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Introduction
The financial services sector in China presents enormous growth opportunities for overseas brands, but successfully tapping into this market requires more than just offering a financial product. A well-crafted sales strategy is essential to align with the local market’s expectations and behaviors. In this article, we discuss how financial services can develop a localized sales strategy that drives engagement, builds trust, and delivers results.
1. Understand the Regulatory Landscape
1.1 Complying with Local Regulations
China’s financial regulations are complex, and compliance is critical. Financial service providers must navigate local laws to offer their products legally. This includes understanding policies on cross-border payments, foreign ownership limits, and digital finance. Establishing local partnerships with Chinese financial institutions can help international companies comply more effectively.
1.2 Adapting to Changes in Financial Regulations
Financial service providers must stay updated with changes in Chinese regulations to avoid penalties. Working with local legal advisors and regulators ensures that brands remain compliant and adapt quickly to regulatory shifts that may impact their operations.
2. Build a Localized Sales Team
2.1 Hiring and Training Local Talent
To effectively engage Chinese customers, financial services need to build a local sales team familiar with the market’s preferences. Hiring individuals with a deep understanding of Chinese consumer behaviors, financial products, and local languages can significantly improve communication and customer service.
2.2 Training on Digital Sales Tools
Sales teams should be trained on utilizing Chinese digital tools such as WeChat for client management and CRM software tailored for the Chinese market. A digital-first approach is key to managing relationships and driving sales in this highly competitive environment.
3. Engage Through Mobile-First Strategy
3.1 Optimizing for Mobile Devices
In China, mobile devices are the primary means of accessing financial services. A mobile-first strategy is essential for reaching Chinese consumers effectively. Financial services should develop mobile-friendly platforms and apps that offer seamless functionality for financial transactions and customer support.
3.2 Mobile Payments Integration
Integrating popular mobile payment systems like Alipay and WeChat Pay into financial offerings is crucial. These platforms are widely used across China and make it easier for consumers to complete transactions, further enhancing the customer experience.
4. Case Study: International Insurer’s Entry into China
A global insurer expanded into China by creating a localized sales strategy that included hiring local experts and offering mobile-based insurance products tailored to Chinese consumers. By partnering with a local tech company, they were able to integrate their services into popular mobile payment platforms, which led to a 35% increase in the number of policies sold within six months of launch.
Conclusion
Crafting a successful sales strategy for financial services in China requires a deep understanding of the local regulatory environment, digital-first tools, and the unique behaviors of Chinese consumers. By adapting your approach to meet these demands, you can successfully tap into this thriving market.
PLTFRM is an international brand consulting agency that works with companies such as Red, TikTok, Tmall, Baidu, and other well-known Chinese internet e-commerce platforms. We have been working with Chile Cherries for many years, reaching Chinese consumers in depth through different platforms and realizing that Chile Cherries’ exports in China account for 97% of the total exports in Asia. Contact us, and we will help you find the best China e-commerce platform for you. Search PLTFRM for a free consultation!
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