What You Can Learn From Best Buy’s Mistake in China



SAVIO: Yeah, In fact most of the Chinese new company brought in to China,    I have if I want to give them a short course at quest course about what you do and what to look for. Before they do.

Hey, I have a five you know steps that you can actually focus on before I go to China and I called him to China strategy the c h i n a China strategy and each letter stands for a word that I use them to guide them? Focus on fundamentally important of what need to do before you actually attack the Market Property. So, I always see if you have about an hour to time. I will always have the time and hey full of my formula I need to get a very high level of understanding? Or you can buy my book or You can read the book you know I was thinking that have two hours reading or three hours read.

STEVE: Right

SAVIO: I think it is important to understand and seek to understand the nuances and be in the differences between before you do because otherwise you will be like just Best Buy’s and then you know, just die? Yeah.

STEVE: Yeah for sure. I don't know if you want to share a little bit. I know you're not going to go through the whole thing. I actually it's my first time. So the acronym is China strategy right so 

SAVIO: You know what I learn is in North America people has no time, right? They make things simple as possible.

You know what the whole strategy is a five letter CHINA. that easy to remember, C H I N A let me just go quickly for you to show to the audience so why China. The first letter is  C stands for culture, so which is you know what before I said earlier, Hey, you know what? If you want to do business in China, you must understand Chinese culture.

STEVE: Right

SAVIO: Now you don’t need to learn the language. Of course if you know how to speak some language is better but you don’t need Mandarin through it, read and write Chinese. 

STEVE: Of course not.

SAVIO: You must understand, Chinese five thousand years of culture. Culture is the number one you know, keyword that I told them. Which is my book in first half is history and culture?

STEVE: Right

SAVIO: Right. I think that it's important, you know to go to focus on.And then you know and then yeah. in fact H is history. Culture and History. They go hand-in-hand about you know about so that goes first understand your history and culture of China first. You will understand Chinese consumer then you want to understand culture and history? You can learn that and I'm not asking to be a history major 

STEVE: No no, But I get your point because the China. You know, the history in China is such a long history you know we have hundreds of years of Dynasty and the politics is heavily influenced by that and you know by the communist regime.

So there's a lot of things that come into play that affects how the consumer thinks nowadays, are they perceive things nowadays and even the traditions right? I saw a lot of like the color, the number four,  then all these little things that brands you need to think about when they are advertising or when they're communicating, you know their brand message in China.

SAVIO: Yap and that’s a very good point that's why I want to talk about the like Best Buy’s went in China I don’t know who advise them you know, but they have a terrible Chinese name for Best Buy and the Chinese name was so bad that they mitigate the cultural nuances and brand.

STEVE: Right

SAVIO: I don't know, you know the name but you know the Best Buy Chinese name. It's really literally means. Which means you know, which literally means is the best buy translation. Meanings in Chinese means “You have to think a hundred times before you buy”You know, Really, It’s the worst name I ever seen.

STEVE: Right, it's not even like cause you know It's hard for us to say that. It's not it's not easy to remember. 

SAVIO: Yeah, This sounds terrible.

STEVE: And it's like what kind of reaction?

SAVIO: Actually, the name is due to fail “You have to think a hundred times before you buy” 

You know, without a cultural understanding and you can really get it the wrong foot, so I think it's important that you must understand culture and history, the first two. Right.


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