Top three tips for doing business in the Asian Market

When it comes to doing business with the Asian market, the road to success need not be as challenging as you first thought.  It may just mean tweaking the way you operate to appreciate the cultural nuances.

According to the Melbourne Convention Bureau (MCB), over the last five years 91% of corporate, meeting and incentive (CMI) travellers to Melbourne have come from Asia.

“The Asian market is already exceptionally well-travelled”, says MCB General Manager Business Development and Bids, Beverley Williamson.
 
“Asian travellers have evolved from a ‘tick the box’ trip and are wanting experiences that money can’t buy which enables them to develop professionally and personally as individuals and aligns with their values.”
 
With that in mind, MCB suggests three must haves for success when doing business in the Asian market.

Embrace and respect cultural difference

Trust and relationships are important in Asia, with a high priority placed on relationships that go beyond the transaction.  Asian clients must see the value of the business as not just a “one-off” deal. This means ensuring a perception of a long-term partnership for fostering opportunities for more business in future.

Showing respect and an awareness of cultural differences will be key to establishing these productive business relationships. Start out with a good understanding of the demographics of the country or region you are wanting to do business in, as each may have their own cultural values and ways.

“Having a deep understanding of cultural values will lead to mutual respect and effectively handling sensitive issues should they arise,” says Ms Williamson.
It’s also worth considering currency exchange differences. Not all countries’ currencies are at par with the Australian dollar, so plan around this when working to your client’s budgets.

Beyond servicing the immediate need

Going above and beyond expectations will be much appreciated by your Asian clients. It’s all in the details, like a quick response and turn-around time, to flexibility with accommodating last-minute inquiries. Continuous support and customer service throughout the entire bid journey are essential for clients in the Asia market to feel valued.

“Just because you’ve won the business doesn’t mean the relationship ends there. Follow-up is crucial. Being available, offering assistance and showing support throughout the entire event journey is a must to engendering trust and positive outcomes, particularly for repeat business and referrals,” says Ms. Williamson.

Effective and efficient communication channels

Communication plays a big role in developing relationships and catering to your Asian clients’ business requirements.  Availability of in-language marketing resources and local in-market representatives will make a difference in strengthening business relationships.

“With MCB offices in China and Malaysia with representatives on ground who are native speakers certainly helps breakdown any language barriers. Our representatives work tirelessly to service new and existing clients in the Asian Market and ensure that the relationships the build are long lasting,” said Ms Williamson.

MCB produce many assets in-language for the Asian market. Their latest Melbourne Incentives Planners’ Guide developed in Chinese, provides inspiration and assists meeting planners and corporations looking to host memorable incentive programs in Melbourne and regional Victoria.

“This is the type of in-language marketing initiative that enables more successful business in the Asian market, adds Ms Williamson.

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