Show Notes
Topics Discussed and Key Points:
● Why is it vital for 21st century businesses to focus on data
● Innovations in the data and AI space in China
● What is “growth hacking” and why is it most applied to early stage startups?
● What distinguishes data collection and analytics in China from those of other countries?
● The typical customer journey in China versus that of the West
● How an expat stays on top of all the tech developments in China
● Creating brand loyalty in China
● How businesses can avoid data overload
● Data collection tools businesses can use and Daphne’s favorite strategies
Episode Summary:
Today on The Negotiation, we speak with Daphne Tuijn, a specialist in China’s eCommerce and technology space.
She is the Co-Founder and CEO at Chaoly, a Shanghai-based company that offers a proprietary cloud-based data platform that integrates their clients’ data together with big data sources from major Chinese platforms such as Tmall, Baidu, WeChat, Weibo and Little Red Book. Chaoly’s Insights-as-a-Service then provides actionable insights and intelligence derived from the data.
Daphne is also the Co-Founder and CEO at WebshopinChina.com, a full-service eCommerce agency with offices in Shanghai and Amsterdam.
With 900 million internet users in the country and 52% of all retail being conducted online, China is truly a pioneer in the eCommerce space, globally. This has naturally led to China becoming known for its enormous data collection capabilities; however, Daphne says that data availability is one thing; being able to use it is another. In fact, in China, “there might be too much data. As they say, ‘Data is the new oil.’ But similar to oil, data needs to be refined in order for it to be used.”
Daphne also shares her best practices for creating brand loyalty in China as well as how the role of Key Opinion Leaders (KOLs) differs between the Chinese and Western markets. She also touches on the various ways brands can collect data in China both personally and from third-party sources while avoiding data overload.
Key Quotes:
“Data is extremely important in two ways: On the one hand, it allows you to make educated decisions instead of basing your decisions on gut feeling. [...] Using data as a preparation point to understanding the market is a good way to assess your success and to see if, indeed, you should put your money on [a decision]. Also, data helps you assess whether your performance is okay.”
“In China, the issue is not the availability of data. On the contrary, there might be too much data. As they say, ‘Data is the new oil.’ But similar to oil, data needs to be refined in order for it to be used.”
“You can look at the data but, ultimately, data itself is just a snapshot.”