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Europe has previously been a clear leader in terms of multinational advertising. However, the Asia Pacific region is quickly catching up. The gap in the advertising spend has now closed to just US$6.5 billion (from US$13 billion in 2007), and the advertising spending in the Asia Pacific region is predicted to overtake Europe by 2010.

Whilst there can only be a finite number of official Olympic sponsors, many companies have recognized the tremendous opportunities in China and are using the Olympics as a channel to surge forward with ambitious marketing strategies targeting China's fast-growing domestic market.

However, foreign companies still have several hurdles to overcome before they gain traction in the market. 

China's growing economy, an increasing sense of nationalism among its youth and the strength of fresh Chinese-specific brands all pose challenges for foreign companies trying to win over China's growing consumer base. The Olympics is uniting the Chinese, giving the country a renewed vigour to produce and buy homegrown products.

Recent figures from ZenithOptimedia are forecasting a post-Olympics advertising slowdown with the growth in annual advertising expenditure falling from 22.6% this year to 9.8% in 2009.

This may present a unique opportunity for Thai companies who can fill the space and promote their products to an increasingly receptive Chinese public, warmed up by the promotional blitz during the Olympics.

However to take advantage of this opportunity, a Thai company would need to develop a robust marketing strategy centred on building mutually beneficial relationships and establishing a long-term brand-building strategy.

Solid consumer and business marketing practices can open new pathways to business success in China.

Companies like BHP and General Electric are already doing this, using the Olympics as a catalyst to foster better business relationships.  Meeting with provincial heads of government, industry leaders and key business people are the types of behind the scenes strategies that companies can use to earn valuable long-term political and business capital.

Thai business people should also look to tap into China's Olympic pride.  A friendly phone call to key suppliers, partners or business associates based in China to discuss the Olympics and Chinese business can go a long way toward building even stronger business relationships.