Friday, June 11, 2010
Market Research in Mexico
One of the main stumbling blocks that companies who wish to enter the Mexican market face is the lack of available market research. In the US, let's say you want to find out what the market is like for nutraceuticals. By simply typing "US nutraceuticals market 2010" into Google or any other search engine, you are bombarded with results including papers, opinions, professional market research studies, publications from associations, etc. Do the same search for Mexico and your search results are likely to be limited or unreliable. Your product or service may be perfect for the Mexican market, but how will you know if you haven't done any market research? In today's uncertain times, it is crucial to do your homework before taking a leap like launching your product in a different country.
Another common issue for companies doing business in Mexico is gaining access to much needed information. Let's say you have an accessories line that you would like to sell in department stores and small boutiques in Mexico. Finding the department store information is not difficult, but the boutiques??? Nearly impossible. Most boutiques in Mexico are independently owned and operated and do not have an online presence. It is crucial to be in Mexico to gather this kind of information.
If you require market research in Mexico, please contact me at elizabeth (@) globalluxegroup.com and let me know how I can help you!