marketing frontier...m m 12 •despite three decades of +10% gdp growth, the spending of china’s...
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Introduction to China’s Digital
Marketing Frontier
January 2020
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• Platforms vs. Pipelines
• Network Effects
• Economics of Digital
• Competitive Advantage: Digital vs. Traditional
• 6 Digital Superpowers
and / or
• Dynamic Digital and Traditional Competition
Main Digital Strategy Ideas
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2www.jeffreytowson.com
• Get Ready for the Chinese Consumers of 2025
• A Simple Exercise in Digital Marketing
• Shop-Around Is Replacing Loyalty
• Personalization at Scale?
• Break
• Seth Godin: Selling to Beliefs
• E-Commerce + Social Media
• Warren Buffett 25-5 and Munger Inversion
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3www.jeffreytowson.com
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4www.jeffreytowson.com
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6www.jeffreytowson.com
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7
1B Chinese
urbanites living in
+400 cities
200M Chinese
middle class families –
with big lifestyle upgrades
??? - Tons
of money across
Asia
3 Big
disruptors to
watch for
75M Chinese
graduates and world-
class R&D
Asia 2025
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8
• China is now the world’s most complicated consumer
market.
• However, the competition is absolutely brutal. There are
few survivors, let alone winners. You need a competitive
advantage.
• The State still creates many of the winners. Even in the
consumer markets.
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www.jeffreytowson.com
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10
Chinese Are the World’s #2
Consumer Market
– And the #1 Source of Consumer
Spending Growth
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However…
China Is Also the World’s Most
Complicated Consumer Market
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• Despite three decades of +10% GDP growth, the spending of China’s
consumers has seriously lagged growth, exports and investment.
• In the last 5-8 years, this has finally started to change. China is now the 2nd
or 3rd largest consumer group in the world by spending, and has the
fastest growth rate.
• Most of this is being driven by the new Chinese middle class, a group that
really didn’t exist 10 years ago.
• We define the Chinese middle class as households with over $10,000
USD in annual income. This is much less than the $30,000 in the US.
www.jeffreytowson.com
Point 1: Chinese Consumers Are Finally
Buying Stuff
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SOURCE: IHS; World Bank; National Bureau of Statistics, China; McKinsey Global Institute analysis
Consumption in China grew by $1.1 trillion from 2010 to
2015 -> one-quarter of global consumption growth
Growth in private consumption
$ billion, 2010
40
61
67
116
1,194
1,105
Japan
Germany
China
France
South Korea
United States
Private
consumption
growth share
of GDP
growth (%)
76
Share of
world
consumption
growth (%)
Consumption
compound
annual growth
rate (%)
0
2
1
40
42
40
36
35
25
24
2
1
1
1
9
2
1
2010–15
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• Consumption is shifting from value to “new mainstream”
consumers.
• This group, which has household incomes of $16,000 to
$34,000, represented just 6% of urban households in 2010.
• But by 2020, they will be 51%. That means an annual growth
rate of approximately 26%. The emergence of these new
mainstream consumers is a major wave going through urban
spending and behaviour.
• This group will be 250M families by 2025
Point 2: New Mainstream Consumers
Are The Key
15
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• To date, much of the China consumer story has been about “value”
consumers.
• These are consumers with household incomes between
$6,000 and $16,000 per year.
• And they tend to care most about getting good value for their
money. They want a low price.
• And they are pragmatic, as opposed to emotional.
• As the mainstream group emerges, the value group is going to
decrease from 82% of urban households (in 2010) to only 7%
by 2020.
Point 3: So Much Better Than Value
Consumers
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In May 2014, a group of Chinese
tourists took a one-week organized
trip to Los Angeles.
It was over 7,000 people. They
boarded 86 planes in China,
occupied 26 hotels in Los Angeles
and traveled around in 160 buses.
20
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Over 30M Chinese live in caves.
