Bridging the gap between Asia and Europe
Asia today is where it’s at. Whether it be in popular culture, fashion, food, travel. There is a huge hunger for Asian goods, Asian produce and an Asian way of life – and in business it’s no different.
Asia is now home to some of the most innovative markets in the world. Technology is thriving and there is a growing rate of EU businesses taking an interest in the tech landscape in Asia. At this year’s London Tech Week, at the UK Tech Powerhouse event, there was a resounding call for there to be more collaboration between tech companies in the UK and tech companies in Asia. UK tech startups were particularly keen to accelerate in the Chinese market.
Recently, we’ve noticed a switch to the East in our industry too, the iGaming industry. Currently Asia is rising as one of the leading markets in gambling globally and this rise in popularity doesn’t seem to be stopping anytime soon. As industries are appearing to be more saturated in Europe and the Asian market booming, it’s no surprise that companies in Europe want to branch out to the East.
But success in Asia doesn’t happen overnight. The gap needs to be bridged.
**Understand the market. **
It sounds simple but understanding how your customer’s wants and needs differ from Europe to Asia is imperative. We provide slot games to both Asian and European markets, but what players in Asia want compared to those in Europe differs greatly. European iGamers like to be taken on a journey, Asian players like games to be simple and watch the winnings stack up fast. Each audience will want different styles.
Like most things in business, it isn’t one size fits all, and the Asian market isn’t just one big market. Just like you wouldn’t market to your Spanish customers in the same way you’d market to the UK or the Nordics. The same applies to Asia – each region comes with massive differences. It’s important to take the time to research what works and what doesn’t work in each, as well as be willing and able to adapt.
**Hire Wisely. **
To bridge the gap between your European operations and Asian operations you need to have the right talent at your disposal. A blend of knowledge of both markets is essential to create a winning formula. Those at the top need to have expertise of your industry in both the West and the East – that way it gives the employees who work on the creative ideas an opportunity to get the operational support and guidance they need.
Compromise is absolute key. The two business cultures will undoubtedly collide at some stage, so effective communication is the only solution.
If Rome wasn’t built in a day, then making the transition for your business from Europe to Asia isn’t going to be a fast ride. Build the right team and hire wisely to help bridge the gap more quickly.