Huge “latent” demand in Mexico for North East engineering asset management expertise

Aberdeen-based Latent Ltd is an ambitious, fast-growing engineering asset management support company which is showing early signs of success in its strategic approach to breaking into the South American energy market.

The company recently completed the Marketing Advance Program (MAP) run by Scottish Enterprise Grampian prior to travelling to Mexico with other UK companies to meet with Pemex as part of a trade mission led by Aberdeen City Council and SDI.

Peter Adam of Latent, who has contributed export tips to this issue of exportlink Peter Adam, operations manager with Latent, went on the mission to demonstrate the company’s wide suite of products and services which enable the management of universally recognised business scorecards and key performance indicators.

“After the initial meetings, Pemex’s VPs and senior managers started to grasp the capabilities that Latent’s packages could offer in modelling and benchmarking installations - it was soon evident that their maintenance and operations teams were highly impressed with the software and services that Latent offers,” noted Mark Buckingham, Trade and Investment Specialist at the British Embassy in Mexico.

Peter Adams is now planning a follow-up visit to capitalise on the leads gained, and he attributes the company’s breakthrough success to its thorough preparation for the mission and the practical support on the ground in Mexico provided by the UK consulate commercial staff.

“This was an extremely positive experience and we are currently following up on some very promising leads with Pemex and IMP which came out of the trip,” he reports.

Peter has logged some very helpful comments on export trade missions based on Latent’s experience - see below.

Latent Ltd can be contacted on 01224 645999 or visited at www.latentltd.co.uk.

Some export trade mission tips from Peter Adam, operations manager with Latent Ltd:

On your marks

“Research is always vital when you are considering entering a new market. There is no point in signing up for a trade mission if your product or service is not appropriate for that country.

Prior to committing to the trip we carried out our own research, with local expatriates in the target country and industry, to ensure that participating in the trade mission would be beneficial to us. We wanted to be sure that we would not be wasting valuable time and money.

Once we had determined that it was a viable market for our products and services we were more than happy to sign up.”

Get set

“Once you have confirmed your place on a trade mission your preparation for the trip should begin in earnest. I suggest you check the following:

Money

“Check the local currency and ensure that you know the current conversion rate so you can quote realistic figures in relation to your products and services.”

Business cards and printed material

“You don’t want to run out of business cards or brochures part way through the trade mission. Having to hand over your contact details to a potential customer on a scrap of paper will not present a professional image, so make doubly sure that you have plenty with you. You should also translate text into the local language to avoid confusion or embarrassment.”

Etiquette and customs

“You don’t want to offend people in your host country by doing something which they consider to be bad manners; this can be avoided if you make sure that you are aware of local customs and etiquette beforehand. I also recommend making the effort to learn a few key words in the local language.”

Plan ahead

“Most trade missions will include time set aside for you to follow up potential business leads. Make the most of this time. It is unrealistic to arrive in the host country and expect to be able to arrange meetings to take place during your visit, so as far as possible you should plan ahead and schedule meetings from the UK. This will help you to make optimum use of your time and to pack in as much as possible – and you should plan to work 12 hours a day!”

Go

“Once you are in the host country and participating in meetings, I recommend taking regular notes. It is very easy at the time of an introduction not to note something down, but that’s why things get forgotten. It might seem obvious but making notes about every contact you meet will help you to remember what was said and what you expect from each opportunity.”

“It is also important to follow up on meetings that have taken place – and this doesn’t have to wait till you return home! The technology available today means that you should be able to send an email to your contact thanking them for their time and confirming the outcome of the meeting and any actions whilst you are still on the trade mission.”