Focus on transformation and opportunities.
To stay competitive and seize new development possibilities, you have to consider establishing operations in overseas markets. Thus, globalization becomes even more compelling as company processes such as marketing, sales, and recruitment become increasingly internet-based.
Users from the countries that make up the Asia-Pacific (APAC) region have fast become the world’s internet users. This vast region, which includes East Asia, South Asia, Southeast Asia, and Oceania, is an incredible potential for firms wishing to develop globally.
The APAC market has one of, if not the fastest expanding, digital user populations. In the year 2020, China alone gained 50 million additional internet users.
In connection, Chinese companies now make up a larger percentage of the global corporate universe, intensifying global competitiveness in a variety of industries. While this dynamic promotes better allocative efficiency, it has also resulted in increased churn and margin pressure as Chinese and other emerging market businesses seize market share from industry incumbents.
Moreover, through increased cross-border flows of capital, goods, and people, China has profited from and contributed to globalization. This involves contributing to the modernization of global governance processes, acting as a catalyst for regional integration, and continuing to be a global economic engine.
China is now ranked eighth in MGI’s Global Connectedness Index, which measures the inflows and outflows of products, services, finance, people, and data across countries. China is notable for its high level of interconnectedness in relation to its revenue.
If you are one of the companies that operates in China, you have to take this advantage. However, it will require a unique approach to penetrate the market and you need to be critical and careful with your strategy. Thus, here are four ways how to expand your company into the APAC Region.
1. Focus on digitization
The digital economy’s backbone is Digitization. Countries all across the world are expanding their investment in constructing information infrastructure and digitized media as it will continue to develop in the future. This could provide significant ‘going abroad’ chances for appropriate Chinese firms with competitive advantages.
As a result, you should concentrate on developing new applications and integrating digital and real-world activities. Traditional industrial and consumer products companies will accelerate their digital transformation in the next few years.
There are investment opportunities in less sensitive areas driven by digitalization, such as advanced manufacturing and app/software development.
2. Try transcreation
Considering that you’re a company from China, it will be a challenge to engage with the consumers in the market using your native language, so you really need to translate. However it’s not that effective.
It’s more about duplicating current content in a new language when it comes to translation. Transcreation, on the other hand, strives to generate wholly new material that embodies the brand’s overall tone, feel, and voice.
Messages created for one target segment or audience are unlikely to resonate with a completely different audience. The result of transcreation is fresh new messaging that is targeted and tailored, whereas the result of translation is new words in a different language with the same content.
Instead of translating a one-size-fits-all piece of content that doesn’t quite resonate with this new audience, transcreation will allow your company to create content that is targeted to the particular features of each region’s culture.
3. Make us of data insights
Chinese innovators are leading the way with actionable analytics feeding their data-driven marketing, others become stagnant, so you have to use this as your leverage.
To ascertain its success, you should be able to effectively use data and analytics to generate actionable insights for your marketing strategy.
With the goal of expanding to multiple territories in APAC, you should have a global database of companies and contacts that will give you access to a whole set of customers. In turn, this will result in a new source of revenue for your business.
By increasing your customer base, you are increasing your sales.
4. Go green
Green measures and recovery will be critical for long-term viability. In the future, new energy sectors outside of China may appeal to Chinese investors.
In order to achieve win-win circumstances, you should invest in advanced technologies in overseas new energy fields, strengthen technical cooperation with advanced countries, and aggressively explore a variety of cooperation ways.
China is a leader in natural resource investments that provide power in a sustainable and environmentally friendly manner.
China alone accounts for a third of worldwide renewable energy investment and nearly two-thirds of Asian renewable energy investment, aided by government strategy to lessen the country’s reliance on the fossil fuels that have fueled its economic expansion in recent years.
As a responsible corporation, you should also promote new energy production capacity and equipment, as well as invest in and collaborate with enterprises in the upstream and downstream of international industrial chains.
Many advantages are available to your firm as a result of globalization. You may unlock additional income potential, improve your company’s reputation, outrun your competition, seize foreign investment opportunities, gain access to more talent, and push your firm to new heights by tapping into overseas regions.
Thus, China defines globalization and is focused on transformation and opportunities.
China has proved that it’s a force to be reckoned with when it comes to globalization. It has marked its success in leading the way to global market transactions, especially in making waves in the APAC region. And you sure would want to ride along with its global development.