KF Documentary: Tips For Small Business To Learn From KFC’s Brand Turnaround

Published on: 31 December 2020 Last Updated on: 03 June 2021

It wasn’t that long ago that reports about KFC’s sales falling were drawing a rather dismal picture for the brand. And yet today, it’s standing strong as ever, proudly taking the title of the second most popular fast-food chain on the planet. Today in this KFC documentary, we will look into the strategies KFC used to regain its position.

The turnaround this brand managed to accomplish in a handful of years is rather miraculous in the world of business, and many can learn from its example. Some of the techniques used by KFC in its road back to the top can be adapted for small businesses that are working their way up their own niches.

KFC Documentary: Brand Revival

After KFC fall to the ground and fail to satisfy their customers with their product in 2013, they decided to connect with the customers on the emotional levels and started marketing business once again. This time they took the help of the digital platform to reach out wider bandwidth of audiences.

1. Make Advertisements Branded And Fun

Ads are annoying, and people skip them, right? Well, KFC managed to create a series of ads that people were really looking forward to watching. Each was an entertaining clip featuring ‘Colonel Sanders’ in some new interesting role. Colonel, the founder and greatest asset of KFC, is the embodiment of the brand today. On the contrary, the company is immortalizing him by turning him from a real-life showman and marketing genius into a fictional hero who has his own fan club. There are even books about his rise to the brand icon role now.

KFC Ad

A small business will not be able to launch a multimillion campaign with fancy ads, but you can create a character that will give a personality to your brand. Choose something or someone that your target audience will be able to relate to. Your goal is to make your marketing seem less like self-promotion and more like a friend or idol offering advice.

2. Make Your Customer Feedback Count

One thing that KFC has always been focused on was delivering a top-quality customer experience. One of the main methods the brand uses to achieve that is directly asking for feedback and actually using it. All you need to do in order to share your opinion and be heard is to fill up the KFC survey. Have you ever done this yourself? Did it help improve the service or address any issue you had? Did you feel like you can contribute to the betterment of your favorite fast-food restaurant by taking that survey?

Considering how smoothly the KFC customer service runs, the answers to those questions are most likely ‘yes’. And that is what a small business owner should learn from KFC. You need to establish a way for your customers to provide feedback (a customer satisfaction survey is a good start). Then, you need to pay attention to that feedback and follow up on it immediately. Today you can find or develop specialized solutions that will process this information to make this easier. That’s why the survey format is optimal for small companies that cannot hire a full-time call center service.

KFC Documentary: Final Thoughts

Of course, there was more to KFC’s triumph, like leveraging humor as well as extensive work in local market research and launching dozens of localized projects, like traditional menu changes. However, as a small business owner, you need to start with things that can bring tangible results right away.

Read Also:

Basic Small Business Tips for Noobs Who Want to Start a Venture in 2020
Cost-Effective Custom Mobile Accessories Packaging for your Small Business
How To Empower Your Small Business through Digital Marketing?
How To Sell A Small Business Without A Broker

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Cost Effective Custom Mobile Accessories Packaging for your Small Business

Small businesses have to struggle hard to get their products and services desired attention. Limited budget for advertising and marketing often proves a hurdle for small enterprises to make a mark in the market. Product packaging is an element that can be effectively utilized for boosting branding efforts and connecting with a wider target audience. If you have a small mobile accessories manufacturing and retail business, utilize packaging for creating unique inkling for the items. You can make your retail store talk of the town by emphasizing product quality and inspiring packaging. Personalized product boxes designed with the view to make a brand’s vision known to the prospective buyers can work wonders for a small business. Custom printed mobile accessories packaging boxes with your logo and slogan will make shoppers remember your small retail outlet. Getting the boxes printed for various mobile accessories can be a pricey endeavor; you need to evaluate available printer options to choose one that provides you budgetary solutions. You shouldn’t be relying on a packaging service provider that is new in the industry and has hidden or extra charges for all the services. Make sure to do the search for the printing vendor meticulously before making a preference. Here are some tips that you can utilize for personalizing packaging! Product Boxes should be Insignia of your Brand You surely want to make the most of your packaging for creating distinguished inkling for your brand. When getting the boxes for mobile accessories customized, make sure to use all the branding essentials smartly on the packaging. The logo and a catchy tagline should be printed vividly on custom mobile accessories boxes. You can make your small mobile accessory outlet worth noticing by using the custom boxes to your advantage. The packaging should have your contact details like phone number, email ID and social media profile information to facilitate customers to communicate with you. Packaging should describe your USPs Smartly You can make your brand and offerings likable with prospective shoppers by describing unique selling points of your business smartly on the custom boxes. Details like what makes you a differentiating mobile accessory brand, what kind and quality of accessories you have and if your products are nominally priced and backed by warranty should be available on wholesale mobile accessories packaging boxes. Make sure to share only facts and not fabricated claims or promises on the packaging as it can impact your credibility. Perks of Using Customer Centric Mobile Accessories Boxes Brands that are concerned about the needs of their consumers end up winning over their loyalty and trust. You should offer comprehensive details about using an accessory on the boxes. Make a list of sought after user questions and answer them in fewer words on the packaging. This will enhance your brand’s image and customers will readily trust you for purchasing their desired mobile accessories. You can make the accessories for smartphones worth checking out for the customers by revamping the packaging design at regular intervals. Add a streak of uniqueness and creativity to packaging using interesting themes. You can promote various deals and offers through boxes for chargers, hands-free, and other accessories. Share all the vital features and price of an accessory prominently on the packaging to make it easier for the shoppers to take their product pick conveniently. Read Also: The Top Benefits Of Using An Insurance Broker Proven Vitamins Used In Energy Supplements How Customer Success Can Help Grow Your Business Why Should Retailers Use Pricing Tools For Their Businesses

