I’ve seen a number of Paik’s Coffee and Saemaeul ads online and I am curious on why it suddenly became a hit in the Philippines when it originated in South Korea. Then, I found out that the person behind it is the Genius Paik (Baek Jong Won) who is enjoying a great popularity in Korea abroad thanks to his numerous shows including “The Genius Paik”. Watching the show, I somehow learned a lot of business tips and here are some of them that are pretty notable:
1. Pick your restaurant / store location wisely
This golden rule applies everywhere. Genius Paik emphasizes choosing a restaurant or store location strategically. Consider foot traffic, demographics, competitors, and the local population. Your target audience and pricing strategy should also factor into your decision.
2. Hiring local part-timers is a must if going abroad
When expanding abroad, hiring local part-timers who speak the native language is a must. This allows your team to connect with customers on a deeper level and understand cultural nuances.
3. Check competitors
Stay informed about your competitors. This helps you understand current market trends, identify potential issues, and explore collaboration opportunities. Analyzing your competitors allows for strategic positioning and realistic goal setting.
4. Source out from locals
If you’re opening a restaurant abroad and want to introduce your culture, embrace local ingredients! Sourcing from local suppliers can be cost-effective and allows you to create unique dishes that showcase your cuisine while catering to local preferences. While initial experimentation might be required, the long-term benefits are substantial.
5. Performance matters
Struggling to attract customers? Genius Paik shows the power of showcasing your product or service in action. His cooking demonstrations effectively captured the audience’s attention and generated interest in his restaurants.
6. Marketing = Visuals
When marketing in a foreign land, captivating visuals are key. They transcend language barriers and effectively communicate your message. But sometimes, good looks also attract customers, right?
7. Market test
Don’t be afraid to get feedback from your target customers. Gather their insights on your food and product to refine your offerings and ensure they resonate with your audience.
By applying these business lessons gleaned from Genius Paik’s success, you can increase your chances of thriving in the competitive world of commerce, no matter where you operate.
