Success in Korea: Helpful Ambassadors and Lucky Pigs!

At Knowledge Peers we are running a theme looking at the risks and rewards of entering emerging markets (and see the event we are running at the brand new IBM Forum on London’s Southbank).  No one, not even Goldman Sachs, can seem to agree on what is or isn’t an emerging market. However most suggested examples seem to include South Korea, which always strikes me as a bit odd given that it’s a big, vibrant economy with broadband speeds to die for, everywhere.

A common theme to all growing businesses is that you continually have to do new things, and nowhere is that more true than when entering a new market. At my old business- a global research company- we decided to open an office in Seoul, South Korea, as we had a few decent sized clients to look after. There were a few challenges early on but nothing we couldn’t cope with. Even the need to put a (dead) pig’s head in the new office for a  few days was no trouble. It is said to bring good luck, and it did!

So, potentially we could have coasted along looking after a few key clients. Did we? Of course not! Luckily we had an Aussie-Korean (Johnny Kim, a guy so committed to business that you’d find he’d still be negotiating with you while he was paying a visit to the “dunnie”). Anyway John had big plans for Korean business and had a unique knack of asking for favours from very “senior” people. So, despite the fact we had an office populated with just 5 staff, he managed to persuade the British Embassy in Seoul to host a “launch” garden party for us in the Embassy grounds, with the Ambassador himself doing the hosting.

Now, embassies might not always be big news, but our place in Seoul was special. A large Victorian mansion with extensive gardens. It’s almost unique in Seoul as it is one of only a handful of old buildings left from the Korean war. Net result? Not only did the great and the good of the Korean Tech sector turn up, but we also had Government ministers, State TV, the lot. I even did a little speech from the Embassy steps. A proud moment, but it also got our business known and established. Can’t even remember it costing anything!

So, if you don’t ask you really don’t get, particularly when entering new markets! And don’t try the pig thing in your own office. The Korean ones are treated to last……

 

Chris Dines, CEO, Knowledge Peers 

Comments

[Harish Jagtiani]

That was a most interesting anecdote! And it would be very useful if I ever go to S Korea. Cheers.

[Cheyenne]

That's an ingienous way of thinking about it.