How To Sell A Small Business Without A Broker

Once you’re ready to sell your small business, hiring a business broker tops your list. An article from this perfectly defines the role of business brokers that is to act as “intermediaries between buyers and sellers of a business”. They are the equivalent of real estate brokers or agents who sell properties on behalf of property owners. Business brokers manage everything necessary to sell your small business, from planning to marketing to closing the deal. Some even assist during the transition process. Considering such an enormous task, enlisting a broker may seem the easiest and most convenient thing to do. However, their service comes with an outrageous fee, usually around 10% commission from the sale. This is certainly a huge cut from your profits. If you want to retain the full profit from the sale, you can opt to sell your small business sans middlemen. This is an excellent choice especially if you have previous experience selling a business, you know of prospective buyers, or you’re not in a hurry to sell-off. However, when you decide to sell your business on your own, you have to be ready for a tedious legwork. So, how do you go about the sale? Know your reason for selling the small business According to a business broker, the first thing that a buyer would want to know is why a business is being sold. For a business to attract a potential buyer, you need to have a good reason. Some of the common reasons are retirement, sudden changes in personal circumstances, illness or death, boredom, partnership disputes, and burnout. Prospective buyers find these as ‘attractive’ reasons to buy a business. It may be harder to sell a business if you tell the buyer that you’re selling the business due to its sorry financial state, persistent losses, lack of manpower, and changing market conditions and trends. Make your business easily marketable by timing your sale properly. Show positive attributes to make it more marketable such as a strong customer base, increased profitability, consistent good financials, well-defined business processes, and a good contract. Plan your sale Prepare your business at least two years ahead of the sale, especially if you won’t enlist a broker. Have an ample amount of time to improve your client base, business structure, and financial records. This will help improve the value of your business and make it more attractive to buyers. This should also help ease the transition process. Get your business appraised Once you’re ready to sell, you need to decide on the worth of your business. It is best to work with a professional business appraiser to get a proper valuation. Often, business owners become illogical when it comes to evaluating their own business. Some price is too low in an attempt to make it more marketable but end up losing on potential profit. Others price it too high hence making it unattractive to potential buyers. A business appraiser will evaluate your business to determine its worth. He then prepares a detailed explanation to give credibility to the proposed price. Prepare all documents Give time in preparing the design or sales package for your business. This document represents your business in the best possible light to potential buyers. It should include financial, operational and marketing information. If you are not comfortable with your communication skills, you can enlist the help of professional business writers. Financial documents are an important part of the sale process. Gather your books of account, financial statements, and tax returns for the past four years. Review these documents with an accountant. In addition, develop a list of assets that are being sold along with the business. Include other necessary documents such as lease agreements, supplier contracts, and contact lists. Prepare an information packet or operating manual that provides an overview of your business processes. In addition, you want to add photographs of your business, testimonials, case studies, and customer profiles. Highlight accomplishments and milestones to make it more marketable and command better-asking price. Prepare your business on-site Alongside the documentary preparations, you should also make your business site presentable. Check your physical store, production site, warehouse, and other related locations. You might need to have some areas repainted or redeveloped. Check if equipment or machinery needs to be replaced or fixed before the sale. Investing in such developments can help improve the asking price. It might sound cliché but first impressions last. An unkempt and dilapidated business site might turn off a potential buyer. It pays to invest in your physical asset as soon as you decide to sell on your own. Look for a buyer to sell your small business Finding a buyer is difficult, but it becomes doubly challenging if you don’t have a business broker. Unless you have a ready buyer, it may take several months to years before you can find the right buyer. The advantage of hiring a business broker is that they have wide networks and established marketing methods. If you are working solo, you will need to compensate for these services. There are listing sites dedicated to businesses-on-sale. You only need to pay a one-time fee and your business becomes available to potential buyers. You can also tap your networks. Perhaps, a friend or an acquaintance (or someone they know) is planning to buy a business. You can check your local business clubs or chambers. Visit online forums and social networks. Don’t limit your advertising methods. Final Thoughts As you can see, if you sell your small business without a broker is possible. It can even be advantageous if you play an active role in the sales and negotiation process. Quite obviously, business owners are more passionate to sell their business to the right buyers. Of course, you just have to remain rational and avoid getting your emotions to affect your decisions. As a final caution, if you have no experience selling and buying a business, you should consider working with a business broker or someone who has experience in this field. Better yet, you can check with your local chamber of commerce for assistance and counseling. Read Also: How to Boost Traffic to your Small Business Cost Effective Custom Mobile Accessories Packaging for your Small Business How To Empower Your Small Business through Digital Marketing? 4 Simple And Cheap Methods To Attract More Customers For Your Small Business