This is mostly in Shaanxi province
and they are a larger consumer
population than Saudi Arabia or
Scandinavia.
21
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Chinese Moms Are (Probably) the
World’s Most Important Consumers
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• Chinese mothers are the major driving force behind
increasing Chinese household consumption.
• Chinese mothers are deeply focused on the health
and safety of their one child.
• Chinese mothers are rising as consumers in their own
right.
• Many of the biggest China consumer stories are
actually stories about Chinese moms.
• Chinese moms are going global.
23
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• Young Chinese are the passionate, emotional and big
spenders
• 16 to 26 year old groups - born and raised in abundance.
• The one child policy came into effect in the early 80s so
most of this group are only children.
• 4-2-1 family sructure
• Young Chinese consumers are the most similar to consumers
in developed economies.
• They are much more interested in trying new products.
• They are more emotional consumers.
• They are more brand loyal.
• They are willing to trade-up rapidly.
• And they are really confident about their own financial
futures (which enables spending).24
Young Chinese Consumers
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• By 2020, 35% of total consumption in China is expected
to come from young consumers.
• Young Chinese with jobs are making orders of magnitude
higher incomes than their parents did at their age.
• Even those without work have way more resources and
every survey shows they are confident that the future will
be even better for their kids.
Young, Not Old, Chinese Have the Money
25
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• They are getting married later. They are having children later. This
mostly follows from career pressures. But it also follows from higher
incomes and greater expectations in life.
• In 2010 approximately 25% of high school students went to
college. That number is expected to increase to about 40% by
2020. Going to college and then getting a good job usually means
delaying marriage, family and other commitments.
• In the past ten years, the average age at which women have
children in China has increased from 24 to 27. If this continues,
as is expected, it will soon likely be closer to age thirty, which is
similar to developed countries.
• This delaying of life events causes greater spending. Singles with
longer bachelorhood have more time and money. This means more
hobbies. More vacations. Nicer apartments. And this eventually leads
to more expensive weddings (and divorces).
Later Commitments = More Spending
26
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• 58% of Chinese regularly watch sports on CCTV5. And 32 percent
say they regularly watch sports online.
• YouGov conducted a survey of 21,000 people in fifteen international
markets (including the soccer-crazy nations of the UK, Spain and
Brazil).
• They found that Chinese have the greatest percentage of fans
who are “very passionate” (30%) about soccer.
• The global average for “very passionate fans” was 17%.
Surprisingly, only 10% of respondents in the United Kingdom
were self-declared ‘very passionate sports fans.
• Argentina and Spain were high at 27% and 26%, but still less
than really enthusiastic China at 30%.
• However, they really don’t like the national soccer team.
Sports Consumers
27
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• The vast Western 50% of the
country that, up until recently,
nobody really talked about.
• Home to over 200M emerging
middle class consumers.
• Much lower incomes.
• Growing much faster.
• Big demand in the aggregate.
Inland Consumers
28
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• Household incomes between $6,000 and $16,000 per year.
• Tend to care most about getting good value for their money.
They want a low price.
• They are pragmatic, as opposed to emotional.
• Have typically never driven a car. They don’t have
passports. They have probably never bought an airplane
ticket.
• Inland consumers are typically not experienced when it
comes to things like technology, fashion and brands. Buying
quality usually means a lot of experimentation to find out
what works in their budgets. Typically, their most trusted way
to learn about products is from friends.
Inland is Mostly Value Consumers
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• The geographic distances are huge and there is limited
infrastructure. City clusters are not as developed, they are less
integrated and they span greater distances. Plus in many places,
the roads have simply not been built yet.
• Inland road density is about 50% of what it is in the East.
• Across the nine interior provinces, logistics costs average
about 15% of GDP, compared to 10% or less in the Eastern
provinces. This compares to only 3% in the US (check).
• The topography is also a problem. Some areas, like
southwestern China, are literally landlocked behind
mountains.
