risk market research

How To Reduce Entry Risks Through Market Research

risk market research
Market research is essential before investing and entering a new market

Market Entry in a New Country is an Investment and a Risk: Do your Research!

Nothing is worse for Return on Investment with your market entry than searching a partner, concluding an agreement, adapting your product, training the partner and then to find out that the market is practically non-existent.

Start With Getting to Know the Country

The situation mentioned above is actually quite common. Although you can always see it as a learning experience, these risks can at least be reduced. To get to know the country better than just the airport and the capital’s central business district is the perfect start. Having a trusted person who knows and can help you to define the right entry strategy can also be of a great advantage.

Market Research Will Increase Your Chances for Success

Extensive quantitative reports often do not provide the information that can influence the decision making process. More qualitative research, such as distributor opinions or a pilot with end customers can help to provide more specific and relevant information. This research may lead to a decision not to enter the market: which will save you from a financial failure.

Biz Latin Hub can assist you doing business in Latin America & the Caribbean

At Biz Latin Hub, we provide integrated market entry and back office support to investors throughout Latin America and the Caribbean, with offices in more than a dozen countries around the region and trusted partners in many more.

That unrivaled reach means we are ideally places to support multi-jurisdiction market entries and cross-border operations.

Our portfolio of services includes company formation, accounting & taxation, legal services, bank account opening, and hiring & PEO.

Contact us today to find out more about how we can support you.

If you found this article on nearshoring in Latin America of interest, check out the rest of our coverage from across the region. Or read about our team and expert authors.

AllianceAlliance experts is a global network of business development specialists. They help companies enter new markets profitably.  More information in: http://www.allianceexperts.com/

The information provided here within should not be construed as formal guidance or advice. Please consult a professional for your specific situation. Information provided is for informative purposes only and may not capture all pertinent laws, standards, and best practices. The regulatory landscape is continually evolving; information mentioned may be outdated and/or could undergo changes. The interpretations presented are not official. Some sections are based on the interpretations or views of relevant authorities, but we cannot ensure that these perspectives will be supported in all professional settings.
Craig Dempsey
Craig Dempsey

Craig is a seasoned business professional in Latin America. He is the Managing Director and Co-Founder of the Biz Latin Hub Group that specializes in the provision market entry and back office services. Craig holds a degree in Mechanical Engineering, with honors and a Master's Degree in Project Management from the University of New South Wales. Craig is also an active board member on the Australian Colombian Business Council, and likewise also active with the Australian Latin American Business Council.

Craig is also a military veteran, having served in the Australian military on numerous overseas missions and also a former mining executive with experience in various overseas jurisdictions, including, Canada, Australia, Peru and Colombia.

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