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How do you grow Asian business the Asian Century?

Going global has never been more relevant. With emerging markets tipped to represent nearly $30 trillion in annual consumption by 2025, the recent release of ‘Australia in the Asian Century’ white paper has brought to Australia’s attention that that our future in the region is secure if we act now.

Whilst it will require intense collaboration between business and government (not to mention money) to fulfil the 25 national objectives outlined in the Paper, we are already seeing that innovative businesses that ‘research their stuff’, prepare for the long haul, act local and compete globally have the highest degree of success.

By 2025 the consuming class will swell to 4.2 billion people, led by trend of an urbanisation population of digital natives who have incomes to spend. Innovative companies, who offer ‘clean and green’ benefits, are well positioned for this growth so long as they are nimble and locally relevant.

Opportunities abound if you are in the food, alcohol, beauty and skincare industry, all high end consumer goods luxury goods and that’s before we look at the massive supply chain involved in developing these sprawling cities.

So revisit your business plan and explore Asian markets. But sellers beware, the principles of success into Asia are no different than in Australia, research, prepare and plan for your growth – and plan big. Scaled production and speed will be critical to your success.

Tier two cities vs tier one cities are a good way to get started; you still have the mass and more business incentives. Understand local market consumer behaviour and be ready to refine your product offering to local tastes.  Build trust in your brand, Asian markets are highly competitive and loyalty is a new trend. Get advice on regulatory differences and engage in collaborative business relationships that give you a successful market entry edge.

Until the next issue 好运 (good luck)!

Paula Martin
General Manager
Australian Business Consulting & Solutions

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Paula Martin
General Manager, Australian Business Consulting and Solutions
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