Inland Consumers Are Hard to Reach
30
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31
1B Chinese
urbanites living in
+400 cities
200M Chinese
middle class families –
with big lifestyle upgrades
??? - Tons
of money across
Asia
3 Big
disruptors to
watch for
75M Chinese
graduates and world-
class R&D
Asia 2025
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32
• China is now the world’s most complicated consumer
market.
• However, the competition is absolutely brutal. There are
few survivors, let alone winners. You need a competitive
advantage.
• The State still creates many of the winners. Even in the
consumer markets.
www.jeffreytowson.com
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33www.jeffreytowson.com
• Get Ready for the Chinese Consumers of 2025
• A Simple Exercise in Digital Marketing
• Shop-Around Is Replacing Loyalty
• Personalization at Scale?
• Break
• Seth Godin: Selling to Beliefs
• E-Commerce + Social Media
• Warren Buffett 25-5 and Munger Inversion
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1. Create a digital good
• Short books for entertainment
• Article series on marketing or technology for executives
• Education videos for high school students
• Data on real estate sales and prices for companies and investors
• Software for a small business
2. Who are you customers? Go niche.
3. What is your product?
• Book? Video? Song?
4. What is your service?
• Subscription to content or software?
• Membership to a community?
• Education course? A degree or certification?
Design a Digital Product or Service
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35
Attractive But Dangerous Economics of
Information / Digital
• Zero marginal production costs
• Non-rival goods
• Low distribution costs
• Bundling and versioning
• Complements and consumer surplus
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• Get Traffic
• Convert to Sales
• Gather Data
• Iterate and Improve Product
Simple Digital Marketing Is T–S–D-P
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6 Digital Superpowers
37
1. Dramatically improved user experience and journey. You need sufficient delta of
improvement (vs. pain of adoption)
2. Creates a platform (and gets complements or soft MSP advantages). Including without
NE.
3. Captures network effects, including data network effect. Including 1-sided without MSP.
4. Captures other competitive advantages - including switching costs and digitally-
enhanced share of consumer mind (habits, behavior, etc.).
5. Viral or other powerful customer acquisition and/or retention mechanism.
6. Scalable. Especially if gets massive demand-side scale. Global scale is best.
• Also awesome is recurring revenue, freemium and pre-pay if you can get it. Slack has this and all of above.
• B2B criticality is also great (Microsoft has)
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Digital Competitive Advantages
38
1. Revenue Advantages
• Share of consumer mind – software excels at hacking behavior. Gamification.
Habit-creating. Dopamine hits. Personalization and curation.
• Switching costs – Rare for consumers. Stronger for platforms, merchants,
content creators, B2B, app developers, etc. Integration of workflow can be
powerful.
2. Production Cost Advantages
• IP / tech cost advantage. Code written over time. Growing with AI and
algorithms.
• Special resource: Data. Partnerships.
3. Economies of Scale – Cost Advantages
• Marketing
• R&D
• Web services / tech – particularly if open to market
• Logistics / delivery – particularly if open to market
• Medical teams? Driver services? Auto alliance?
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Digital Competitive Advantages (cont.)
39
3. Government. Licenses. Access to data / smart cities.
4. Network Effects
• Network effects in main platform.
• Data network effect
• Emerging: AI? Autonomous vehicles?
5. Efficiency of Scale
Other
• MSP soft advantages. Subsidized or free pricing. Chicken-and-egg
• Data soft advantages
• Complementary platforms
• Linked business models: Customers, data, capital
• Combined services and digital conglomerates
• Platform vs. product / pipeline
• Platform vs. platform
• Platform vs. digital conglomerate
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• Organic traffic to a webpage, mobile app or mini-app:
• SEO (Search Engine Optimization)
• Email Lists
• Free gift, quizzes
• WeChat or other messengers, including groups
• Word of mouth
• Platforms and other site traffic:
• Official pages (Facebook, LinkedIn, WeChat, etc.)
• Content creation and sharing. On-ramps.
