Ask yourself the following four questions to assess your potential in the Chinese market. These questions will help you determine whether or not you can compete with domestic competitors and if there is a demand for your products in the market.
Although it is unlikely that you would already know all the answers at this point, pondering these questions now provides you with guidelines for determining your potential going forward.
The four questions
Does your product fit with Chinese market requirements? Is there a need for your products in the market? Or can you adjust your products to the local market?
Case in point, there might be a need for high-end medical devices, however the average hospital in a second or third-tier city does not have the budget to invest in such devices. On the other hand, your less advanced product line could prove to be a suitable fit.
Can you compete with domestic competitors? Strong local competition is hard to beat unless you possess more advanced technologies.
Do you possess knowledge that is currently not readily available in China or does your company outweigh the competition’s products and services offering?
How easily can your products be copied? If your products can be easily copied you might lose your competitive advantage to low-cost domestic competitors.
Can you offer advanced technologies that are in demand? The Chinese government is actively trying to acquire new technologies in a plethora of industries to boost the country’s global competitiveness. Advanced technologies that are in line with the government’s goals consequently have great potential for future growth within the domestic market.
Do you have trouble answering above questions? Shoot us an email and we will guide you through it.
Have you answered the above questions and do you believe your product(s) fit with Chinese market requirements? The next step would be to gain more in-depth market information. Check out our basic market scan to learn more about your opportunities in the Chinese market.
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