Market Research in Bolivia
Bolivia is in west-central South America. Sucre is the capital city, but the financial capital is La Paz. Bolivia went through some financial troubles in the 20th century. It has now bounced back better than ever. With rising GDP and falling rates of poverty, it is enjoying an economic boom. But good data is essential for the country to make good use of this new prosperity. Good knowledge of the market is a boon in any business starting up there.
Key Industries
Agriculture, manufacturing, and services are the country’s leading sectors. Services make up most of the country’s GDP because of the recent growth in its financial sector. The manufacturing industry is the second most important. This industry includes the production of textiles, clothing, and refined petroleum. One of Bolivia’s main export crops is coca. It is the world’s third-largest exporter of the crop. But, in recent years, the leading export of the country has been soybean. Some other notable crops are sugar cane, maize, potatoes, and bananas.
Neighborhoods
Because Bolivia is landlocked of most of its trade is with its close neighbors. Those neighbors are Chile, Peru, and Brazil. The regions in Bolivia have many different climates:
- Llanos Region: Humid and tropical
- Altiplano Region: Desert and Polar
- Valley and Yungas regions: Temperate
- Chaco region: Subtropical and semi-arid
That variety allows the country to grow many different crops.
Most people in Bolivia live in the lowlands. The closer one gets to the Andes, the sparser the population becomes.
Trends
The large mix of people creates a diverse culture within Bolivia. The culture is different from other countries in South America. For example, the people have created a new kind of architecture called “Mestizo Baroque.” Also, it has produced painters like Pérez de Holguín, Flores, and others, known worldwide. The folklore of the country is also quite rich. For example, there are the “Devil Dances” at the annual Oruro Carnival. There’s also the more obscure Trabuco Carnival.
Benefits and Strengths in the Market
The country tends to export more than it imports, so it has low debt. Bolivia has many financial services. These services would boost any businesses trying to work there. The population is well-educated and the country has a literacy rate of 100%. The skilled service industry there makes trade across the nation stress-free. Not only that, but they may even grow your business.
Consumer Base
Bolivia is the fifth largest country in South America with many residents. The people there are of European, Asian, and indigenous descent. Most people speak Spanish, but there are some less-known dialects there. When it comes to development, the low-lying valleys are more urban than the rural highlands. In total, two-thirds of the citizens live in urban areas, with the rest in rural regions. One thing of note is that Bolivia has a young population. Most residents are between the ages of 15 and 59.
Reasons to Grow your business in the Bolivian Market
Bolivia’s low poverty rate and low unemployment rate make it a great place to invest. It has many trading partners due to its large number of resources. For example, some notable trading partners include Japan, the US, Argentina, and Brazil. It does most of its trade with Argentina and Brazil.
The country also has become more urban. The rapid development of the country makes it easy for new businesses moving in. That ease of entry means one less concern for you. With that out of the way, you can focus on profit and growth.
About Market Research in Bolivia
It’s essential to use many different techniques to get the most helpful info. Research in the field is the best approach. It lets you get the most up-to-date information. That current info will let you make better and more correct predictions. Qualitative and Quantitative research is excellent for this. Those can help determine what works and what doesn’t. Also, some other suitable methods include Strategy Research, Focus Groups, and Surveys. They can give you a good idea of what is going on in consumers’ heads.
The beauty of Market Research is that it lets you be ahead of the curve in the market. That prior knowledge will put you ahead of your competitors so that you can beat them without a sweat.