Chinese consumers have changed faster than consumers in probably any other market. Increasing exposure to international media and social media is changing the expectations of Chinese consumers. On top of that, the broad economic slowdown and brand saturation in China has ratcheted up competition to new levels as the days of easy money disappear. For both multinationals and Chinese companies, the changing market dynamics present challenges they have never seen before. In this interview, Torben Pheiffer, Managing Director of SapientNitro, China, explains how companies need to adapt their branding strategies.
We make decisions every day. Most of them are small: Should I buy that shirt? Others demand more thought: Is marriage right for me? The common thread running between all of them is that we are unequipped to make sense of any of it. The world in which the human race came of age—one of ferocious predators and unforgiving nature—is no longer the world we live in. For the risks we face now, we are out of date. Dan Ariely, author of bestsellers like Predictably Irrational, has built a career mapping the peculiarities of our innermost decision-making foibles, and offers insight in guarding against them.