Tuesday, January 26, 2016

Everything Korea, Episode January 25, the Second Strategy

This week I’ll be sharing the second of 

my time-proven approaches to Korea facing business. 

This strategy is taking a Pilot or Trial Approach…. Recognizing the strong Korean cultural risk avoidance tendencies, I recommend offering a limited trial program as an option to mitigate fears and concerns—with costs scaled down proportionately from a bolder rollout.  Depending on the project, this often can be demonstrated in a test market or dialed back to limit in scope. 

In all cases, the pilot program needs to be flexible to expand in stages with associated incremental costs.

There is one caveat to this approach I often see taken in Korea.  Once they test market a project and then decide to move forward, they execute a full rollout incredibly fast.  My advice is to plan accordingly in advance with an action plan that includes a rapid roll out…. the faster the better. 

This said, and as many of you have probably surmised, Strategy 1 and 2 do work well in tandem. This begs the question, “So what would I add to ensure success?” 

In particular, as a next step I would present the two strategies in a special format for Korean leadership.  In fact, I’ll cover this in my next commentary.  

In closing, if you have questions on implementing the strategies I have outlined, Stacey, my personal assistant at stacey@koreabcw.com can schedule us for a time.

Oh, one more thing, the Lunar New Year.  As you may know Korea (as well as China and Vietnam) celebrate two New Years’--  one on Jan. 1 and the Lunar New Year celebration, which this year falls on February 7th to 10th.  Following Korean zodiac tradition this is the Year of the Red Monkey.  A year of energy, liveliness and success.  More on the Lunar New Years and appropriate greeting in the next post, too. 

Getting my weekly newsletter?  

If not, here’s the link to subscribe.  Look for exclusive insights and opinions. 

No comments:

Post a Comment