Ben Madilynn
“You have to look beyond the newspaper headlines,” says David Martin of the China-Britain Business Council. “With a country of 1.4 billion people, a single figure for GDP is almost meaningless.”
China is diverse—its regions, cities and sectors all function differently. As a result, it’s better to drill down into areas of focus. The media sector in Beijing isn’t necessarily going to be in the same shape as the retail sector in Hangzhou. To succeed, you’ll need to gather detailed, specific intelligence about the market segment relevant to your business, such as local customer preferences, competitive landscapes, supply chains and regulatory environments.
A good way to begin your intelligence-gathering is with organisations such as the Department for Business & Trade, individual Chambers of Commerce here in the UK, or David’s own organisation.
But while online research is useful, you’ll want to schedule a visit to the country too. Being on the ground allows you to meet potential partners, customers and industry experts. You’ll gain a deeper understanding of the local culture, business etiquette and consumer preferences. These in-person insights will help refine your business strategy and avoid missing local nuances.