5 Steps To Launching Your Own Small Business

Commencing a business of your own is a dream for many in such a high-paced environment where competition is always on the rise. However, it is not as overwhelming as it sounds. With the right set of knowledge and planning, one can easily learn how to start your own small business. While you get started on the journey, there are certain things that you need to keep in mind. This article will walk you through the 5 important steps that help you build a brand right from scratch. So, make sure you scroll till the end and discover the unknown business tips. 5 Steps To Follow When Starting A Small Business Before actually starting to build a business, you have to get a detailed analysis of the market, your competitors, and the things that have been trending in this particular niche. If you conduct a thorough study on this, there’s absolutely nothing that can stop you from becoming an entrepreneur. 1. Research All of Your Variables This might seem obvious, but it's really not. Most people understand they need to research how to deliver the services or goods they intend to provide and how to advertise to the right customer base. It goes further, though. The kind of industry you would do best in and the business model that best suits your area and target marketplace are also variables to consider. You might know what you can do, generally, from your skill set, but you need to get specific about what your area needs and where it is underserved if you want to count on bringing in customers quickly. Look at the cost of setting up a company, leasing compared to buying operational space, costs for local advertising, and recommendations for staffing while you are at it. The more knowledge you have going in, the better your chances of success once you get things going. Running a company is all about building consistent processes for regular tasks, and you need research to understand which processes will be productive, too. 2. Assess Your Financial Reach Within any industry, there are players that work as individual professionals or owner-operators, and there are large corporations providing service at volume. Frequently, the latter are the biggest customers for the former. The scope of your company at startup is defined by the resources you can bring to bear. Understanding how much financing you can get with your available assets and capital will help you understand how to set up your company for day-one operation by putting realistic limits on things like equipment, utilities, payroll and the number of employees you can start with. You can make the most of this reach by getting the best small business loan rates you are qualified for, and that takes even more research to discover. 3. Choose a Business Model Once you understand what you can do with your skills, what size company you can afford to start, and where the demand is, the next step is to pick a model of operation. The model is different from the business. For example, you might want to start a restaurant. What kind? Fine dining, carryout, and mobile food service, all have different operations with different processes needed to be successful. Matching your model to your ability to reach customers and meet their needs is just as important as finding raw demand for a product or service. With a variety of options available, it might be a little confusing for you. So sit back, relax, and think about what kind of business will yield you the desired result. 4. Write a Killer Business Plan Writing your business plan is pretty much the last step in the preparation phase before you actually start launching the company. It serves as a roadmap to your goals as well as an important document for lenders to consider when you apply for financing. A well-written plan should spell out enough about your operation to let your key personnel make autonomous decisions in their spheres of influence. That means your managers should not need to consult you when setting up their departments. In solo operations, it means that you should not need to do extra research outside of consulting your plan unless something unforeseen happens. Your plan should describe the major operations, layout marketing tactics to reach the initial audience with demand and to keep growing from there, identify the equipment you'll need, and otherwise cover everything that goes into actually running the company. That makes it a lot easier to put the pieces together. 5. Put It All Into Motion The first step after finishing your plan is usually financing because that gives you the financial reach to start operating. There are just a few cases where that is not the case. Solo operations can sometimes bootstrap basic services to get a little income going by working out of the house or a client's facilities. Otherwise, it's a matter of lining up the money, then buying the equipment and hiring any staff you need. Last comes marketing and launch. It is always a better idea to keep a dedicated portion of your income aside to fund your business, irrespective of its size. Businesses are full of ups and downs, and once you have set foot, there is no backing off. As a result, you have saved a significant amount of your finances to back up your persistent losses. Upon completion of these steps, you might want to allocate a part of your economic resource to bring the necessary equipment for your business. This will streamline your operations and will ensure that your business operates seamlessly. Key Takeaways Starting your own business takes not only a great deal of money but also time and effort. However, it can also be extremely rewarding when done in the right way. Make sure to follow the above steps that will guide you throughout your business-setup process. For detailed insight, you can always consult a licensed professional for business advice. Get started today! Read Also: Essential Investments Small Business Owners Should Make For Long-Term Success Resolutions To Help The Small Business Owners To Avoid Being Bankrupt How You Can Invest In Your Small Business

KF Documentary: Tips For Small Business To Learn From KFC’s Brand Turnaround

KFC Documentary: Brand Revival

1. Make Advertisements Branded And Fun

2. Make Your Customer Feedback Count

KFC Documentary: Final Thoughts

How to Market a Small Business in a Big City?

Importance Of ADP Payroll Services For Small Businesses

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

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KF Documentary: Tips For Small Business To Learn From KFC’s Brand Turnaround

KFC Documentary: Brand Revival

1. Make Advertisements Branded And Fun

2. Make Your Customer Feedback Count

KFC Documentary: Final Thoughts

Share this Article

How to Market a Small Business in a Big City?

Importance Of ADP Payroll Services For Small Businesses

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related