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Yonnie Woo, general manager of The Hoffman Agency Korea, contributed the following article to the June 8, 2010 issue of Korean magazine The Electronic Times. An English translation of the article follows. The original Korean version can be found at http://www.etnews.co.kr/news/detail.html?id=201005120269.
Here’s good news for Korea: According to government-driven annual research gauging how Korean products are valued, there’s been a 3.3 percent improvement this year (from 68.2 percent to 71.5 percent).
The widely used term “Korean discount” has been used to indicate that foreign buyers do not fully trust or appreciate the quality of Korean products, so they’re not willing to pay much for them.
Reflecting on my many years of experience in international communications, the Korean discount notion is sad but true. Most Korean companies except for a few, namely Samsung Electronics and Hyundai Motor Company, are evaluated lower than their actual market status. You can easily find a Korean company whose actual market share ranks within the global top five, but their mindshare ranks far lower than fifth position. This results in many Korean startups hiding their origins to position themselves more favorably in Silicon Valley.
Where did this notion start?
If you want to communicate with a non-Korean, you need to speak English. This is never an easy task for individuals who are used to speaking Korean, but it’s essential for Korean companies to communicate in a way that outsiders will easily understand. If you speak English in a Korean way, following the Korean way of logical thinking, then non-Koreans will probably not follow you clearly. If they are westerners, it’s even worse – A serious misunderstanding could happen. So, bear in mind that others’ cognitive/logical structure is different from ours. If you don’t understand their cultures and customs, you won’t be able to properly communicate with them. Indeed, the phrase “culture before language” is true.
On the topic of culture, here’s a good example of how a misunderstanding could happen. “Modesty” is one of Korea’s valued virtues. But it is not regarded as a virtue to non-Koreans. Korean CEOs were raised learning that boasting is not good manners. How can they be comfortable with showing off? The concept “self-praise” obviously does not go along with the Korean tradition. But, people outside of Korea, especially westerners, might not see you as humble but as having a lack of confidence.
I understand why some Koreans have problems communicating with non-Koreans in a business context: You are not comfortable meeting western journalists because you are afraid of speaking English. Your company is not in the leading position yet. You are not enjoying much profit this year. You are just simply not ready for PR and think it is not a top priority. That’s O.K. But you’ll eventually miss out on PR opportunities. And it may be too late when you realize you need to start doing PR.
So, Korean companies: Wake up! Unless you tell others about you and the good things your company is doing, they won’t know.
And just put away words like “Korean discount.” Make others treat you the way you deserve. Or have them pay you more for the “premium value” of Korean products. But before that, ask yourself if you have put enough effort into sharing information about your company with the world.
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