This success story comes from providing the following services: Finding Business Partners in Korea
TARGET – FINDING LOCAL KOREAN VALVES SYSTEM INTEGRATOR
An Indian corporation that deals with the management and distribution of solutions in the field of water and agriculture acquired an Israeli startup that developed advanced control valves and pressure management systems for waterworks, water treatment plants, desalination plants, irrigation systems and mining operations. Following the acquisition the company sought to leverage this in order to enter the Korean market by locating an appropriate importer and system integrator.
CHALLENGE – THERE ARE NO CONTROL VALVES WITH SIMILAR TECHNOLOGY IN KOREA
Promoting and marketing technology that has not yet been implemented in South Korea is always a difficult task. The field of valves is a traditional field in which it is very difficult to promote technological changes mainly because end users are not interested in experimenting and replacing existing solutions that work "well". In addition, the technology of the valves is new and advanced and a period of study and training is required before the valves can be sold and installed.
WORK PROCEDURE – MARKET STUDY AND PROSPECTS IDENTIFICATION
Studying the market is an initial and necessary step required before the prospects identification work begins. It is even more important when it comes to new and advanced technology that probably does not yet exist in Korea. As part of the market research, KOISRA team examined the control valves market, mapped the local manufacturers, international brands, as well as the various projects carried out in the private market and the government market.
Upon completion of the market study, KOISRA team created a list of all prospects, including their contact information, sales turnover, number of employees, R&D capabilities, selected projects and rated them according to their potential suitability for the client.
After the client's approval, KOISRA team contacted the approved prospects in advance and examined their interest in import and distribution of client’s valves. A meeting with KOISRA team was scheduled with those who expressed an initial interest. Following the meeting with KOISRA, meetings in South Korea were scheduled with the most appropriate valves system integrators. KOISRA team organized and accompanied the client during the meetings.
RESULT – EXCLUSIVE SALES AGREEMENT IN KOREA HAS BEEN SIGNED
Among the prospects, several expressed interest in cooperating with the client, but one of them took another step further and visited the client site in order to learn about the production capacity and installation of the valves. The visit was accompanied by the KOISRA team when immediately afterwards the parties agreed to sign an exclusive distribution agreement in South Korea. According to the agreement the Korea system integrator will have the right to sale and install the client’s valves in private and governmental projects in Korea on exclusive base. The two companies have been working together for many years and KOISRA continues to support them in the various projects in Korea.