Company growth is inevitable when markets are not saturated and companies develop their business plans effectively. Brand expansion sometimes involves leaving the borders of the country where the parent company was born. For this reason, projects to reach new geographies imply a capital complexity and the requirement is to know economic and legal realities different from those of all life.
When you are about to venture into unknown territory, it is advisable to have a strategic ally to guide you in your task of entering new places. Knowing the greatest number of variables and with the necessary detail is essential to plan budgets and processes in order to launch a new stage. For this reason, Market Research agencies appear as essential suppliers. Below we list four features they can offer you if you are in this situation.
Educate about the destination. Today it is possible to have a general knowledge of countries thanks to the internet. However, this training is very superficial and omits the aspects that you need to know to undertake in unknown places. For this reason, it is desirable to have the services of a local agency that has extensive experience in the territory of interest. This way you will have the answers that will help you make the best decisions.
Gather data and information. Naturally, the main function of a Market Research company is to reduce the uncertainty of brands thanks to its research about people and companies. Although it is possible to do some research from abroad, many times the results are superficial since obstacles must be overcome such as those derived from document translation (when applicable) or restrictions on access to sources due to IP address issues.
Maintain anonymity. A popular saying goes that plans should not be shared with anyone because of the risk that they will not be fulfilled. This maxim has its truth within the business world. For this reason, many brands that are in the projection phase seek to have a low profile and not advertise with their name until the assumptions become solid realities. An agency can be helpful in finding out the essentials without having to reveal your identity to potential suppliers and clients.
Partner. Finally, people assigned to travel from the headquarters of the company interested in expanding and the destination country will sometimes need in-person accompaniment for some visits. This takes on greater value when the territories to be explored by foreigners are difficult to access or the risk that outsiders run due to security or cultural issues is general knowledge.
Finding a reliable and effective Market Research company is part of the tasks involved in expansion planning. The success of these dumbbells is possible to the extent that both parties collaborate through close communication and coordination. However, when you have one you will have a strategic ally that will allow you to clearly define the steps and resources necessary to open new branches or production points.
At Acertiva we have experience in this type of accompaniment. Thanks to our more than two decades in the market, we have a team of analysts with the experience to advise you on your growth processes in LATAM. If you are in this process, send us a message right now to let us know your needs. We will respond to you with the way in which together we will write your next success story.
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