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NewswireToday - /newswire/ -
Shanghai, China, 11/02/2010 - Franklin Yao, CEO of SmithStreetSolutions, provided China market insights to Crain’s at Anne Fisher’s Executive Inbox Column.
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According to Mr. Yao, in the past couple of years, a much larger number of small U.S. companies have been trying to enter the Chinese market by selling consumer products. However, China is not one market, and it is important to spend the first year researching and building relationships, then developing a strategy and sales team--not the other way around. "China is so big, there's no avoiding it," says Mr. Yao, "even if you don't go to China, China will eventually come to you."
Executive Inbox covers an eclectic range of topics of interest to senior managers and entrepreneurs in New York’s business world.
China isn't one market. Its more than 1.3 billion citizens live in 33 distinct markets, with many different cultures and languages. Even in relatively westernized Shanghai, with its 20 million people, "you have a plethora of different demographics," observes Mr. Yao. "So you can't just bring your U.S. business model there. You need to pick your spots and adapt your marketing to very specific groups. We advise companies to spend the first year collecting data and building relationships, and then develop a strategy and a sales team--not the other way around."
About SmithStreetSolutions
SmithStreetSolutions (smithstreetsolutions.com) is a Shanghai-based consulting and advisory company. Functioning as a business intelligence engine for China that collects, filters and analyzes information, SmithStreet provides the answers and solutions needed to create successful business and investment strategies for the China market. Since 2007, SmithStreet has provided its global clients with strategic consulting, market research, due diligence, and investment advisory services across a wide range of industries.
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