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32 Country starter pack Getting started in Korea 2.2 RESEARCHING KOREA Comprehensive research is crucial when entering the Korean market because of its unique features, including: • The speed with which the market can change and evolve • Rapidly changing rules, regulations and the focus of enforcement authorities • A lack of consumer information and vague regulations • A shortage of publicly available information to assist with understanding processes and rules. Public data bases are in short supply. Your market research should cover a very wide field, from import duties and other regulations to market-specific issues such as distribution channels, market size and growth, competition, demographics and local production. Gathering this information is usually straightforward, but it’s easy to get overwhelmed by research and all the information that exists. This section condenses the main topics that can assist you. However, do not limit your Korean market investigation to this guide. Key considerations include: • When researching Korea, you should focus on the needs of the Korean market, not your own company’s needs • Information available on the internet can only get you so far. You may need to commission your own professional Korean-based research and visit the market numerous times to develop crucial relationships. Researchers should note that much of the available information may be in Korean. Getting help A variety of research organisations in Korea can be a major source of information. Austrade has a significant presence on the ground in Korea and provides a range of services for Australian firms seeking to go offshore, including assistance on: • Information and advice with market entry and business expansion • Help with location selection • Access to local contacts and networks • Identification and follow-up on specific business opportunities • Market research services across a wide variety of sectors. In addition to Austrade, the Queensland, Victorian, New South Wales, and Western Australian State Governments have representative offices in Korea and may be able to assist with further information. The Australian Government’s Export Market Development Grant (EMDG) scheme can help with costs, and state and territory governments may provide grants too. Market visits After doing as much research as possible in Australia, you will need to visit Korea to confirm the results of your research, develop a deeper understanding of potential markets, establish relationships and eventually negotiate contracts and agreements. Business visits to Korea require patience, understanding and commitment. Determine where and when to visit. There are no fixed rules about when to visit a market, except that you should do so before entering into any agreements with prospective agents, distributors, or other business partners that could influence your future dealings. Consider meeting with several potential partners first to give you a basis for comparison. It can be helpful to meet with the contact you believe will be the best fit for your business towards the end of your trip. This will give you time to develop a better understanding of the market so you can handle questions and discuss strategic options with confidence. Concentrate your effort on only one or two markets at first to ensure a better chance of success. Plan your trip at least six weeks in advance. To ensure a successful trip, you should arrange in-country assistance for the planning and setting up of your program. This will help you see the right agents and customers who will be briefed and screened for interest and suitability. Take note of holidays and religious festivals that occur at the same time as your planned visit. Also ensure you have all your required paperwork completed before departing for Korea, including your relevant visa and taking with you (if applicable) any legal documentation such as financial documents and regulation information. Having company and product information and business cards is vital for developing business relationships. Do some background reading. If you have never visited Korea and don’t know much about the country and its way of life, you should do some research online. News articles and travel books can also provide useful information. Having some broad background knowledge about the area you are visiting will inform and focus your discussions when negotiating with local partners. Guides like this one, and others with a more specific industry or product focus, will also be beneficial.
Country starter pack Getting started in Korea 33 Have a good website before you go. A website for your business is your corporate brochure – prospective customers and agents will usually go straight to it to check you out. The website needs to be informative and attractive – it doesn’t need to be loaded with information, but be cleanly laid out with interesting graphics. If applicable, use customer or client endorsements and photographs to show your products or services. Make sure that contact details are easy to find and use – preferably a direct email with a photo of the staff member. Also consider having a version in Korean to ensure it is readily accessible. Attend trade shows and exhibitions. Numerous trade shows and exhibitions take place in Korea throughout the year. They can provide an excellent opportunity to meet potential customers face to face. Arranging appointments in advance to meet pre identified contacts at niche industry events is advisable if you want to make effective use of your time. Building relationships and making connections To get the most of your visit, be well prepared before you arrive. Don’t waste valuable time in Korea doing what you can do back in Australia. Training courses and seminars that can expand your knowledge about Korea and doing business in a different culture are offered by various organisations in Australia, including Asialink Business, Austrade, the Export Council of Australia and state and territory governments. Make sure to prearrange as many of your meetings as possible, that you have information on the people you are meeting with, and that you reconfirm meetings a day in advance. Australians on the ground in Korea also strongly recommend that when traveling to Korea - you should have your next trip dates booked and arrange follow up meetings for then. This helps demonstrate to Koreans you value the relationship, assisting to build trust. Carrying business cards is essential, and you should follow up with those who have provided their cards to you. Within 48 hours of each appointment, you should send an email thanking your contact for the meeting, providing follow-up information and noting, if necessary, that you will get back to them within a specified time period on particular requests. This will leave a good impression and demonstrate you are someone with whom business can be reliably done with. Many Australian cities have sister-city relationships in Korea such as those between Townsville (QLD) and Suwon, Parramatta (NSW) and Jung-gu, Burwood (NSW) and Geumcheon-gu, and, most recently, Strathfield (NSW) and Gapyeong County. There are also sister-state relationships, which include those between Queensland and Gyeonggi Province, New South Wales and Seoul, South Australia and Chungnam Province, and Victoria and Busan. These relationships provide additional assistance such as networking events and a network of existing relationships. Representative offices may also exist. Check with your local or state government for more details. An easy-to-navigate, well-constructed and up-to-date website is crucial. It allows you to: • Present your product to your overseas potential customers and business partners in cost-effective ways. • Project the impression of a professional and trustworthy business. • Convey that your business is “modern” and uses new technology. • Avoid problems with time differences. • Introduce and promote new products while selling directly to customers. • If possible, have a website with content in Korean. Make sure translations are done correctly. • Design your website for a Korean audience. Consider seeking professional help to do this as ‘trendy’ websites are crucial in Korea. • To make it easier for Korean users to find your website, host your website in Korea. Having a Korean domain name such as .kr demonstrates to your customers your commitment to having a strong presence in market.
Page 1 and 2: REPUBLIC OF Korea COUNTRY STARTER P
Page 3 and 4: SURFACE AREA 99,400 square kmS GDP
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Country starter pack Visiting Korea
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Country starter pack Engage with us
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Country starter pack Engage with us
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© August 2015, Asialink Business.
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