Using advanced technology applied to the extraction and processing of large volumes of data, it is possible to obtain the necessary information to evaluate whether a new product, service or brand will be accepted when it begins to compete in a specific market.
Companies that intend to compete in a new market always ask themselves the following question: How much acceptance will our new product, service or brand have?
Brands offering a deeper and more emotional added value, delivering to their customers with immediacy and executing business strategies from a more local perspective are the most likely to succeed in this new commercial reality.
The outbreak of covid-19 and the mobility restrictions imposed by this pandemic significantly changed consumer behavior and perceptions of brands.
Greater preference for private brands, less use of cash and fewer purchases but in higher volumes, are some of the characteristics of current consumer behavior when it comes to demanding mass consumption products.
In this new business scenario, market research companies continue to focus on understanding the new consumption habits of people in all countries in the region.
With the reduction of advertising budgets, companies must invest in advertising on social networks, which must be complemented by organic traffic derived from content created on digital platforms.
The outbreak of covid-19 transformed the ways in which Central American consumers behave, as quarantines and measures of restriction and social isolation decreed by governments, generated abrupt changes in purchasing habits and product search.
Assessing the company's value proposition and conveying it properly, as well as adapting quickly to the current business environment to create bonds of trust with customers, are part of the challenges that brands must face to survive.
According to experts on issues related to marketing and branding, the severe home quarantines decreed by the Central American governments due to the outbreak of covid-19, has imposed new habits to consumers.
During 2018, sales of packaged foods in the United Kingdom exceeded $84 billion, and 36% corresponded to private label products, which have quickly entered this market.
The study "Trends and requirements of private label buyers in the food sector in the United Kingdom", prepared by Procomer Costa Rica, indicates that the United Kingdom stands out as the second country in Europe with greater penetration of private label.
In the retail business, large distributors boost the sales of their own brand products through strategies aimed at consumers who prioritize the price factor over other elements when buying.
Globally, the tendency to buy private label products is becoming more and more evident in markets, as companies engaged in the retail trade of other products, such as supermarket chains, are capitalizing on their experience by placing their own products and competing with their suppliers.
When brands don't know how to approach women, this segment of the population removes products from their value equation because they can't establish a rational, less emotional relationship.
4AM Saatchi & Saatchi White Rabbit together with Prensalibre.com carried out the study "A Guide to Understanding the Consumer", and one of its objectives was to understand how women behave with respect to brands in the Guatemalan market, in a context of economic slowdown.
It has been reported that in the last four years on average between 23 and 25 brands per day have been registered, a figure which includes both domestic and foreign brands.
According to figures from the Directorate General of Intellectual Property (DGPI), between 2014 and 2017, a total of 23,466 brands were registered, and it is estimated that the number of registrations varies between 5,800 and 6,000 a year.
Eight in ten Peruvians buy own brand label products, with bread, rice and oil having the most presence in supermarkets
From a statement issued by the Costa Rican Foreign Trade Promotion Office:
Peruvians prefer to shop in supermarkets, because of the variety of products on offer , as well as for reasons of safety and comfort. In 2014, supermarket sales showed a growth of 9.5% compared with the previous year, which represents 44% of total retail sales.
Supermarkets are one of the outlets where the most own brand labels can be found, and these products are gaining ground as consumers perception over their quality improve.
Currently in Panama 2% of supermarket sales correspond to own or private brand labels and 64% to cheaper brands, according to studies cited by Martesfinanciero.com.
The low penetration of these kinds of brands in the Panamanian market represents a growth opportunity, mainly because the perception that consumers have of such brands is changing, both regionally and globally.
Through the convening of an international competition, the government will select a Country Brand which it will use to improve promotion of the country as a destination for tourists and investments.
From a statement issued by the Government of Honduras:
The President Juan Orlando Hernandez stressed that the country brand image contest will be the first step of many efforts to be made by the Government to position Honduras worldwide in the areas of trade, investment, human talent and tourism.
Private brands, also known as intermediaries or retailers, are being increasingly sought out in developed markets such as those in European countries.
From a press release issued by the Foreign Trade Office (Procomer):
A study by the consultancy company Nielsen in 2013 for the Yearbook of Private Label Manufacturers Association (PLMA) shows that private brands increased their share in 18 of the 20 European countries analyzed, which led to them being the most popular and demanded by consumers.
There has been a reduction in the number of independent gas stations and an increases the presence of corporate brands.
The gas stations business in Guatemala has been transformed in recent years, as fewer and fewer service stations are being operated by independent companies, many of which have sold their establishments or been acquired by international franchise brands.