Herald Economy | “2 Million Cards, 10% Market Share This Year” — President Jeong Won-jae’s ‘All-Out Offense’ Management
On April 4, 2018, President Jeong Won-jae of Woori Card set a target of selling 2 million cards and reaching 10% market share this year at a press briefing at the Insa Art Center, announcing an 'all-out offense' management approach centered on strengthening corporate sales. Woori Card had earlier launched 'Card-ui-jeongseok Point,' whose design featured the work of Korean painter Kim Hyun Jung.
View full text
[Herald Economy = reporter Do Hyun-jung] "Employees planned to sell 1.6 million cards this year, but I told them to try for 2 million."
He was brimming with ambition from his very first words. President Jeong Won-jae of Woori Card, whom reporters met at the Insa Art Center in Jongno-gu, Seoul, on the 4th, was drawing up what could be called an 'all-out offense' management blueprint. His stated goals for this year: 2 million cards sold and 10% market share. He even hoped to reach 15% market share by the end of his term.
President Jeong explained the significance of his 2-million-card target, saying, "If Woori Card sells 2 million cards this year, it will provide significant momentum in catching up with the leading card companies." He added, "Market dominance needs to be at least 10% to compete with other players on the ground and to collaborate with other industries," noting that the company's market share, which fell to 8.5% last year and 8.1% in January, would hit 9% in the first half and 10% by the end of the year.
To reach this target, President Jeong put forward strengthening corporate sales as his strategy. As someone who built a "high-school-graduate success story" through sales at Woori Bank, his confidence showed. He said, "Woori Bank is known as strong in corporate sales, and I personally led that area," adding, "At the bank, I was in charge of large corporations only." He went on to emphasize the "win-win": "Large corporations have demand not just at the corporate level but also among their many employees, and there are many connections such as payroll transfers at the bank," and "As we grow our card business, the bank can also gain new customers."
True to his sales background, he was laying out plans firmly centered on substance. Emphasizing that "we will avoid non-profitable sales and are determined to generate profit," he also addressed the fee issue plaguing card companies head-on, saying it "cannot be avoided."
President Jeong said, "Once fees go down, they don't go back up even with a change of administration. If it can't be avoided, we have to accept it and diversify our revenue in other ways," adding confidently, "there is still plenty of room to grow our sales."
Meanwhile, on the 2nd, Woori Card launched 'Card-ui-jeongseok Point,' setting point accrual at an industry-leading level and featuring the work of Korean painter Kim Hyun Jung in its design. President Jeong hinted at a new product launch as early as June with an industry-leading discount rate, declaring, "There will be a card like never before."