Market Entry Strategy
Generalizes on the best strategy to enter the market, e.g., visiting the country; importance of relationships to finding a good partner; use of agents.
Last published date: 2019-10-13
Best practices for market entry strategies encompass the following:
- Secure an agent, representative, or distributor in Colombia, which requires a contract that meets the provisions of the Colombian Commercial Code. Focus on formality, personal relationships, and trust when negotiating agreements and contracts.
- Communicate with the U.S. Commercial Service and the Economic section of the U.S. Embassy in Bogota regarding specific concerns.
- Offer excellent after sales service arrangements and maintain the sales relationship. Warranties or guarantees on imports are critical for supporting after sales service in Colombia.
- Provide high quality products and/or services, affordable financing and competitive pricing.
- Support your local partner’s marketing efforts with advertising campaigns or by participating in trade shows. Do not be hands off and visit the market often.
- Translate sales collateral and service manuals into Spanish as this may be required in certain sectors like medical products. A U.S.-based staff with Spanish language skills is very useful.
- Meet with and attend functions of local business promotion organizations such as the Council of American Businesses (CEA) and the American Chambers of Commerce (AmCham), which number six in Colombia (Bogota, Medellin, Cali, Barranquilla, and Cartagena).