It’s no secret that Asia has been an emerging force in the global economy for a number of years. A recent cover story in The Economist carried the headline: “How China runs the world economy.” The article states that “the entry of China, India and Russia into the world economy has doubled the global work force, with China accounting for more than half of this increase.” And while the Japanese economy has experienced a series of downturns over the past decade or so, it will continue to be a major influence in the development of many innovative, new products and technologies. The key for U.S.-based companies marketing to the Far East will continue to be understanding the distinct and rapidly evolving differences between the needs of Asian specifiers and purchasers versus those of their counterparts in Europe and the U.S. Recently, Movéo conducted two significant studies that included input from over 3,500 specifiers and buyers of technology products around the world. Over 1,500 respondents were Asian residents. While both studies focused on a specific market segment, I think the findings are relevant to other a wide array of manufacturers looking to build their brands and market share in Asia. One key insight from the studies was the fact that over 60 percent of Asian respondents were more interested in working with companies that could serve as a single source for a variety of products within a specific category. However, this same concept of “breadth of line” or “one source” did not resonate as well with targets in Europe or the U.S., where less than 40 percent of respondents expressed an interest in it.
— Bob Murphy, Managing Partner
