By now, everyone who is in business has likely heard about the China-Australia Free Trade Agreement (FTA). After a decade of negotiations, the agreement was signed in November last year and contains a number of provisions intended to facilitate trade between the two countries.
The FTA is extensive, and covers a range of different areas including:
- A reduction in trade tariffs, particularly on agricultural produce and food, but also on a range of other goods.
- Improved market access for services-based businesses, especially in the finance, legal and professional services industries.
- Increased opportunities for investment between both countries.
- The growth of electronic commerce between Australia and China in the future.
- More opportunities for tourism in both countries.
What does the Free Trade Agreement mean for marketers?
A number of different industries are highlighted in the FTA, and if you are in one of them, your potential market has just expanded by 1.3 billion people.
To take advantage of this there are a few things you will need to do to tweak your marketing so that it appeals to the Chinese market as well as the Australian market. Here are some tips to help you get started:
- Spend some time getting to know your Chinese audience. A bit of time spent now learning about this exciting segment will pay off in the long term as you find ways to market effectively to your Chinese consumers.
- Start learning the market landscape. China is different to most other countries, especially when it comes to social media and online marketing. For instance, instead of Google, China has Baidu, instead of Facebook, it’s Weibo. Getting to grips with these platforms can help you reach more customers within your target market.
- Determine your operational feasibility. The FTA has gone a long way to facilitating trade between China and Australia but it won’t work miracles. Everyone has their limitations and figuring out what you can and can’t do before you get started will prevent you overextending yourself.
- Be prepared to test and learn as you go. Make testing and reviewing a big part of your marketing strategy from the beginning, and you are less likely to waste time on unprofitable marketing strategies.
The FTA is new for every business, which means that for the inexperienced, marketing to China is a bit of a leap into the unknown. But by taking time to learn about the market, the landscape and what your business is capable of, you can take the guesswork out of it and enjoy the many benefits of free trade for your business.
Digital Crew has helped a wide range of Australian companies achieving their marketing and business goals in the Chinese market segment. Talk to us today! firstname.lastname@example.org