Expert Business Advice: Know your market or pay the price

In this business tv show, we talk about why you need to know your market with emerging market experts Stephen Philips, Chief Executive, China-Britain Business Council, and Chris Runckel, President, Runckel and Associates, who explain why you need to get out there and meet people over and over in order to build relationships necessary to win business.

Chris Runckel: Right now you’re seeing the second wave into China and essentially its companies that are coming in their looking to take advantage of the China internal market and some of them are coming in and probably going to do quite well, others are coming in and they’re rational is more on the basis, well there’s 1.3 billion people in China, there should be a market for our particular product. Those companies may not do as well.

Stephen Philips: This is a ruthless market and particularly if you look at the bigger urban areas there’s a lot of international competition there so you have to have good quality product or service, you have to be really committed to marketplace, you have to go there frequently to build relationships and demonstrate commitment but then that can lead to good quality and profitable business. B&Q won the UK’s leading retail stores in the do it yourself arena in the UK have very aggressively entered the Chinese market. They now have more than 60 stores across China but what they’re done very cleverly is to modify their business model to the needs of the Chinese consumer where do it yourself isn’t actually as popular as it is in the west where obviously labour rates quite low. So in China they offer the same equipment, products and so forth but they also provide the labour force that will kit out a flat for somebody in China and that has proved to be a really successful business model.

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