketing in Shanghai--Be Flexible
Flexibility on issues such as product, service, payment terms and price is vital for success in Shanghai market. Foreign companies should do their best to identify and meet Chinese customers’ real needs rather than assuming these needs mirror those of customers in the West.
Tip for Successful Marketing in Shanghai--Be Prepared for Plenty of Negotiation
Any potential supplier should be prepared for plenty of negotiation when selling to Shanghai businesses. It is almost inconceivable that first proposals will be accepted. Keep in mind the fact that buyers may be deliberately benchmarking suppliers, and always try to reserve sufficient margin for further price reductions at a later stage.
Tip for Successful Marketing in Shanghai--Avoid Exaggeration
Focusing on the credentials you have, rather than exaggerating to make up for perceived deficiencies. Above all, Chinese companies want to trust their suppliers.
Contact Us
If you have further queries in Tips for Successful Marketing in Shanghai, don’t hesitate to contact ATAHK at anytime, anywhere by simply visiting ATAHK’s website www.3737580.net , or calling Hong Kong hotline at 852-27826888 or China hotline at 86-21-68877368 21-31397142 21-58822399, or emailing to hkcfm-shanghai@163.com.
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