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White Paper — Market Entry Best Practices 2023
I am a strong advocate of Korean global business. I see great opportunities and am passionate about seeing Korean brands succeed overseas, as well as seeing international brands thrive in Korea.
However, as I have shared before, my experience is that companies, Korean and global, need to recognize the considerable upfront investment required to enter markets outside their home countries.
In this White Paper, I would like to share what I see as best practices.
Step 1: Do your homework
Invest time and resources in Discovery of the local market. Seek out an expert knowledgeable in both the local market and business sector to perform an objective, detailed competitive analysis. The report should identify the strengths and weaknesses of the competition within the market, strategies that will provide you with a distinct advantage, the barriers that may prevent you from entering your market, and weaknesses in the competition that can be exploited.
Too often, I see a company just scratch the surface in their market discovery. In some cases, this is to control initial investment costs by assigning in-house teams to work remotely by researching via a Google search.
In other cases, the staff at headquarters dispatches a team to do some “field work,”…
