The era of big data and analytics has created enormous opportunities for brands — particularly when it comes to entering new, unknown markets.
Gone are the days where brands would need to rely on gut-feeling or instinct to “know” if their product or service would succeed in a foreign marketplace, or whether their brand will resonate with consumers there.
The sheer amount of data available to brands today has effectively eliminated the need for guesswork. The challenge for most organizations, however, is a) knowing where to look for data; b) being able to bring multiple sources of data together to form a single, complete picture; and c) drawing real, actionable insights from data to make informed decisions.
There is a never-ending supply of data available in the Chinese market. Every single search, every single transaction, across every single channel in China, can be tracked and analyzed. That provides a huge opportunity for brands looking to get a foothold in the Middle Kingdom. So, how do you access that data in the first place?
Founded in 2004 by Jacob and Joseph Cooke, WPIC Marketing + Technologies has built its own tool to access just about every form of data that brands need to succeed in the competitive Chinese market.
If you are a brand that sells denim jeans, for example, WPIC can tell you how many denim jeans sell in China, which channel performs best for sales, what customers are searching to find those products, how sales compare with different types of consumers, how competitors market and price their denim jeans, seasonal trends — and much, much more.
That insight is critical to success in China. Only when brands have an understanding of overall revenue availability, the competitive landscape, and their consumers in China can they properly create a strategy that will chip away at their competitor’s share of the market, and budget accordingly.
Hosted in China, WPIC’s custom-built data tool, Discripto™ downloads Chinese internet data based on specific parameters, then indexes and overlays the data to provide useful market research in China. By identifying SKUs for product groups and pulling down revenue per SKU, category, and platform (e.g., JD, Tmall, or other), Discripto™ forecasts your brand’s market opportunity within a guaranteed 99.9 percent data accuracy rate. Optimizing your China growth strategy has never been easier or more predictable.
Leveraging data, however, should not be a one-time activity. The brands that really accelerate their growth in the market are the ones that use data to make every decision and to optimize every process.
Beyond supporting market entry, data enables brands to forecast demand for products, so they can stock the right inventory, at the right time. It enables brands to fine-tune their marketing tactics and know where to allocate their spend to get the most from their budget. It allows brands to create new products in line with consumer preferences and trends in China.
Data is key to unlocking any brand’s potential in China — and there’s reams of it available. The brands that know how to access the data and turn it into tangible insights are the ones that will disrupt the Chinese market and displace the competition. For more than 16 years, WPIC has helped over 500 brands do just that.