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New Normal Best Practices for Post COVID-19 Market Entry
In this post COVID-19 world, we hear the expression the New Normal used frequently with regard to society and business. A timely question then is how will this New Normal apply to commerce and specifically international market entry?
In a Deep Data webinar jointly hosted by the Israel Economic Trade Mission to Korea in Seoul and Cardumen Capital based in Tel Aviv, I spoke to a wide audience of Korean companies on how I saw market entry under post COVID-19.
For one, and as in the past, ‘need and demand’ have always been the drivers for a successful business market entry. Goods or services must match what is lacking in a market and enterprisingly fulfill a need or gap in that local market.
For example, in a market like South Korea with an abundance of pizza and fried chicken eateries introducing either fast food would be an uphill battle. In contrast, with innovative hubs like Israel and South Korea as developers of new AI, robotics, drone, deep learning and mobility technologies, a company offering its unique product or service has a much greater probability of success in that they provide needed cutting-edge solutions. More so, these technologies will drive the transition to the digital economy accelerated by COVID.
