The 18th-22nd May is the UK Trade and Investment's (UKTI) national Export Week. To mark the event, TDSi presents two blogs focussing on exports. Following on from Mica Negrilic's previous entry looking at Europe, the Middle East and Africa, Managing Director John Davies turns his attention to China:
China: a fast moving market that offers huge rewards to those that make the effort
As you may have heard recently, China in particular is proving to be a really rather lucrative market for TDSi. We recently celebrated 20 years of working in China by announcing a landmark deal with China Rail Chen Bang Technology Ltd and also enhancements to our key partnerships in China.
China is always an exciting and vibrant country to work in and despite being one of the biggest manufacturing centres on the planet it is also a huge market for security products. With such a massive hub of production right on its doorstep you could be forgiven for thinking there is little scope for outside producers to encroach into the local security market something which I am pleased to say is a complete myth! However, to take on Chinese security producers head on in terms of numbers would never work. What TDSi has done is find ourselves a perfect niche high-quality British-made fully integrated security products.
Reputation is important everywhere, but especially so in China. Having such a huge market has actually made local buyers and specifiers highly particular on the products they buy. High profile customers such as China Rail need the very best security to protect the huge numbers of people they transport each day. Finding a technology partner you can trust is essential for a big organisation such as China Rail and it is a role we are very proud to fill!
For many potential exporters entering a new market such as China can be a daunting one, but I have a few words of advice, based upon our experiences:
- Firstly make sure your business is strong enough domestically to invest in new markets, because it takes a lot of time and resources to do it properly.
- Don't be frightened of cultural differences! This is where strong local advice and help from the likes of the UKTI or the BSIA can really help you to make the right impression and build successful relationships.
- Accept you might need to tailor your offerings to the local market. Sometimes one size does not fit all.
- Ensure your legal protection is in place for the new market. Take time to fully understand local legislation and laws before you start trading there.
- Make sure your finance and invoicing systems are established and running ready for market entry.
- Prepare to be flexible in the way you approach the market, partners and clients. Sometimes the requirements will differ from those in your domestic market.
- Don't expect results overnight! It takes time to build your business in a completely new market - as TDSi's success in China demonstrates, it can be well worth the effort.
For more advice on TDSi's products or partnership opportunities please telephone 01202 723535
TDSi Managing Director
John has been at TDSi since 2003 and as well as being responsible for the growth and success of the company, John looks after projects in Asia. A recent noteable success is the signing of a 5 year strategic agreement with China Rail.