As funny as it may sound now, in the 1980s, such a failure significantly damaged the company’s reputation. In the end, the restaurant chain did enter the Chinese market, but people remembered KFC for this fiasco for a long time.
What can we learn from the KFC experience?
- Don’t forget about the influence of culture on the market. All countries have taboo topics. Research them in advance before making any attempts to promote your brand abroad.
- Put yourself in your target audience’s shoes . Carefully study the behavior patterns of potential customers in new markets, then you will be able to understand what exactly will make people buy your product.
Even if you are an incredibly talented entrepreneur, you cannot ignore the traditions and customs of other countries – you may seriously regret it later. Foreign audiences will immediately notice this.
3. Strategic planning
Going international often requires mergers and acquisitions. To do this successfully and effectively, you must develop strategic planning skills.
One of the most popular examples of promoting a company on the international market in this way is Nestle, a transnational corporation from Switzerland.
From 1905 to the present day, this food manufacturer has been absorbing other companies. First, they merged with a British condensed milk manufacturer, then with the German firm Jopa and the chocolate factory Heudebert-Gervais. Since then, this europe cell phone number list process of business expansion has not stopped.
Today, Nestle continues to increase production volumes and buy out more and more new companies. Competent strategic planning allowed the corporation to become the largest food producer in the world.
But how to expand your business the right way? Follow these tips:
- Choose companies that share your values. A merger should strengthen your brand’s authority and values, not challenge them.
- Find out what customers think about the company . If you mahalarta da dabarun tattara bayanai don’t do this, you may end up in the middle of a scandal later.
- Look for innovative companies . Nestle made its very first merger with a condensed milk manufacturer because of the technologies it was developing. This is the right approach for modern business: innovation is the key to success.
So, while strategic business growth through M&A can lead to success, you may encounter many pitfalls along the way.
What should we do?
Be open-minded, but stay true to your own brand values.
Conclusion
Taking your brand international is a very by lists thorny path. If you don’t prepare yourself properly, you’ll end up tripping over every obstacle.
Make sure you have all the necessary skills in advance. Be prepared to take smart risks, develop cross-cultural competence, and improve your strategic planning skills.
Is this enough to take the company to an international level?
Of course not, because you can’t do without a bit of luck. But these skills will help you to reach your goal even in the most difficult times.
