The LMU Center for International Business Education (CIBE) and Brand LA co-hosted the 2024 Marketing Webinar, which focused on "How to Bridge Business Opportunities Between U.S. Companies and Asian Markets."
The Director of the Center for International Business Education (CIBE) & Center for Asian Business (CAB), Professor of International Business & Management Yongsun Paik, Ph.D., offered the event's welcome remarks.
Ivy Arias, Brand LA's founder and CMO, Celine Chai and Bryant Lin, co-founders of NinetyEight, and John Coelho, Group Account Director at Team One were part of this year's speaker panel—moderated by Marketing Professors and M-School Co-Directors, LMU College of Business Administration, Matt Stefl and Andy Rohm.
The panelists discussed how bridging business opportunities between the U.S. and Asia is essential for businesses looking to succeed in today's globalized economy. The benefits of doing so have the potential to create jobs, promote innovation, and improve competitiveness on the international stage.
Asian countries represent some of the largest and fastest-growing economies in the world. Building strong economic ties with these markets opens up vast opportunities for U.S. businesses to expand their customer base and tap into new sources of revenue growth.
Focusing on both U.S. and Asian markets helps businesses diversify their economic activities. This reduces the risk associated with relying on a single market and makes companies more resilient to economic downturns in any single region.
U.S. companies often have strengths in innovation and cutting-edge technology, while Asian markets can bring manufacturing prowess, supply chain expertise, and deep understanding of local consumer preferences. Increased collaboration allows businesses to tap into these complementary strengths, leading to the development of new products, services, and solutions.Asian markets can provide access to new resources like raw materials and a skilled, cost-effective labor force. Conversely, the U.S. offers a highly educated workforce, advanced research capabilities, and strong protection of intellectual property.
Solid economic partnerships between the U.S. and Asia can enhance global influence and increase competitiveness against other economic powers.
The LMU CIBE Global Marketing Webinar also highlighted recent data on the growth of social media users worldwide—due to expanding internet access, the rise of mobile, evolving features and functionalities, integration into daily life, addressing social needs, and the constant evolution of the social media landscape.
Panelists took a closer look at data on social media platform preferences, B2B Marketing tactics and channels, artificial intelligence in Marketing market size, and the influencer ecosystem. Instagram's still the most popular platform for Influencer Marketing, worldwide. The NinetyEight team shared their experience with micro-influencers and how a globalized Marketing landscape allows for successful partnerships with brands.
According to recent surveys, there is an increasing consumer demand for relevant and unique marketing content. Today, many companies are already spending more than half of their budgets on personalization efforts. The global revenue of customer experience personalization and optimization software is projected to surpass 9.5 billion U.S. dollars in 2024. Research also shows that well-suited ad messages can make or break a brand’s image.
One way of ensuring a high degree of personalization is by using AI technology. A recent survey showed that the personalization of content was one of the main activities marketers assigned to AI. The technology allows for personalized marketing, tailoring content, offers, and recommendations to individual customer preferences and needs. This personalized approach fosters greater engagement, satisfaction, and loyalty, leading to increased conversions and revenue, which in turn fuels market growth.
Discussion points also covered California's potential as a validation market, when looking at international expansion. California's Gross Domestic Product (GDP) reached $3.89 trillion in 2023, making it the largest economy in the United States and the largest sub-national economy in the world. This means that if California were a sovereign nation, it would rank as the fifth largest economy globally, surpassing India and the United Kingdom.
Relevant data points pertaining to Foreign-Owned Enterprises (FOEs) in California, zoomed in on Asian countries, as highlighted in the 2023 FDI Report published by the World Trade Center Los Angeles. Japan, the world's third largest economy, currently ranks at the top of the list with the highest number of FOEs in California, surpassing the United Kingdom, France, Canada, and Germany. China ranks as number eight in the report.
The webinar also underscored the importance of understanding the diversity of the regions. Asia encompasses a vast array of countries, each possessing unique cultures, languages, consumer preferences, and economic conditions. The U.S. is a melting pot of diverse cultures, where preferences, buying habits, and value systems will differ between ethnicities and demographics. This applies to all regions of the world.
Panelists emphasized the need to prioritize research, localization, the digital landscape, Social Media and platform preferences—the dominant social media platforms vary from country to country. In China, WeChat and Weibo are essential, while elsewhere, Facebook, Instagram, or local platforms might be more prevalent. Equally important are a mobile-first focus, influencer marketing strategies, economic and regulatory considerations, market developments that impact pricing strategies and distribution choices; as well, local partnership opportunities for companies expanding into both regions.
Key takeaways include a benchmark for market entry in Asia highlighting the types of companies that are more likely to succeed in the region:
Innovative companies with unique products or services.
Asian consumers are receptive to new ideas and cutting-edge technology.
Adaptable companies with a strong understanding of local cultures.
Asia is a diverse region with distinct cultural preferences and business practices.
Strong brands with a reputation for quality.
Asian consumers value established brands with a reputation for quality and reliability.
Companies with a long-term commitment to the Asian market.
Building a successful presence in Asia often requires a long-term commitment and investment; building relationships and establishing a strong local presence.
__________
U.S. Companies Operating in Asia
Technology companies: Apple, Google, Microsoft, Facebook, Amazon, Intel, IBM, Cisco, Dell, and HP. These companies have a major presence in Asia, with manufacturing facilities, research and development centers, and sales offices.
Consumer goods companies: Coca-Cola, PepsiCo, Nike, McDonald's, KFC, Starbucks, and Procter & Gamble. These companies have a large and growing presence in Asia, as the region's middle class expands.
Financial services companies: Citigroup, JPMorgan Chase, Bank of America, Goldman Sachs, and Morgan Stanley. These companies have a growing presence in Asia, as the region's financial markets become more developed.
Energy companies: ExxonMobil, Chevron, and ConocoPhillips. These companies are involved in exploration and production activities in Asia.
Healthcare companies: Johnson & Johnson, Pfizer, and Merck. These companies are involved in research, development, and manufacturing of healthcare products in Asia.
To learn more about the LMU Center for International Business Education, visit (CIBE). Follow @brandlaorg on IG for more news, events, and resources.
Brand LA's Newsroom