This week, we are flying from Vietnam to South Korea to meet Jieseon Kim, Managing Director at Pronswer Group, a neutraceuticals distributor and consulting firm with offices in Seoul, Sydney and Bangkok.

I’m excited to showcase a success story from South Korea for the first time.

Korea is not an easy market due to its value-seeking shoppers, price sensitivity, competition, imitation and regulations.

However, many health supplement brands, both domestic and foreign, have thrived in the world’s 12th-largest economy, the 7th-largest online retail market, and the world’s 2nd-highest luxury spending per capita.

Jieseon has been at the forefront of this health trend since founding Pronswer Group in 2017 (and officially launching in 2021) with her co-founder, Minah Lee (ex-Blackmores Korea).

They have consistently launched consumer product ranges with Korea’s Top 5 pharmas and healthcare providers over the last 7 years. In addition to their core OEM function, they are heavily focused on R&D through scientific research and clinical trials.

What made her take this leap of faith? How does she view the Korean market? What are the key challenges in the industry?

Most importantly, what is one thing that she often hears from her clients wanting to enter the South Korean market?

Let’s hear from an ex-petrochemical-trader-turned global entrepreneur.

Futures trading is a highly unpredictable market to rely on as a daily job, especially under stressful circumstances. This was my first exposure to a sales culture and I found it really suited my personality.

As time went on, other opportunities emerged to shift my sales skills to new industries. This took me through the non-profit sector as an Executive Director of the Australian Chamber of Commerce in Korea and I subsequently wound up in sales of pharmaceuticals in North Asia as regional sales manager.

After finding the confidence to take this on by myself, I founded the Health Supplement company with my business partner, Minah Lee, Pronswer Group Thailand Country Manager.

So it was just really about translating those sales skills between different industries since sales skills are always in demand!

Seoul is really changing.

The city has come a long way from a traditional Korean capital introduced to the world during the 1988 Olympics. Seoul is now a metropolis of 10 million people with a modern and vibrant atmosphere, balanced with traditional elements of Korean culture.

It’s always been a dynamic city to walk and discover for the first time, but now there are more visitors than ever, some of whom are visiting Korea for the first time.

K-culture is really taking over the world and there is a lot of interest and attention on Korea as a country, a culture, and a place of business. It’s the perfect time to capitalise on the current interest in Korea, no matter what industry you are working in.

You can do this by deeply understanding who is coming, and where they’re coming from, not just geographically but also culturally.

The domestic demand in Korea is perhaps at a bit of an ebb currently, so it’s really important to maximise this opportunity by engaging with your potential customers who are just arriving at your doorstep.

Logistics have been a big problem coming out of the COVID years, and there’s still some catching up to do in supply chains. Still, these breaks in supply have given us a way to look for new directions to go in and new partners. Everyone is looking with an open mind more than before now and coming to new markets requires new lessons.

Uncertainties are inherently present in entering new markets, particularly for health supplements that are heavily regulated. As such, it is important to find a good local partner to navigate through the uncertainties and problem-solve together. Getting to know your new partners isn’t always a success at first, but there are always rewards when you get things to work out.

Competition is intense in the health supplement industry post-COVID. The market growth has peaked and margins have become slimmer. The proliferation of influencers is also encouraging many consumers to bypass retailers and look for their own solutions directly. Cross-border players like iHerb have grown significantly as a result and Korea is their second biggest market outside the USA.

“This can’t be done”

Every day brings something seemingly impossible that people are going to tell you can’t be done, including yourself.

That’s simply a barrier to get over, provided you’ve had enough caffeine to get you jumping out of bed! ☕ 

If you bring some energy and creativity to your thinking, anything can be done in the world.