SY Lau spoke about how digital and social media is driving new business opportunities in China
BEIJING, Feb. 28, 2014 /PRNewswire/ -- Tencent, the largest internet company in Asia, shared its view on the positive impact of the current digital revolution with British business leaders at the China-Britain Business Council (CBBC). SY Lau, President of Online Media Group and Senior Executive Vice President of Tencent spoke about how businesses should embrace the changes and new opportunities brought by digital data and platforms such as Open Ecosystem, Online-to-Offline (O2O) and Big Data.
China-Britain Business Council (CBBC), the leading organisation helping UK companies grow and develop their business with China, invited Tencent to speak with business leaders in London. Lord Sassoon, Chairman of CBBC said, "Tencent is an amazing company. It's a phenomenon in China, where Tencent is changing and improving the lives of people with its innovative services and products every single day."
Mr. Lau said "Companies can use technology to gain a closer affinity and level of engagement with their customers, like never before. We believe that those companies with an open attitude to embrace the change brought about by the digital revolution will be better able to focus on their customers' needs and thus reap business benefits and a competitive advantage." In 2010, Tencent launched its Open Ecosystem Policy, enabling the company to drive ongoing growth from social games to its e-commerce businesses. This formed part of the company's "coopetition" strategy to stay ahead of the market.
Mr. Lau also shared how businesses can utilize Tencent's interactive platforms to gain powerful insights from big data and better understand their customers' needs. Companies can gather significant market data from Tencent's QQ community, Tencent Video or e-commerce sites. Based on the collected data, companies can react quickly to their markets demands.
In 2013, Tencent Video identified the demand for British drama television shows in China. Acting upon customers' demands, Tencent Video introduced British drama, such as Doctor Who and the Sherlock Holmes series to the Chinese audience. Such big data enables companies to further satisfy customers' needs and gain a competitive edge.
SY Lau commented, "The rise of a generation brought up in the internet age and the popularity of social media gives business leaders a new outlook and opportunity for business growth. The world is dynamic and fast paced, offering businesses the opportunities to explore new platforms to engage consumers. We should not limit ourselves to the traditional ways of doing business and marketing. We need to be open, stay ahead of the curve and better understand our customers, to drive business success to a new level."
