Sporting events like the Olympics or the World Cup often get global attention for the host country not just from a sports point of view but also business.
I have no doubt that this will also be true of the upcoming Winter Olympics in 2018 which will be held in 2018 in Korea.
A study held by the Hyundai Research Institute said hosting the 2018 Games will inject 65 trillion won ($61 billion) into Asia’s fourth largest economy through investment, spending, and spin-off consumption. This is great news for businesses. South Korea has also hosted the Summer Games in 1988 and the World Cup soccer finals together with Japan in 2002 which both brought business opportunities onto the peninsula.
The most obvious area of business opportunity is probably the winter clothing market but other businesses shouldn’t rule themselves out of the picture.
Many if not all industries have a great opportunity in the run up to and beyond the Winter Olympics but good timing is a factor.
With the Winter Olympics opening ceremony scheduled for February 09th, 2018 there is just over one year to get some traction established for any business who wants to be visible in the Korean market.
The typical Korean consumer acts on what they see their fellow Koreans do which makes trends a big thing here. There is a typical routine for consumers in Korea.
- They see or hear about a product or service
- They search online for the product or service (this is usually done through Naver)
- They look at feedback about the product on social media and or community sites
- What they find will help them decide whether to purchase or not
- As a business you will get a sale or not depending on the above
To create the all important credibility/presence online time is important and can involve areas like website localization, social media presence on global platforms (in Korean) and the Korean platforms and social media like Naver blogs and Naver visibility.
The good news is that there is still time to achieve this for a business who wants to enter the Korean market if they act now.
World Markets Korea is based in Seoul and is operated by a New Zealander and a British national who have over 20 years of experience in Korea. Offering consulting, online marketing and event management they help companies successfully enter the market.
You can contact them at: firstname.lastname@example.org