WHAT IS A KEY OPINION LEADER?
– A Key Opinion Leader, more commonly called KOL, can also be named Influencer , Famous Blogger or Web Celebrity
– A KOL has a blog on a popular social media platform and is followed by a large number of fans.- The KOL is usually specialized in a particular industry like fashion, cosmetics, travel, food and more.
WHAT IS KOL MARKETING?
– KOL Marketing is the way to use the popularity and the influence of a KOL to promote a brand , products , company or services
– The KOL will usually post an article or a video on his/her blog post about the brand to promote.
– The objective is to use KOLs to help spread the brand voice and opinions. – The brand usually pays the KOL for this favor.
– The results of a campaign can be the number of Views, Likes and hopefully the number of Sales generated by this post.
WHAT IS THE AVERAGE PRICE OF A KOL IN CHINA?
– KOL with less than 100,000 followers : the expected prices for publishing one article are 150 to300 US$
– KOL with 100,000 to 200,000 followers : 300 to 750 US$
– KOL with 200,000 to 500,000 followers : 750 to 2,200 US$
– KOL with 500,000 to 1 Million followers : 1,200 to 4,400 US$
– KOL with more than 1 Million followers: over 3,000 US$
WHICH CHINA PLATFORMS PROVIDE THE MOST SUITABLE KOL PER INDUSTRY?
WECHAT and SINA WEIBO are the two most popular social media platforms in ChinaMost of popular KOL can be found on those 2 platforms.
Nevertheless, depending on the type of business industry you wish to promote, KOL on other Chinese social media platforms might be more suitable.
See below the list of business industry and the most popular platforms for KOL accordingly:
Fashion –> XIAOHONGSHU
Cosmetics –> XIAOHONGSHU and DOUYIN
Baby and Kids –> XIAOHONGSHU
Food and Wine –> XIAOHONGSHU
Finance –> ZHIHU
ICO/BlockChain –> BIHU
Luxury –> ZHIHU and XIAOHONGSHU
Education –> ZHIHU and 163.com
Real Estate –> HEXUN
Tourism –> CTRP and MAFENGWO
IT and software –> 36KR.com and ITHOME
Medical –> SOYOUNG.com and YUEMEI.com
NETFIN MARKETING AND KOL: THE STRATEGY FOR PROMOTING YOUR BUSINESS
NetFin Marketing works in 3 steps:
Step 1: Identifying the best KOLs for your campaign
– Analyzing your brand positioning
– Identifying the target social media platforms according to your industry and target audience – Agreeing with client about the target type of KOLs and the budget
– Contacting a few KOLs to gather their conditions on your project
– Establishing a list of target KOLs with detail description
Step 2: Selecting the right KOLs
Step 3: Finalizing a posting with the selected KOLs
– Processing payment to KOL
– KOL posting the article
– Following up the performance
– Set up Fee for creating your Baidu Account : 1,500 CNY (payable to Baidu)
– Baidu Advertising Budget Deposit : 5000 CNY (payable to Baidu)
– Website: must be translated in Simplified Chinese and a clear “About Us” and “Contact Us”
– Documents: Business Registration Certificate, translated in Chinese, signed and chopped Banking details, Screenshot of the Home Page of your Chinese website (signed and chopped)
WHO WE ARE
NetFin Marketing was set up in 2013.
We are based in Hong Kong and Shenzhen (South China).
*Our team members based in Shenzhen are all from China.
This is our Technical team with excellent knowledge about Internet marketing in China and good relationship with most Chinese platforms.
*Our team members based in Hong Kong are from Hong Kong and Europe.
This is our Business Development and Administrative team, that are the bridge for our clients between the Western business practices and the Chinese world.
In order to deliver, most important for us is to understand your objectives.
From there, we will propose a strategy to promote you in China and the best digital marketing tools in China to achieve your goals.
We have specialists in:
*China SEO, including Baidu SEO, Qihoo 360 SEO and link building in China
*China SEM on all Chinese Search Engine like Baidu PPC, Sogou PPC or Qihoo 360 PPC
*China e-commerce on WeiDian, TaoBao, TMall vip.com, mei.com and payment methods in China
*Chihna Social media marketing on Wechat, Sina Weibo, QQ , Youku and many more
Starting today, China has launched an official online platform for consumers to check their cross border transaction status.
More exactly, one can check how much he or she has already spent this year, and the remaining amount one can still spend on cross border eCommerce this year.
As shown below, the interface is in Chinese only. User needs to type his/her legal Chinesename and Chinese ID number. Click on “Search”, it will show the amount you spent already, together with amount you can use this year.
Chinese Social Media giant Wechat fighting with Chinese Social Media giant Alibaba for leadership in mobile payment.
In China, mobile payments, which refers to payment services performed from or through a mobile device, serve as the primary tool for consumers to pay for goods and services, both offline and online.
Alipay is the Chinese e-commerce giant, Alibaba’s 10-year-old mobile payments app.
Alipay has over 300 million users, 800 million Chinese accounts and deals with 80 million transactions per day with 45 million payments done through Alipay Wallet, their mobile app.
They are currently the biggest players in China’s mobile payments market with 80% market share.
With the flourishing of mobile internet users, it is predicted that m-commerce (mobile commerce) itself will hit US$334 billion, 49.7% of total retail sales.
With these figures, Alipay intends to capture the market by forming partnerships with esteemed merchants.
Recently, Marriott International has decided to roll out Alipay around 10 hotel locations in Hong Kong and China which allows travellers to pay for their stay, dining and a whole range of services provided by the hotel chain, using Alipay.