• Paid traffic: CAC? LTV?
• Display ads
• Search advertising
• Platform marketing
• Affiliate marketing
How Would You Get Traffic?
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41www.jeffreytowson.com
1. Marketplaces and Transaction Platforms
2. Coordination and Standardization Platforms
3. Payment Platforms
4. Innovation (and Audience-Builder) Platforms
5. Learning Platforms
• These re not mutually exclusive. Each platform can be a combination of users,
interactions and feedback loops. And you can combine them.
• Payment platforms are probably a type of coordination but pulled it out as
separate.
5 Common Types of Platforms
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• Get Traffic
• Convert to Sales
• Gather Data
• Iterate and Improve Product
Simple Digital Marketing Is T–S–D-P
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• Free product or freemium service
• Versioning?
• Sign-up for email on landing page?
• Quizzes
• Free product
• Viral mechanism
• Group purchasing
• Collaborative or communication software
• Affiliate marketing
• Acquisition, usage vs. retention
Convert to Sales
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• Get Traffic
• Convert to Sales
• Gather Data
• Iterate and Improve Product
Simple Digital Marketing Is T–S–D-P
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Online Retailer
or Marketplace
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Consumers
Demand-Side
Scale (early)
All About Demand-Side Scale
Users, Participation and Data
Merchants / Brands
• Users
• Participation
• Data
Network Effects:• Primary Interaction
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• Get Ready for the Chinese Consumers of 2025
• A Simple Exercise in Digital Marketing
• Shop-Around Is Replacing Loyalty
• Personalization at Scale?
• Break
• Seth Godin: Selling to Beliefs
• E-Commerce + Social Media
• Warren Buffett 25-5 and Munger Inversion
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• CPG companies focused on brands with mass appeal
• Supported with lots of brand advertising to the mass market.
• Plus privileged relationships with larger retailers. Get shelf-space and
promotion and marketing support.
• Do promotions
• Lock customers in with loyalty programs
• This builds economy of scale (organically and by M&A) with a brand
portfolio had a lot to do with this.
• Think Nestle, P&G, Coca-Cola, Pepsi
For +70 Years, Consumer Goods Have
Relied on Mass Marketing
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• Nimble, digital marketing and social media-savvy brands are
reaching and engaging consumers.
• Niche brands are eating away at the mass market.
• And consumers are changing rapidly in their:
• Preferences
• Use of technology
But This Strategy Is Under Assault
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• Big brands’ hold on retail space is being broken.
• Ecommerce platforms are powerful
• Retail consolidation
• Direct-to-consumer business model
Plus Retail Is Changing
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• Products and services are everywhere. Controlling supply, distribution or
retail no longer works as well.
• Plus, there is information and content about products and services
everywhere.
• Tools for researching and buying products / services are
everywhere.
• Price comparisons
• Peer reviews
• Social media
• Consumers can’t help but shop around. And loyalty is falling. Even from
loyal, long-time customers.
The Problem is Abundance
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• You customers are now “shop around” customers
• You have to get them to consider you.
• And you try and have as much engagement as possible. You need to be
communicating with your customers.
• But the limiting factor is attention and hours in the day.
The Best You Can Do Is Get Customers’
Consideration
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• Your strategy for “shop around” customers
1. You need to be in your customer’s consideration set.
2. Then you need to actively fight during each round of active
evaluation.
3. Then you need to maximize your conversion odds at the moment of
purchase.
4. You also want to double your focus on the small percent of loyal
consumers.
The Best You Can Do Is Consideration
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• You need to be in your customer’s initial consideration set.
• Do broad-based targeting to get lots of consumer segments into
initial consideration.
• If no experience with the brand, initial consideration is much
harder and more complicated.
• May not understand the brand
• May not have considered it.
• May not consider the entire category.
• Lapsed previous consumers have a higher likelihood of initial
consideration. Target them.
1. Initial Consideration is Critical
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• Then you need to actively fight during each round of active
evaluation.
