After achieving certain results in the domestic market, the family business turned its attention to the broader international market, embarking on an internationalization journey full of challenges and opportunities.
Initially, the family business had limited knowledge of the international market, so they first conducted in-depth market research, dispatching professional teams to target countries and regions to study local market demand, consumer habits, competitive landscape, and policies and regulations.
"Know yourself and your enemy, and you will never be defeated in a hundred battles. We must clearly understand the characteristics of each international market in order to find a point of entry," said the vice president in charge of international business development at the mobilization meeting before the expedition.
However, cultural differences between countries and regions present numerous challenges for market research. Language barriers, cultural misunderstandings, and the complex local business environment all contribute to slow progress.
"In this strange country, every detail may affect our judgment, but we cannot retreat and must overcome it." The members of the research team encouraged each other, constantly adjusted the research methods, and gradually mastered accurate market information.
Based on the research, the family business decided to first enter an emerging market with rapid economic development and potential demand for its products. They carefully selected several competitive products and adapted them locally to meet the specific needs of the target market.
When it comes to product promotion, the family business faces the problem of low brand awareness. Local consumers lack understanding and trust in this exotic brand, making promotion difficult.
"We need to use various channels to let local consumers know and recognize our brand." The marketing team racked their brains and planned a series of promotional activities.
They place advertisements in local mainstream media, participate in international exhibitions, hold product experience events, and cooperate with local well-known bloggers and Internet celebrities to recommend products.
However, the promotional activities were not effective. A large amount of money was invested but it did not bring the expected sales growth.
"It seems that our strategy is not precise enough and needs to be readjusted." The marketing team reflected on the problem and found that they did not grasp the psychology and preferences of local consumers accurately enough.
So they studied local culture more deeply, worked with local marketing agencies, and re-developed promotion plans that were more in line with the tastes of local consumers.
At the same time, family businesses face fierce price competition in the international market, with local brands and other international brands vying for market share with low-price strategies.
"We cannot fall into the quagmire of price wars and must highlight the quality and characteristics of our products." The product research and development team has increased its innovation efforts to improve product quality and added value.
To reduce production costs, the family business considered establishing a production base locally, but encountered a series of difficulties in site selection, factory construction, and recruitment.
The local land policies, labor costs, and raw material supply were all very different from those in China. After arduous negotiations and consultations, the family business finally found a suitable location for the factory and gradually solved the problems of recruiting workers and supplying raw materials.
In the process of selling in the international market, the family business also encountered trade barriers and intellectual property disputes.
"This is a challenge we must face and resolve through legal and compliant means to safeguard the rights and interests of the company." The legal team responded proactively, working with local lawyers and arguing their case.
After a series of setbacks and hard work, the family business gradually opened up the international market, its products began to attract the attention and love of local consumers, and its sales performance gradually improved.
However, new problems arose one after another. As the business expanded, cross-cultural management became a prominent issue.
Employees in different countries and regions have different work habits, values, and management needs. The management model of family businesses has encountered difficulties in local environments.
"We must respect local culture and management methods while also conveying our company's core values." The human resources department organized cross-cultural management training to promote communication and understanding among employees from different cultural backgrounds.
In order to solve the problem of cross-cultural management, the family business hired experienced managers locally and sent outstanding domestic management talents to the local area for communication and guidance, gradually establishing a management system suitable for the local area.
In terms of supply chain, the complexity and uncertainty of international logistics also pose a great challenge to companies. Shipping delays, cargo damage, customs clearance issues often occur, affecting the timely supply of products.
"We want to optimize supply chain management and establish long-term and stable cooperative relationships with reliable logistics partners." The procurement department negotiated with several international logistics companies and selected the optimal logistics solution.
In addition, fluctuations in international exchange rates also have an impact on corporate profits, forcing family businesses to adopt financial measures such as hedging to reduce exchange rate risks.
In the process of internationalization, family businesses have always maintained a spirit of learning and innovation, constantly adjusting their strategies to adapt to the market environment of different countries and regions.
After years of hard work, the family business has established a firm foothold in the international market, with its brand awareness continuously increasing and its product sales network covering many countries and regions.
But they are well aware that the road to internationalization is still long, and they need to continuously improve their own strength and competitiveness in order to continue to develop in the global market.
With the rise of emerging markets and changes in the global economic landscape, family businesses are beginning to plan new international expansions. They are targeting regions with huge development potential and preparing to embrace new challenges and opportunities.
"Internationalization is our inevitable choice. No matter how many difficulties lie ahead, we will move forward with determination." The decision-makers of family businesses look to the future with confidence.
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