The specific and effective strategies that catapulted these brands to global success.
June 20, 2024
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Two decades of effective strategy and execution have given birth to some of the most attractive brands in the world: the K-brands. But what has become a key geopolitical asset for South Korea is no stroke of luck — it’s the result of an innovative approach that can be adapted by entrepreneurs, brand managers, and marketing executives around the globe. These brands: 1) encourage fast and fun consumer discovery; 2) elevate themselves through immersive experiences; 3) experiment throughout the product life cycle; and 4) promote their brands through content creation.
The last two decades have seen South Korea emerge as a cultural powerhouse on the global stage. K-pop groups like BLACKPINK and BTS have become worldwide megastars, with the latter’s overall contribution to South Korea’s economy estimated at US$5 billion, while TV series Squid Game drew more than 111 million views worldwide within 30 days, the biggest launch in Netflix’s history. The country steadily churns out award-winning K-movies and K-dramas, boasts a shiny contemporary art scene, and has the world’s fourth-largest gaming industry. And the K-beauty market is expected to hit US$18.32 billion in revenue by 2030.
David Dubois is an associate professor at INSEAD.
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Copyright for syndicated content belongs to the linked Source : Harvard Business – https://hbr.org/2024/06/inside-the-success-of-south-korean-brands