• Study no purchase and especially lapsed, no re-purchase
customers.
• A better offer stole them away?
• No emotional connection?
• A bad experience?
• Lifestyle has changed?
2. Fight During Active Evaluation
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• Then you need to maximize your conversion odds at the moment of
purchase.
• One-click purchasing. Convenience. Impulse purchases.
• A/B testing
• Lots of AI focused here
3. Maximize Odds at Point of Sale
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• Your #1 strategy is winning and re-winning the shop-around
customers
• Your #2 strategy is to focus on the small percent of loyal consumers.
• Target them with loyalty programs and incentives.
• Build relationships. KOLs are good at this.
4. Niche Loyalty is Your #2 Strategy
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1. Create a digital good
• Short books for entertainment
• Article series on marketing or technology for executives
• Education videos for high school students
• Data on real estate sales and prices for companies and investors
• Software for a small business
2. Who are you customers? Go niche.
3. What is your product?
• Book? Video? Song?
4. What is your service?
• Subscription to content or software?
• Membership to a community?
• Education course? A degree or certification?
Design a Digital Product or Service
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• Get Traffic
• Convert to Sales
• Gather Data
• Improve Product
Simple Digital Marketing Is T–S–D-P
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• Your strategy for “shop around” customers
1. You need to be in your customer’s consideration set.
2. Then you need to actively fight during each round of active
evaluation.
3. Then you need to maximize your conversion odds at the moment of
purchase.
4. You also want to double your focus on the small percent of loyal
consumers.
The Best You Can Do Is Consideration
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It’s About Users, Engagement and Data
But who controls the front door matters
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• Get Ready for the Chinese Consumers of 2025
• A Simple Exercise in Digital Marketing
• Shop-Around Is Replacing Loyalty
• Personalization at Scale?
• Break
• Seth Godin: Selling to Beliefs
• E-Commerce + Social Media
• Warren Buffett 25-5 and Munger Inversion
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• Get Ready for the Chinese Consumers of 2025
• A Simple Exercise in Digital Marketing
• Shop-Around Is Replacing Loyalty
• Personalization at Scale?
• Break
• Seth Godin: Selling to Beliefs
• E-Commerce + Social Media
• Warren Buffett 25-5 and Munger Inversion
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• The more powerful the need, the easier the sale.
• But we actually need very few things in life.
• So what is going on?
• What is the difference between a $30k and $80k car?
• A $1,000 vs. a $300 laptop?
• Antibiotic vs regular eggs?
• Nike vs. regular sneakers?
Sales and Marketing Are About Meeting
Needs
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• Most people actually need very little.
• It is mostly about what a consumer feels, which is a real thing
even if the facts are false.
• Marketing and sales are story-telling.
• Some people feel better when they buy a more expensive car
or clothes.
• People like to try on and buy Nike. And run with them.
• Marketing is not about features and facts. It is about story-telling
and feelings.
The Difference Is What the Consumer
Believes and Feels
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• Does it capture the imagination of a big or important audience?
• Don’t appeal to everyone. Go for a targeted group.
• Great stories happen fast. Make a big first impression.
• A great story is true.
• Not factually. But consistent and authentic. Consumers can sense
inconsistency.
• Don’t appeal to logic. They appeal to the senses.
• Great stories make a promise
• Bold, authentic, exceptional. Worth the listener’s time.
Godin: How Do You Tell a Great Story?
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1. Create a digital good
• Short books for entertainment
• Article series on marketing or technology for executives
• Education videos for high school students
• Data on real estate sales and prices for companies and investors
• Software for a small business
2. Who are you customers? Go niche.
3. What is your product?
• Book? Video? Song?
4. What is your service?
• Subscription to content or software?
• Membership to a community?
• Education course? A degree or certification?
Design a Digital Product or Service
www.jeffreytowson.com
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• Great stories are trusted. A rare resource.
