Market Entry Strategy
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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,
- Conduct thorough due diligence to know your partner and understand the market,
- Communicate with the U.S. Commercial Service and the Economic Section of the U.S. Embassy in Bogota regarding specific concerns, such as regulatory issues,
- Offer excellent after-sales service arrangements and maintain the sales relationship; warranties on imports are critical for supporting after sales service in Colombia,
- Provide high quality products and/or services and offer affordable financing and competitive pricing,
- Support your local partner’s marketing efforts with advertising campaigns or by participating in trade shows,
- Visit the market often; take advantage of Colombia’s geographic proximity to the United States and the abundance of flights connecting Colombia to all regions of North America,
- Translate sales collateral and service manuals into Spanish, as this may be required in certain sectors like medical products; hire a U.S.-based staff with Spanish language skills,
- Attend functions of local business promotion organizations such as the Council of American Enterprises (CEA) and the American Chambers of Commerce (AmCham), which number five in Colombia (Bogotá, MedellÃn, Cali, Barranquilla, and Cartagena).
For additional information, including market analysis, trade events, and the products and services that the U.S. Commercial Service can provide to help you succeed in the Colombian market, please contact:
U.S. Embassy Bogota
U.S. Commercial Service
+57 (601) 275-2519