Euh Yoon-dae, preparatory committee chairman of Brand Korea

By Savas Hadji Kyriacou

Thirty to forty years ago the notion of a hotel owner receiving government assistance for the promotion of a region or a country was laughable in many countries. Today virtually every country hosts a government agency or ministry tasked with tourism promotion.

The 1980s brought about the concept of the 'global village' largely because advances in communications and transportation facilitated international communication and corporate expansion to virtually every corner of the world. Financial institutions and economies adapted to this trend, spawning global mega corporations.

At varying speeds, governments realized that foreign direct investment and increased trade were now something they could influence to their favor. Political factors such as the end of the Cold War, China's embrace of capitalism and India's economic development were all influenced by, and played a part in, the speed at which our global village was created.

More recently, the concept of nation branding emerged. Individuals and the few companies that began developing and marketing the concept were initially treated with skepticism.

Today we are living this reality and competition amongst regions and nations is no longer confined to developed economies but a prerequisite for every nation in the world.

Investment, trade and tourism have to be won, and these pillars of national economies can no longer compete in isolation of one another as effectively as when they pool their resources and develop common goals and strategies.

Such branding on a national level should not take away from sectorial marketing and communications initiatives but rather enhance and support a holistic approach that recognizes and adds to the competitiveness of each sector, region and industry. A country or region's image, reputation, cultural and social appeal and the like all play an increasingly important role.

The common thread in these three trends is recognizing the opportunity, which South Korea, to its credit, has done at the highest level. This top-level leadership is an important element in fully succeeding with the branding process. The challenge now facing President Lee Myung-bak and his newly-chosen Brand Korea tsar Euh Yoon-dae, is to determine how to effectively mold and manage Koreas brand and reap the benefits for the nation as a whole.

The challenge is further complicated by the world's current bleak economic outlook, something that will re-shape the global financial landscape and the political significance of certain nations, at least in the short term.

Suggestions for Upgrading Korea’s Brand ● Acknowledge from the outset that South Korea already is a brand. In doing so, the nation branding initiative can be undertaken primarily as a brand management process rather than brand creation. ● Start by determining the most appropriate nation branding process for Korea. This will require getting a wide spectrum of expert views on nation branding strategies, methodologies and experiences. ● Consider political and economic risk factors beyond Korea's borders and identify future trends and opportunities that will help shape policy in areas such as education and the economy. ● Create a master plan for the research and development stage of the branding process, paying particular attention to Korea's positioning. ● Make sure that the nation branding initiative can be fully integrated into other core aspects of government including policy development. This will require good leadership from President Lee Myung-bak and Brand Korea Chairman Euh Yoon-dae. ● Establish measurable benchmarks that will enable assessment of the impact of the nation branding process and its goals over time, enabling adjustments to be made to address weaknesses and build on strengths. ● Broad buy-in for the branding effort significantly raises it success potential. Clearly articulating the benefits and goals of branding Korea and encouraging buy-in from key constituents and stakeholders is critical. ● The end goals for branding Korea must include the goals of increased investment, exports and tourism. ● Consider how brand Korea can contribute to the peaceful unification of the Korean Peninsula. ● Create training programs to help government employees to understand and use Brand Korea effectively. ● Create programs to encourage the participation of the private sector and public in Brand Korea.