• Great stories are subtle. Less is more.
• Great marketers tell stories that consumers choose to believe.
• Companies need a complete dedication and embrace of the story.
Telling a Great Story
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• Get Ready for the Chinese Consumers of 2025
• A Simple Exercise in Digital Marketing
• Shop-Around Is Replacing Loyalty
• Personalization at Scale?
• Break
• Seth Godin: Selling to Beliefs
• E-Commerce + Social Media
• Warren Buffett 25-5 and Munger Inversion
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A decade ago, China accounted for less than
1% of the value of worldwide transactions.
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Today, China’s e-commerce market is
larger than those of France, Germany,
Japan, the United Kingdom, and the United
States combined.
Online retail sales are expected to reach
$1.8 trillion by 2022, representing 25% of
China’s total retail sales volume.
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• Some of the thinking in this section is
adapted from a book by Michael Zakkour
and Ahsley Dudarenok
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Ecommerce Is Really Dynamic in China
77
• Common language for 1.4B people
• Increasingly wealthy
• Rising GDP per capita
• Delaying of marriage and life events
• Increasingly sophisticated. Travel, education, etc.
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Consumers Are Fickle and Spoiled
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• Too many brands and services trying to get their attention.
• Lots of choices
• Immediate delivery and great customer service
• Convenience – especially mobile payment
• Increasing personalization
• Weak brand loyalty
• Social media mania
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• It’s big and complicated
• They ignore mass media and television advertising.
• They do lots of research.
• Average luxury Chinese consumer needs to come into contact
with a brand 7-8 times before considering buying (McKinsey).
• KOLs are good at this function.
• Word of mouth is critical. KOLs also help here. They can post
content, interact, comment and teach.
An Introduction to Marketing to Chinese
Consumers
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Foreign Brands Have 3 Options
80
• Use a local distributor
• Large regional vs. smaller locals
• Lots of sales staff
• Could add significant mark-ups
• Enter China directly
• Establish a WFOE
• Possibly with a Special Purpose Vehicle in Hong Kong
• Establish a representative office. Simplest form but can’t do operational
• Establish a FIPE (a WFOE for partners)
• Do a Joint Venture
• Do cross-border e-commerce
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Selling Online Is Required Either Way
81
• Put up a website outside of China
• But cannot advertise in China without a business license
• Hard to offer returns and customer service
• Payment compatibility is a problem
• Delivery risks
• Website will be slow
• Open a store in an online marketplace (Alibaba, JD)
• Need to be a Chinese national or have a legal business entity in China
• Tmall Global and others set up for cross-border
• Significant set-up fees. And dependent on platform (advertising and
commissions).
• Open a store in an online hypermarkets (Kaola, Jumei)
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Selling Online Is Required Either Way
82
• Open a store in a vertical specialty market
• Fewer customers but more focus (Beibei.com for maternity)
• Sell goods on a flash sale platforms (VIPShop).
• Good to test appetite.
• Use WeChat (i.e., social media)
• Official accounts for broadcast messaging and customer service / CRM
• Now doing sales with mini-programs
• Tied to WeChat (huge strength)
• Don’t need legal business entity
• But a closed and private ecosystem so harder to get traffic
• Go big, go niche or go home.
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Ways to Open a WeChat Store
83
• WeChat Official Account Stores
• Fewer customers but more focus (Beibei.com for maternity)
• Stores Hosted by Third Parties
• Mini Program Online Stores
• Apps within the app, including KFC, Coach and Tesla
• 580,000 apps as of 2018
• 20 industries and 200 subcategories
• Easy to develop. Easy for testing the market.
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Social Media In China vs. West
84
• Lots of connecting and messaging in both
• Lots of sharing of content (news, entertainment, personal, etc.) in both
• But in China, social media is an e-commerce channel
• Integrated with payments
• Increasingly direct sales.
