Business expansion in Asia: Developing a game plan
While signs of an economic slowdown in the Asian powerhouses of China and India tend to grab the media attention, the region still offers enormous potential for businesses looking to expand.
The establishment of the ASEAN Economic Community (AEC)* in December 2015, puts this potential firmly into perspective in the form of a huge market of US$2.6 trillion and over 622 million people. This ranks the AEC collectively as the third largest economy in Asia behind China and India and the seventh largest in the world.
With levels of consumerism, urbanisation and lifestyle needs within Asia as a whole set to increase over the next 5-8 years, the growth opportunities are appealing. However, tapping into this growth as the market becomes more sophisticated and complex requires a game plan.
Tips and Tricks for Success in Asia:
Based on over 25 years' experience with clients and regulators in Asia-Pacific we've identified 7 must-do actions:
- Leverage local partnership expertise to improve chances of success
- Engage support from management to ensure that plans have clear commitment from the top
- Be innovative in how you customise or localise your products to Asian markets
- Don't overlook Asia as a sourcing hub for products, services and not just a region you can sell to
- Empower your ‘on the ground’ team to make decisions regarding local markets
- Manage perceptions and regulations to protect your brand
- Don't limit your expansion plans in Asia to China and India, there is also the wider potential of the ASEAN Economic Community (ACE)
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