Language barriers might be serious obstacles when trying to obtain a clear picture of the Korean market. English is not widely used in all areas and Korean still has an important role in business matters.

Before entering the Korean market, you might have questions and concerns regarding market entry itself or specific market regulations. Due to distance and cultural differences some aspects may remain unclear and some answers might even be impossible to acquire without help. You need specific industry-related information that can be crucial for your decision-making process regarding market entry. However, because of the language barrier certain Korean information sources might be unavailable to you.

It is therefore highly advisable to first gain a better understanding of the Korean market. Impressions from local companies with many years of experience in the market entry practice are particularly helpful and allow you to benefit from their expertise.

In such cases Nowak & Partner supports you as an autonomous investigator providing you with concise information catered to your needs. We deliver crucial tailor-made knowledge from an independent third-party perspective.

You can find a small selection of successful projects that we have carried out here.

Why Market Research?

Individual market studies usually provide an initial overview of the Korean market situation for your product, local and international competitors, consumer and consumption behaviours, compulsory legal and technical requirements for your products, price analysis, possible margin policies, distribution channels and much more.

Market studies are a comparatively cheap and effective way to obtain the information necessary to decide on whether and to what extent engagement in Korea makes sense before major investments are made.

Smaller companies are usually not willing or maybe unable to afford high-quality market studies. However, a proper study can save a lot of money down the road. Cheap studies using students or interns to collect data may leave out crucial bits of information necessary for success.

It can be very helpful to come to Korea first in order to look around and investigate in person. It is recommended to talk to as many potential customers, competitors and suppliers as possible while also checking out KOTRA or the Foreign Chambers of Commerce in Seoul and connecting with the English-speaking community.

You can, however, also just approach Nowak & Partner. We are well connected in Korea and can conduct market studies both conscientiously and comprehensively by using Korean sources, providing profound market insights.

Your goals

• You intend to expand your business to Korea but lack information from local sources due to the language barrier.
• Your goal is to acquire more information directly from Korean sources.
• You have specific questions or would like to fill knowledge gaps about the Korean market either generally or with a targeted focus on a specific sector (market size, market value, main market players, local regulations, exhibitions, etc.).
• You are seeking to solidify your sales strategy in preparation for your market entry in Korea and would like to know more about local practices.
• You aim to obtain local insights for the purpose of identifying potential M&A candidates or business partners.
• You are looking for specific information related to potential customers and partners (financial data, reports, credibility, etc.).
• You would like to start or continue your business communication with a specific Korean company but have failed to identify the right decision maker due to the language barrier.

Our Service

Nowak & Partner provides a pragmatic market research service delivering specific answers and information tailored to your goals and needs.

Our experienced research team enters the field and immerses itself in the project to investigate in detail while answering challenging questions in a variety of industrial sectors.

Through applying a sector-specific focus our native Korean speaking team is able to easily and quickly acquire information related to your market in Korea. We deliver detailed information and spare you the time and work needed to find relevant data. Obtaining this kind of information on your own could prove to be quite challenging — if not impossible.

We put you in direct contact with potential market counterparts and help you decide how to proceed with your market entry in the most efficient way. We can also act on your behalf in establishing communications with your potential business partners. You can take over communications later on and start building your own business relationships.

Solution

Nowak & Partner’s Market Research is carried out by a project team with a variety of backgrounds including both Koreans and foreign nationals. We focus entirely on your goals, collecting and arranging all data accordingly.

As a result of our research we provide a professional report with up-to-date market knowledge tailored to your specific needs. Based on the report you can prepare an optimal market entry strategy for your company or choose to increase your knowledge in different areas.