Entering the South Korean market requires a local lead who understands the nuances of the landscape. A marketing community was established on Telegram, which recently hosted a sharing session focused on building Mantle's Korea strategy and community from the ground up within a two-year timeframe.
The session provided valuable insights into the South Korean crypto market, highlighting its significant size and evolving perception. Key facts presented included:
- •The Korean crypto market represents one-third of the stock market, with 9.7 million account holders.
- •Cryptocurrency perceptions have shifted from being viewed as gambling to a reliable form of collateral, largely due to regulatory advancements and institutional interest.
- •One in five investors, particularly those in their 50s, are acquiring crypto assets for the benefit of future generations.
Factors Driving Market Evolution
Several factors have contributed to the transformation of the South Korean crypto market:
- •Following the Terra-Luna incident, increased trust from Korean users has been fostered by regulatory clarity and improved communication from the government.
- •The modernization and evolution of the entire financial sector have led to increased user engagement. It is now simpler and faster to connect bank accounts, which encourages greater participation.
- •Platforms like Upbit and Bithumb have enhanced user stickiness and attracted new users through significant updates to their mobile user experience.
Strategies for Targeting the Korean Market
Effective targeting of the South Korean market involves a multi-faceted approach:
- •A report indicated that YouTube is the primary source of information in South Korea, with X (formerly Twitter) being a less significant channel. It is crucial to establish a presence on platforms like Naver and Naver Cafe.
- •Localizing content is paramount for resonating with the target audience.
- •A mobile-first strategy is also critical, as 75% of users in their 20s utilize mobile devices for trading.
- •Establishing meaningful partnerships with local businesses can make a substantial difference. Korean users are discerning and can easily identify superficial collaborations.
In summary, to achieve success in the Korean market, the following are essential:
- •A local lead with a deep understanding of the market landscape.
- •A long-term community strategy, avoiding one-time, superficial activations.
- •Localized content coupled with a strong focus on mobile user experience.
Expanding Brand Presence
At Plume, a strategy is being developed to enhance the brand's presence in Korea. This includes creating localized content for Naver and implementing visibility campaigns such as billboards in prominent locations like Gangnam and Lotte World. Observing the energy at KBW (Korea Blockchain Week) has fueled enthusiasm for continued expansion into the Korean market.
The growth of the marketing community is a source of pride, serving as a hub for knowledge and resource sharing at its highest level.