Are you hoping to expand your business into Asia?
Around 4.561 billion people live in Asia; just over half of the world’s population. Over the past few decades, several Asian countries have experienced massive economic growth. According to Business Insider, China and Japan have the 2nd and 3rd largest economies, right behind the United States.
India comes in at #6, while South Korea placed 10th. This means that residents of Asia exhibit great buying power.
To take advantage of the business opportunities available in Asia, you need to know how to break into the Asian market. Below, we’ll get into our top tips for growing your company on the eastern continent. Keep reading so you can improve your chances of success!
- Choose a Country
If you’re trying to break into the Asian market, you might want to start by focusing on one country at a time. If you don’t, you might find it too difficult to try to appeal to people in multiple countries. It also might get hard to research and comply with all the local laws at the same time.
When choosing a country, you should do some market research. Find out where people buy products like yours and collect as much information on them as possible.
- Figure Out Local Laws
Once you’ve chosen a region, you should figure out how to remain legally compliant in that region. Talk to local officials about the rules regarding establishing offices in that area.
You should also learn about any customs-related laws that would inhibit exporting your products to people in this area.
You will need to figure out the local tax laws, too. Get tax services here if you’re thinking of expanding to Hong Kong!
- Get on Popular Social Media Sites
Instagram, Facebook, and Twitter may reign supreme in the United States, but that’s not true everywhere. In fact, in countries like China, these platforms are blocked.
Instead, Chinese internet users log onto platforms like WeChat, Weibo, and Douyin. Learning how to market yourself on these sites will help you reach a Chinese audience.
While Instagram, Facebook, and Twitter may not be blocked in other regions, you should still make sure they’re the most popular sites in the region you’re trying to target.
- Hire Marketing Experts Who Are Native Speakers
You’ll have more business opportunities in Asia if you hire marketing experts who speak the language spoken in the area you’re trying to target.
It’s important that you hire people who have a native-level understanding of the language. Otherwise, you might make unintentional grammatical mistakes. Likewise, these marketing experts should have a fluent knowledge of the country’s culture so you don’t end up accidentally offending your audience.
- Hire Translators
Professional translators serve an important purpose when you’re trying to do business in Asia. You might need professionals who can translate documents, phone calls, or even meetings.
If possible, hire someone who comes with years of professional translation experience. That way, you’ll be less likely to have important concepts get mistranslated.
Ready to Break Into the Asian Market?
Now that you’ve read this article, you’re more poised to break into the Asian market.
Business expansion into Asia can serve as one of the smartest decisions you make for your company. If you keep these tips in mind, you’ll be more likely to see success without as many issues.
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