In an earlier post, I mentioned a finding from a study Movéo conducted, which suggested that buyers in the Far East companies were interested in working with companies that could serve as a single source for a wide variety of products. Today’s prospects are interested in not only "breadth," but also in "depth" –– they want an offering that matching their needs coupled with great technical expertise and support. This interest among Asian specifiers and buyers to pursue partnerships with a single source is also undoubtedly due to cultural influences. As expected, our studies found the greatest needs among respondents across all regions were "product quality and reliability," "product availability/on-time delivery" and "product performance specifications/benefits." While all OEMs are actively working to reduce costs, respondents in the Far East expressed a significantly higher need to partner with a "low cost manufacturer" than those in the U.S. or Europe. As companies in the Far East continue to fight the threat of intensifying competition both from within their region and beyond, they will assert pressure on vendors to reduce costs. Marketers that craft messaging to convince these targets that they deliver a better "value" will have a greater chance for success. When considering the opportunities in Asia, it’s important to recognize the many differences that exist within the region. For instance, findings from Movéo’s studies indicated that the concept of "global capability/local support" was much more important in China than in other regions around the world, including Japan. Multinationals that have the ability to "think global/act local" will have a message that resonates with this audience. For a brand to succeed globally, it must be flexible enough to meet the varying needs of each region, while at the same time being true to itself. The differing needs of valued audiences in the Far East highlighted in our studies clearly indicates the importance of the old maxim "know thy customer" –– no matter where you are in the world.
— Bob Murphy, Managing Partner
