A need for market research in China ?
If you have a product that works in your country and you want to develop your business in China thinking that everything is possible there then a market research will be the first step for you.
The aim of a market research is to test an idea, gathering datas regarding the state of the market and reducing uncertainties and risks. This is the best way to know the Chinese market, and to make sure of your chances of success before getting on board and make mistakes.
Almost all companies have committed some mistakes in China, because culture and consumption patterns are different there.
Market Research …
Market research provided by experts will give you great insights. It will gather key features and data about the Chinese market and identify the needs and expectations of your prospects. Then you will have a relevant view on whether your product or service is in adequacy or not with the market.
-Studying chinese customers will allow you to target in a sharp wayyour customers and to define a relevant positioning for your product or range of products according to each type of customer
-It will allow you to set up a price based on the market and your competitors … Is your target is ready to pay more for your product ? (Most of the time in China, foreign products are more expensive than local competitors)
-Select the appropriate distribution channel. In China it is definitely a major key of success.
-A better view of which communication channels are most appropriate to reach your target
– Can establish a Business Plan in China
A market research is simply a way to learn more about the Chinese market.
Three options are available to you:
Conduct the study itself. Cons: if you do not speak Chinese, have never lived in China or have limited experience in this country the information will be very difficult to gather.
Use a person to do the job: a student or an employee with experience in your field. The biggest problem is to be sure you have quality information, because you will hardly be able to check.
Ask for specialists to conduct your market research. The biggest drawback is the cost of such operations, but the information is more qualitative and will be useful for the rest of your adventure in China. A professional agency will also give you objectives recommendation (favorable or unfavorable) in order to convert insight into actionable business intelligence.
Our Feed Back
I receive on a daily basis a lot of emails from entrepreneurs wondering if they should or should not try to foster their business activities in China.
They have a product or service they want to offer to the Chinese market. They are usually optimistic, but most of the time they lack of pragmatism.
After reading some information on the Internet, they will think “everything is playable,” and rushe. What can we say to them ?
Just study your market before launching your project !
You should have a deep view of your market, study trends in China,do some benchmarking …
Let’s make it clear
Studying a market is the first step to understand the Chinese environment.
So do not hesitate to ask for a specialized agency if you have no experience in China.