Alipay has also ventured into O2O in Taiwan by allowing mainland tourists to pay through the Alipay QR code when buying goods from Taiwan.
With the launch of Korea’s first internet-only bank by Daum Kakao, Alipay has also dived into the opportunity to serve Chinese tourists in Korea by offering financial services through the online bank.
Just a month ago, Alipay has also announced its launch in Europe starting with a stationary merchant at the Frankfurt airport. Alipay continues to include more brands and retailers in Europe which they believe Chinese consumers are interested in.
WeChat Payment is launched by Tencent Holdings, a Chinese investment holdings company, under WeChat, a social networking application in China. Their payments solution is only less than 5 years old, yet it has already been proven as a big threat to the incumbent, Alipay.
WeChat Payment has 400 million users and users spent around 11 billiofn yuan last year through WeChat’s payment feature. While other communications platforms rely heavily on advertising for revenues, WeChat has only recently begun experimenting in this area.
In contrast, most Western communications apps heavily depend on advertising revenues to sustain their business model as well as maintain a diversified global user base – with a late start in advertising and a focus on just mainland Chinese users, how does WeChat generate sufficient revenue to remain relevant in this space?
WeChat presents a very different business model compared to Alibaba as they serve as a portal or platform on top of their messaging or communications feature.
In terms of revenue-generating strategy, WeChat identifies the same opportunities as Alibaba – mobile commerce. While both companies are targeting the same area, they have a different approaches to achieving the jackpot.
As a communications platform, WeChat offers more than what Alipay can do through WeChat groups – their community building platforms.
With ten million third-party apps, WeChat is the go-to platform for organisations or companies. Through WeChat’s app, users can hail a taxi, order groceries and food delivery as well as send money to other users, using WeChat Payments. This app-within-an-app functionality is what secures WeChat’s stronghold.
To strengthen their presence, WeChat has also placed a block on all Alibaba-related apps and services, including disabling the usage of Alipay on their platform.
In March 2015, TenCent rolled out a service that allows municipal payments, which is called City services. Users can book long distance transportation, pay traffic fines, taxes and annual car registration through the service, on top of registering for marriage or childbirth.
Roughly a month later, Alipay followed suit and allowed users to pay for municipal fees in 12 Chinese cities. Their services included features from booking medical appointments to paying parking tickets and settling utility bills.
Red envelopes packed with cash gifted to friends and family is a Chinese New Year tradition. While these traditions used to be carried out through physical red envelopes, tech giants in China have taken it up a notch through digitalisation.
WeChat launched ‘Hong Bao’ first in 2014 during the festival, whereby users can post links to digital ‘red envelopes’ in their newsfeed or group chats. Users clicking on the links will receive small cash coupons
Their attempt in revolutionising this ancient Chinese tradition proved to be a roaring success as WeChat recorded more than 1 billion red envelope transactions.
A year later. Alibaba launched their version of the red envelops. During the week leading up to the New Year, Alipay gave out 430 million red envelopes totalling up a value of 600 million yuan.
While features such as City Services are not intended to be set out as big revenue generators for Alibaba and TenCent, it is a step taken to habituate Chinese consumers to use their mobile phones for all tasks relevant to payments in the country. We observe this move as a strategy to aggregate as many verticals as possible under one single platform, and for both companies to be the go-to destination when consumers carry out transactions in their daily lives.
China’s internet ecosystem cannot be underestimated and replicated. Its increasing mobile dependency is also unlike any other nation – showcasing an abundance of opportunities waiting to be grabbed.
Observing payments solutions in the West, there is no contender that offers the versatility and comprehensiveness of Alipay or WeChat pay as of now.
China’s booming e-commerce and social networking wave has led to a battle against companies across all industries in seizing market share, especially in internet finance. This is their ticket to generating a continuous stream of cash flow. At the pace where things are growing, increasing market share and securing more brands and merchants within their loop seems like the right way forward for both Alipay and WeChat Payments.
– Users link to get a Taobao discount (usually from a large brand)
– They then another link to access the discounted product
– The Weibo account either runs the Taobao / Tmall account or (most of the time) gets a commission off the sale
Why is China specific payment System so important?
How to be paid securely and smoothly is something that foreign businesses, which want to enter China market, should take into consideration, particularly when you do Internet business.
Credit Cards are more and more commonly used in China but fail to be a major payment method as that is only used by a slight minority.
It is very important for foreign websites wishing to enter China market and targeting China consumers to be able to offer popular China payment methods.
In a word, China Internet shoppers are big fans of China specific payment systems. Forget about PayPal, Skrill, Visa or Master Cards… In China, there are at least 20 different such platforms. And, 95% of payments online are made using Chinese Payment Systems like Alipay (or Zhifubao in Chinese), TenPay (or WeChat Pay), Lakala, Suning Pay, Baofu.com, ChinaPnR, Hebao (NFC) or China Union Pay.
How do we work on choosing and implementing a China Payment System?
Step 1: Identifying the best China payment system for your Chinese website, depending on:
- If you are having a company registered in China or not
- What the most popularly used payment systems in your industry are
- Your requirements on how the transactions take place
Step 2: Registration
- We will help you register merchant account with your own email details
- We will help payment solutions verify your company information
- We will help all the ad hoc needs happening during the application process
Step 3: Integration of the payment system on your website
- We will help integrate Alipay APIs to implement Alipay services for you
- We also provide technical support on other payment system APIs
- After successful integration, we will help test and ensure the solution is working well
Get your payment system solution for China at NetFin.Marketing!