China has for the last two decades, ranked as the fastest-growing economy on the planet. Yes, growth has slowed down in recent years, but it’s still higher than in many other countries. China is also expected to overtake the US as the largest economy in the world by 2030.
The country is uniquely positioned for growth. First, it has a population of nearly 1.4 billion people, a huge percentage of which is considered to be middle class. This is one of the largest markets for international companies.
The good news is that the Chinese government has been putting in place policies to encourage foreign companies to invest in China.
However, there are a few marketing tips you need to keep in mind before you jump in. This will help you make a lasting mark in this massive market.
- Get Used to the Chinese Calendar
So, we all know that a lot of retailers in the US have high seasons and low seasons. For example, during the festive Christmas and New Year holidays, sales in literally all sectors go up massively in the US.
But when US brands come to China, they don’t seem to take advantage of similar shopping bonanzas in the country.
For example, the Chinese Lunar New Year is often accompanied by an uptick in commercial activities, including shopping. Targeting such a holiday for your sales can lead to massive revenue. China also has Single’s Day, which is marked on November 11th.
Think of it as a Valentine’s Day for singles. And just like the Lunar New Year, commercial activities spike during this day. For these reasons, it’s always advisable to adapt your marketing plans to cater to these holidays.
- Try Social Media Marketing
Yes, China doesn’t have traditional western social media platforms like Facebook, Twitter, or Instagram. But it still has its social media platforms, and if I may add, they are huge.
If you want to get results marketing in China, you cannot afford to ignore these platforms.
WeChat, Weibo, and others have billions of Chinese consumers just waiting for you to reach them. Learn how they work and take full advantage.
- Be Careful with Your Pricing Strategy
So, income levels in China vary greatly depending on where you are. Generally, people who live in modern urban areas tend to be relatively wealthier than those who live in rural areas.
In addition to this, Western China is by far the wealthiest region with relatively higher income levels compared to Central and Eastern China.
When you’re devising a pricing strategy, it’s important to be fully aware of these price differences and how they will affect your marketing campaign.
Using QR Codes is designed to make transactions in China easier. A lot of Chinese customers use mobile payments and QR codes are integral in this.
It’s estimated that Chinese consumers buy more products through mobile payments than any other country on earth. It’s more or less a shopping culture here and you cannot afford to ignore it.