• Content broadcasting
• Deals, discounts, promotions, coupons, special offers
• Lots of marketing and campaigns – often led by celebrities and influencers
• Also good or customer service and CRM. The most important function. A semi-closed
platform.
• Also for product testing
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WeChat (Weixin) Is #1
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• Instant messaging
• Official accounts
• Content broadcasting. Articles and messages.
• WeChat pay (go Dutch)
• WeChat Wallet: Red Packets and paying bills
• Third party apps and mini-programs
• Search: Official accounts, mini-programs, chats, stickers, etc.
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WeChat Founder: Allen Zhang
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WeChat (Weixin) Is #1
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WeChat (Weixin) Is #1
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WeChat (Weixin) Is #1
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But There Are Others
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• Weibo (sina) – official accounts
• Toutiao
• Zhihu – Q&A platform. Good for B2B marketing.
• iQiyi, Tencent Video, Youku
• Bilibili – anime, manga, game fandom
• Douyin (musical.ly), Kuaishou
• Ximalaya
• Xiaohongshuwww.jeffreytowson.com
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A Day in the Life of WeChat
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• Wake-up
• Check messages (individual and group)
• Check Moments for friends posts.
• Go to 711. Shake phone for special offers. Pay at counter with WeChat.
• Use Mini-Program to rent bike, rent moped, get taxi. Get metro or bus. Pay with WeChat.
• At Work
• Communicate and collaborate with team members in WeChat groups
• Communicate with customers / clients
• Order coffee with app or mini-program. Pay WeChat. Have delivered or pick-up in lobby.
• Lunch
• Order food in mini-program for entire team.
• Pay with WeChat pay. Team members pay you back by sending money.
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A Day in the Life of WeChat
92
• Afternoon break
• Look at reviews for clothes and fashion.
• Make order of clothes in mini-program.
• Buy plane tickets for vacation.
• Share text, picture, short videos and articles on Moments.
• At home
• Play games
• Shake phone for special offers on TV with “WeChat Shake” logo
• Checks Moments and friends messages and chats
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WeChat for Brands
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• Content broadcasting
• On hot topics: Whatever is trending
• Useful Information: Practical tips, tutorials, lists. Shareable. Tips on using
products.
• Interactive Content. Collecting opinions, creating polls, invite to participate in
discussions. Triggers discussion.
• Sales information embedded in content. Can be Lucky Draws in end of article
(prize for best comments).
• User generated content. Encourage users to take photos or leave comments or
other. Visual content is more powerful that text content.
• Take payments. Costs 0.6% fees.
• Do CRMwww.jeffreytowson.com
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Weibo Is #2
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• A discussion platform for news, gossip, entertainment, and personal interests
• Think Twitter plus Facebook
• Think entertainment
• Social networking
• Sales
• Tied with Taobao
• Tied with Tmall
• Weibo Window for mini-stores
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Weibo Is #2
95www.jeffreytowson.com
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96www.jeffreytowson.com
• Get Ready for the Chinese Consumers of 2025
• A Simple Exercise in Digital Marketing
• Shop-Around Is Replacing Loyalty
• Personalization at Scale?
• Break
• Seth Godin: Selling to Beliefs
• E-Commerce + Social Media
• Warren Buffett 25-5 and Munger Inversion
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Warren Buffett’s “25-5 Rule”
• Make a list of your top 15
professional goals for the
next 5-10 years.
• Circle your top five. Make
sure these are really your
top five and put them in
order.
97www.jeffreytowson.com
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Goals 6-15 Are Your Problem
Page 98
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Charlie Munger’s “No List”
• “Invert, always invert.” –
Charlie Munger
• Make a list of the top 10 things
people do to screw up their
professional and personal list.
• Don’t do these.
• Seth Klarman’s Margin of
Safety takes this approach to
investing. Study the mistakes of
others and avoid them.99www.jeffreytowson.com
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LinkedIn: Jeffrey Towson
WeChat – a555666777aa
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My Contact Information
www.jeffreytowson.com