'Global firms look to Korea for inspiration and trends': Kantar CCO

Kantar Group's Asia-Pacific Region Chief Client Officer Tim Kelsall poses in front of the Korean branch's office in Yeouido, on June 30. Courtesy of Kantar Korea

By Kim Jae-heun

Many Korean companies have the potential to become international household names after the COVID-19 pandemic as Asia's fourth-largest economy has emerged as a driving force for global innovation and cultural changes, according to the executive of a global brand consulting firm.

"There has been a huge cultural movement as Korea takes its place on the global stage, be it 'Squid Game' saving Netflix's 2021 third quarter earnings, dominating the world's beauty trends or dominating the world mobile handset market," Tim Kelsall, Kantar Group's chief client officer (CCO) of Asia-Pacific Region, said during an interview with The Korea Times on June 30.

"Over the past few years, there has been a rise of Korean culture and innovation and this has made global firms look to Korea for inspiration and trends ― especially around culture and innovation," Kelsall said.

When looking at the world's top 100 most valuable brands, there are very few companies that originate from Korea. In Kantar's research, Samsung Electronics is the only brand that features in the Top 100.

"There is huge opportunity for Korean firms to capitalize on their innovation, distribution and production strengths to build brands that are salient the world over and connect with consumers in a meaningful way," the CCO added.

According to Kelsall, business sectors such as e-commerce, entertainment, automobiles, beauty products and technology will all help Korean brands to explode on a global basis.

For example, the values of technology and entertainment brands increased 49 percent last year, which was the fastest-growing sector. Therefore, the market demand is there.

"The innovative culture and business mindset will also ensure that they are innovative and differentiated. These are all features of the world's most valuable brands," Kelsall said. "This is crucial as price becomes more important.

The consulting firm analyzed 40,000 brands in its Kantar BrandZ database targeting generation Z and found a strong relationship between increasing relative uniqueness and a consumer's willingness to pay more for a brand ― up to 70 percent more.

"The key to a brand's overall sense of difference often springs from its origins, the tangible product and its positioning. Therefore there is a real opportunity for Korean brands to tell their story to the world," Kelsall added.

Kelsall has been leading the world's largest global and regional brand customer partnerships in the Asian market in order to support consumer understanding for customer growth. He also served as CEO of Kantar Malaysia, promoting innovation in the network market.

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