Among the various strategies for SMEs to survive,'market development' is the most decisive factor.
According to the survey results of the Gyeonggi Small and Medium Business Support Center, small and medium-sized manufacturing companies in the province cited price competitiveness (34.7%), excessive competition between companies (18.8%), and securing new customers (15.4%) as reasons for having difficulty in opening a market.
In particular, in the domestic market dominated by large corporations, it is the fact that it is “picking the stars in the sky” for SME products to survive.
One of surviving companies is “Korea Ginseng Research,” which exports Korean ginseng-related products to 30 countries around the world, including advanced countries such as the United States, Japan, and France, as well as emerging markets such as Bangladesh, Portugal, and El Salvador.
“Korea ginseng with thousands of years of history has been treated as a mysterious material not only in Korea but also in the East,” said Wang-soo Shin, who leads Korea Ginseng Research Co., Ltd. I will make Korean ginseng known to the people in all over the world.”
■ 30 years with ginseng, the creation of a trusted brand
"Ginseng is known to be able to prolong the lifespan if taken for a long time."
These ginsengs have been proven effective by the experience of private doctors for thousands of years, and from the first century BC, the name ginseng began to be listed in Chinese medicine books.
Ginseng, which has been cultivated since the 16th century, is almost all listed in oriental medical books as a cure, an elixir, and until recently, domestic and foreign scholars are actively conducting research on the efficacy of ginseng.
In particular, Korean ginseng is regarded as one of the best ginsengs out of ginseng because it has a harder and more dense internal structure than other ginsengs, and has excellent unique taste and aroma.
CEO Wang-soo Shin is a so-called “ginseng craftsman” who has spent 30 years in this ginseng field alone.
Shin, who first made a relationship with ginseng as he became a ginseng manufacturer and manager at the monopoly office in 1983, founded Korea Ginseng Research Co., Ltd. in 1995 and started a full-fledged business in his hometown, Yangpyeong.
Korea Ginseng Research Co., Ltd. also suffered from difficulties in developing a market in the early stages of its founding, but through ceaseless research and development and overseas market development, it has grown into a global small-scale company that exports products to more than 30 countries around the world.
Currently, Korea Ginseng Research Co., Ltd. is meeting with domestic and foreign consumers under the representative brand of “2001 Red Ginseng” and is producing 120 kinds of various products.
"2001 Red Ginseng" brand has a meaning of six years old ginseng which is preferred by domestic consumers, and recently announced the black ginseng under the brand of 'Doctor Shin's Black Ginseng'
Black ginseng, which is known to have superior efficacy than red ginseng, can be obtained by steaming and drying ginseng nine times.
In the process of heating and drying, ginseng takes on a red energy and then gradually turns black. This process must be repeated nine times to become black ginseng.
Black ginseng is rich in specific saponins (ginsenoside R3) produced in the process of manufacturing ginseng into red ginseng.
In addition, it is known as a healthy food for both men and women who want to manage their health because of its high content of polyphenols, which are good for antioxidants.
Regarding the brand “Doctor Shin's Black Ginseng,” he said, “I thought I had to know ginseng more professionally in order to make food that consumers can trust. Because of that, he studied black ginseng and received a doctorate,” he said. “We will actively inform consumers of black ginseng, a field that is still unfamiliar compared to red ginseng.”
■ Actively targeting overseas markets, becoming a global hidden champion
Korea Ginseng Research Co., Ltd. is currently a global company exporting products to more than 30 countries around the world, including the United States, Japan, France, Malaysia, Canada, Italy, Hong Kong, and Elbador.
However, Korea Ginseng Research Co., Ltd., like other small and medium-sized enterprises in the early stages of its founding, suffered very difficult market development.
CEO Shin said, “In the ginseng market, Korea Ginseng Corporation and the Nonghyup are already self-governing close to 90% of the market, so in order for small and medium-sized businesses to survive, there was only way to develop overseas markets. “In the early stage of business, I had a hard time not even knowing how to open a market.”
It was the GBSA (Gyeonggido Business and Science Accelerator) that helped Korea Ginseng Research Co., Ltd., which was struggling.
The GBSA provided various support for Korea Ginseng Research Co., Ltd. to prepare foreign language catalogs, to participte in overseas exhibition fairs, support on-site difficulties consulting, and in design development. GBSA played a crucial role in helping Korea Ginseng Research Co., Ltd. grow.
CEO Shin said, “It takes huge investment to participate in overseas fairs, so small and medium-sized businesses in the early stages of business start-up cannot even be afraid.” said.
■ Korea Ginseng Research Co., Ltd., which stands out as a global hidden champion.
CEO Shin plans to establish a ginseng promotion hall in Yangpyeong-gun, where Korea Ginseng Research Co., Ltd. is currently headquartered, as well as strengthen marketing to foreign tourists by establishing a ginseng-related theme park.
CEO Shin said, “I think the food industry is a cultural industry. I think that it is not simply to export a single food, but to promote Korea's culture and traditions,” he said. “We will continue to make efforts and research for the popularization of black ginseng and the globalization of red ginseng.”
Source: Gyeonggi Daily (http://www.kyeonggi.com)