100 Business Strategies: Mastering market trends to expand business

You're lazily strolling by on a night when New York City is bathed in lights, and you come across a shop called Tech Trend. The shop is filled with a collection of electronic products, a feast for your eyes. All are the latest gadgets. You examine each one carefully. Every product has a 'Made in China' label on it. You wonder whether you are in America or China. 

Chinese products have flooded the world market. There is no place on earth they have not penetrated. This piques your curiosity. How did they master the art of selling, dominate manufacturing like no other country, and march far ahead of their competitors?

Advanced strategies

Competing in the global market is not the same as playing in the domestic market. This is possible only through constant efforts. A nation united as one and constantly striving towards one goal succeeds in this. Competing with the rest of the world and achieving extraordinary sales for their products is made possible by the smart strategies Chinese companies employ.

Stay constantly updated

Innovation is the need of the hour. Products should be constantly evolving. Consumers' needs are changing. They yearn for innovation and do not like to use any product in the same way for long periods. Look at the strategy that the Chinese adopt: they continuously experiment with their products. This leads to better products hitting the market, which consumers welcome with open arms.

Telecommunication giant Huawei is always trying to redefine technology. They face the challenges of the world market meticulously, continuously bringing new smartphones and network devices to market, challenging even the technology of developed countries. The quality of their products and the innovation that keeps them ahead of competitors continue to motivate consumers to buy their products.

The customer and the company

Mere innovation is not enough to conquer the world market. Look at Chinese companies, and you'll see that they strive to create strong relationships with their customers. Now, you might think this is quite common. But when it becomes a culture, it gets defined as a strategy that puts a country on top of the world.

Xiaomi, a manufacturer of high-quality smartphones at affordable prices, continuously seeks customer feedback. They rely on this feedback to improve their products. In other words, it is the consumers who design their phones. Xiaomi communicates with customers through online and social media. Their strategy of improving products by earning customer trust is successful.

Adapting to trends

Chinese companies pay close attention to market trends and organize their businesses accordingly. At a time when consumers began relying on online platforms to buy products, Alibaba made history by understanding this trend and entering the scene. They created new dimensions for sales by making online shopping a platform for personalized experiences. It didn't take long for them to become the global leader in e-commerce.

Self-experimentation and expansion

It is not only innovation, but the ability also to quickly adopt trends, or a customer-centric approach that has made Chinese products spread across the world. They also turn their domestic market into a testing ground. They introduce products to the domestic market first. After succeeding locally, they step into the global market. They use the experiences and feedback from the domestic market to further improve the product and study the market.

You may recall ByteDance's TikTok mobile app. This application, which has gone viral worldwide, was introduced o the Chinese market before reaching the global stage. The product entered the world market after building a large base among the Chinese. Their experiment in the domestic market enabled them to penetrate the world market.

More importantly, the willingness of Chinese companies to take calculated risks is another factor that should be highlighted. The risks they take by closely observing, evaluating, and studying the market play a decisive role in their success. Marketing strategies to conquer the world need to be learned from these masters of the art of selling.

(The author, Dr. Sudheer Babu, is an entrepreneur, writer, poet, and management consultant. He is the founder and managing director of Kochi-based De Valor Management Consultants Private Limited. Email: [email protected])