Last week, leader of UMS’ Establish team, Richard Zhu, was invited to speak with a group of panellists at a streamed round-table discussion run by the Australian China Business Council (ACBC). The purpose of this event was to gather different business perspectives and hear the ways in which organisations have responded to the global pandemic through specific examples. This program is expected to take place each month until the end of 2020, enabling attendees to form a well-rounded perspective and understanding of the industry’s shifting climate.
Panellists details in this link↓↓↓
The geopolitical relationship between China and Australia was one of the event’s main talking points, with each panellist sharing their understandings and experience from a business perspective. However, Richard and the group agreed that regardless of the geopolitical environment, the business world has continued and experienced little disturbance. This is good news for businesses that have strong roots in China, but for Australian businesses who have yet to set their sites on this lucrative market, Richard suggested they first investigate if they are truly ready.
Due to the current global pandemic and economic climate, if businesses see China as a necessary market to pursue, they must ensure they have a suitable investment in their digital assets and are able to form a strong strategy that places digital innovation at the forefront of their plans. This must be done before any promotional activity or distribution takes place as these activities are based on a brand’s well-designed and established fundamental assets.
For businesses who are unable to access China’s market due to restrictions the global pandemic has caused, Richard suggested looking at the 1 million Chinese living in Australia as a starting point. Engaging this community is an excellent way to get a “foot in the door”, test promotional activities and gauge audience interest before committing to China’s mainland market. Then, when a business is ready to pursue this wider group, it will ideally have set up and established a strong digital infrastructure that can handle the demands of Chinese consumers.
Richard pointed out that this period is an excellent opportunity for businesses to review their China strategy, digital infrastructure, and make high level decisions regarding the brand’s direction. Making an impact in China’s market does not always require physical presence, and thus, the need for a fundamentally strong digital footprint has never been more important. Businesses should leverage this time to strengthen their marketing capabilities, so they are ready for when the market returns to normal.