Taking your brand global is a huge, and many times complicated, undertaking.
As markets and businesses expand globally, we asked our Vice President of Conceptual Projects Val Zweig for some intel as to when a restaurant operator should take that leap and take their brand global. Specializing in researching and developing our U.S. and international restaurant projects, we knew Val would be the perfect resource to shed some light on knowing if, and when, a restaurant brand is ready to translate on a larger, global scale.
- Know who you are. When gearing up to expand globally, the first step is to ensure your brand is strong and performing the way you intend it. Look at your brand through a clear, honest lens: what your brand is, how it performs, what it stands for, the feedback it receives, who that feedback comes from, and the need it answers in the market. Brand awareness is key to realistically developing a global market rollout.
- Know what you are looking to achieve. Successful growth-minded business owners determine what they are looking for with a specific expansion plan. Let your long-term business plan and brand concept be your initial resource. Based on those elements, begin your global market research and let it guide you.
- Know where you want to go. Utilize your global market research to educate yourself and pinpoint the target market(s) you are looking to expand into. Analyze how such market(s) perform, who your competitors and consumers are, determine cultural/language specs and local import/export/distribution regulations, ease of financial logistics such as setting up banking and purveyor payable accounts, etc.
Taking all into consideration, assess your brand: will it translate into your target market(s)? With local consumer culture? Is expansion feasible?
- Create your strategy plan. Having a clear understanding of who you are, what you are looking to achieve with an expansion, and where you want to go are crucial to developing your strategic plan. If the go forward is to expand, now’s the time to start building trustworthy business relationships abroad and developing your strategic, rollout, distribution, and promotional blueprint plans – and putting them into play.