Gain an advantage in foreign markets using these three tips
Asia, known as “the continent of contrast”, is one of the most diverse continents in the world.
Entering such a diverse nation can be scary at first, but it is also one of the best locations in the world to do business due to its availability of land, labour, and capital. Many manufacturing and tech companies are based in Asia because of its affordable labour costs.
The Asian market has plenty of room for innovation and growth.
It’s a family affair
The first point is more of a mindset for doing business in Asia.
One of the major characteristics of Asian culture is its collectivist nature. People are very close-knit and attached to one other. Therefore, if you want to be a part of the family you have to be the family.
That means not being afraid to explore people’s unique tastes, forming close bonds with locals or business partners, and learning everything about the culture.
For example, “giving gifts” in general is a major part of Asian culture. It is something that brings people together.
Believe it or not, in India, businessmen receive gifts from one other, for example, sweets during festivals or occasions. India itself has more than 20 festivals in a year.
All the events can be difficult to remember sometimes, but its all part of blending in with the culture.
In the Japanese work culture, drinking with a work colleague is seen as part of work which is usually not the case in Western society, where people frequently go out for “after work” drinks.
This is because the Japanese sometimes tend to keep their opinions to themselves without voicing it out, so if your Japanese employee has agreed with you during a conference, you might find out that he has a completely different opinion just after a few drinks.
Keeping up with the trends
Asia is the most populous continent in the world, with an incredibly large and diverse market. To serve a market like this, a business must be constantly on their tiptoes.
One example is the incredible rise of the Korean boy band BTS recently. In no time everyone started talking about them ; not just in Asia but also in the US.
Taking advantage of the opportunity, Soko Glam, a Korean skincare and beauty brand, started making BTS sheet masks for the face. At a glance, it seemed like a pretty ordinary facial mask, but with the images of the boyband group on the cover, it was sold out in a matter of few hours.
Simply, knowing what was happening in the market helped Soko Glam create this opportunity for their business.
Two ways to do this can be to befriend locals or hire an expert who knows the emerging trends.
Know your lingo
Knowing the lingo is so important because every country has a different lingo in Asia and knowing it helps in developing a bond between the customer and the brand.
There are tons of examples of businesses who have leveraged on this point.
One of my favourites is Singapore’s leading taxi-hailing service which managed to override the popular international ridesharing app Uber.
By using popular Singlish phrases like “Yay, driver here liao!” and “Wait ah, finding driver”, Grab has managed to entertain and create a sense of belonging within its customers.
Another example is a study done by Raj Raghunathan, a professor in the Department of Marketing in the University of Texas, who attempted to answer the question about whether participants would show more liking to familiar objects rather than unfamiliar ones.
When participants were shown two sets of Japanese alphabets, one to which they had been previously exposed and another to which they hadn’t, participants reported greater liking for the ones they were familiar with, even though they couldn’t recall seeing them.
And what can be more familiar than language?
Conclusion
Sometimes people can get overwhelmed by the diversity in Asian culture, however, it is important to remember to embrace the uniqueness, and convert the challenge into an opportunity.
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