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Expanding growth and profit on China’s high end furniture market
A global company that provides products (high-end furniture) and services for efficient workspace solutions wants to expand their market presence in China.
In the first part of the project, ARC Consulting delivered a business plan to the customer containing key information:
- Thorough review of China’s market potential
- Description of the value chain
- Competition
- End-user mapping
ARC Consulting was then tasked with writing a road map to increase the client’s presence in the region. The objective was to leverage a network and capabilities of local players such as local distributors, project management (PM) and design turnkey companies to enhance market presence and accelerate growth.
Opportunity
The market research done in the first phase showed a positive outlook for the high-end furniture market in China and provided a clear picture of the market conditions. With the detailed report and information provided by ARC Consulting, the client was able to confidently decide to move forward knowing how and where to focus on. After a thorough analysis and decision process, the strategy chosen was to appoint one approved distributor to cover south China and appoint suitable sales partners (example, project management, design, real estate and property companies) for the other regions.
The next step was to set a road map to implement the expansion strategy.
Approach
ARC Consulting used a well-proven approach based on 3 key steps to find the ideal partners for the client:
- Step 1: Preparation and Search
- Use the data from the market research and further in-depth mapping of the industry to define pool of potential partners to contact
- Prepare partner evaluation framework including questionnaire, knock-out criteria and interview questions
- Contact potential partners and look for their responses
- Step 2: Partner Evaluations and Screening
- Evaluate and benchmark the identified types of partners based on responses
- Build a long-list of potential partners
- Conduct in-depth interviews with potential partners and filter to a targeted short-list.
- Organize a specific workshop catered to the short the listed partners
- Step 3: Partner Approval
- Design customized negotiations agendas for each partner
- Initiate contact and conduct negotiation meetings
- Agree and finalize Memorandum of Understanding (MOU) with the right partners
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