Wednesday, October 10, 2012

Gangnam Style Business Plan – GEC Business Review


by Jess Lee

PSY, a 34-year-old South Korean rapper with a fun-filled horse riding dance, brought central Seoul to a standstill last week as he gave a free concert for 80,000 adoring fans. The municipal authorities allowed the concert to take place outside the city hall, and blocked traffic in the surrounding streets, an unusual gesture that reflects the delight of South Korean public officials at the international success of the musician, whose real name is Park Jae-sang.

Gangnam Style has become South Korea’s biggest musical export. Currently, it stands at number two in both the U.S. and U.K. charts, most importantly, it has been watched over 400 million times on YouTube, uploaded since 15 July 2012.

PSY’s hit is just the latest triumph for what has become known as the Hallyu, or “Korean wave”. Girls’ Generation, “K-pop” group, has made inroads in the US with appearances at Madison Square Garden, David Letterman’s Tonight show and so on.

Samsung Electronics is another great example, it sold up to 20 million units of its Galaxy SIII phone in the past three months, analysts estimated. Hyundai is working its way up the automotive value chain. According to one company insider says, Hyundai is beginning to see its premium models as direct competitors for Audi and BMW.

As for the Korean wave ensued, some companies the benefits are even more obvious. For instance, Amore Pacific – South Korea’s biggest cosmetics producer, is enjoying double-digit growth in China, where the word “Made in Korea” brand commands premium prices, due to the fact that huge Chinese is following Korean music and television stars.

As foreigners pay more attention to the singers, they likely develop a liking for Korea made stuff, and if they like Korea, they will buy more Korean things.

PSY’s music video took his career off into the stratosphere. Entrepreneurs can land their dream business by applying some of the lessons from his viral video success.

Here is how to take some of the wacky tactics used in business strategies, turning them professionally and use them as inspiration to make a better strategy.

Be Uniquely Different
In “Gangnam Style” PSY created his very own dance like riding an invisible horse. During his interview with the Ellen Show, he said his style is to “dress fancy and dance cheesy.” That is how PSY played his strengths, created his own unique style and started a dance craze.

In business, you may not be required to dance on your business plan, not even with an invisible horse, but you should reveal your unique selling proposition. Standing out from the crowd, let customers witness the value you are able to offer.

Remember: “Gangnam Style” is a huge Internet sensation because singer PSY knows the importance of being himself, and being unique.


Confidence is Key
Apparently, PSY has self-confidence to spare due to his uniqueness. Confidence is a key component in how you implement your business plan. Entrepreneurs who run with confidence about their overall business planning and implementation will make a big impact on results. In contrast, entrepreneurs who often change plan (e.g. change sales plan more than 3 times a month) due to minor setbacks with unknown reasons will likely fail. 

No comments:

Post a Comment

Related Posts Plugin for WordPress, Blogger...