Market research is an essential tool for understanding the dynamics of the business environment and identifying the specific needs of the target audience. In Cape Verde, a country characterised by its strategic location in the Atlantic and cultural diversity, market analysis becomes even more relevant for companies looking to adapt to emerging trends and maximise their impact.
With a growing economy, driven by sectors such as sustainable tourism, renewable energies and technology, Cape Verde presents a promising scenario for investment and innovation. Political stability and economic policies favourable to foreign investment reinforce the archipelago's attractiveness as a business destination. According to World BankThe structural reforms implemented have significantly improved the business environment, creating opportunities for local and international companies.
Digitalisation and increased internet access in the country have allowed companies to explore new ways of interacting with consumers. Initiatives such as Digital Cape Verde are fostering technological entrepreneurship, creating an ecosystem favourable to innovation. This context underlines the importance of detailed market research, which allows organisations to understand the behaviours, preferences and expectations of their target audience.
This report aims to explore effective methodologies for conducting market research in Cape Verde, highlighting the tools and strategies that can be used to gain valuable insights. It will also analyse the challenges and opportunities that companies face when operating in a constantly evolving market, with a focus on adapting to change and creating value for consumers.
Through a data-driven approach and analysis of local trends, this study aims to provide a comprehensive overview to help companies position themselves competitively in the Cape Verdean market.
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Demographic and geographical analysis is essential to understanding the characteristics of the target audience in Cape Verde, an archipelago made up of ten islands with distinct realities. Segmentation can be based on factors such as age, gender, location and income. For example, according to data from INE Cape VerdeThe young population (under 30) represents around 60% of the total population, which indicates a promising market for products and services aimed at this age group. In addition, the more urbanised islands, such as Santiago and São Vicente, concentrate most of the population, making them strategic locations for targeted marketing campaigns.
Geographical location also influences consumer behaviour. On the more touristy islands, such as Sal and Boa Vista, there is a greater demand for tourism-related services, such as accommodation, catering and leisure activities. On the other hand, on less developed islands, such as Santo Antão, there are opportunities to explore niches such as sustainable agriculture and ecotourism.
Psychographics analyse the values, interests and lifestyles of the target audience. In Cape Verde, the growing penetration of the internet, which will reach 65% by 2023, as reported by the World Bankhas transformed consumer habits. Younger consumers are increasingly connected and prefer to interact with brands through digital platforms such as Facebook and Instagram, which have 313,000 and 127,700 users respectively (Akontar CV).
Another relevant factor is the growing environmental awareness among Cape Verdean consumers, especially on the islands most affected by climate change. Companies that promote sustainable practices, such as using recyclable materials or offering eco-friendly products, are more likely to attract this segment.
Segmentation based on the specific needs of consumers allows companies to offer personalised solutions. For example, in the tourism sector, there is a clear distinction between business travellers and leisure tourists. While the former value amenities such as high-speed Wi-Fi and meeting rooms, the latter are looking for authentic experiences such as cultural visits and outdoor activities (FasterCapital).
In the technology sector, the growing adoption of mobile devices has created an opportunity for the development of digital applications and services that meet local needs, such as e-commerce platforms and digital payment solutions. This segment can be exploited through campaigns that highlight the convenience and accessibility of these technologies.
Digital tools such as geospatial data analysis, Big Data and social media platforms are crucial for identifying and segmenting target audiences in Cape Verde. These technologies allow detailed analysis of consumer behaviour in real time, helping companies to adjust their marketing strategies more effectively (S&D Consultancy).
For example, social network analysis can identify emerging trends and consumer preferences, while Big Data can be used to predict purchasing patterns based on historical data. These tools are particularly useful in emerging markets like Cape Verde, where resources may be limited but technological innovation is on the rise.
Personalised communication is an effective approach to increasing the effectiveness of marketing campaigns. In Cape Verde, where cultural and linguistic diversity is significant, adapting marketing messages to the local context can make all the difference. For example, campaigns in Cape Verdean Creole can create a stronger connection with local audiences, while messages in Portuguese or English may be more suitable for foreign tourists and investors.
In addition, the use of paid adverts on platforms such as Facebook and Instagram makes it possible to target audiences based on criteria such as location, age and interests. This approach not only increases the reach of campaigns, but also improves the conversion rate by targeting content at consumers most likely to purchase the products or services on offer (Akontar CV).
The tourism sector continues to be one of the fundamental pillars of the Cape Verdean economy, accounting for around 25% of Gross Domestic Product (GDP). In 2023, Cape Verde reached the one million annual guests mark for the first time, with 95% concentrated on the islands of Sal and Boa Vista. This growth was driven by new air routes and investments in tourist infrastructure. However, an emerging trend is the commitment to sustainable tourism and ecotourism, in line with the Tourism Operational Programme (POT)This strategy, which has a budget of 200 million euros by 2026, aims to attract tourists who are aware of their environmental impact. This strategy aims to attract tourists who are aware of the environmental impact, promoting ecological preservation practices and cultural valorisation.
Cape Verde has demonstrated a significant commitment to the energy transition, setting ambitious targets of achieving 50% of renewable energy by 2030 and 100% by 2025. Emblematic projects, such as the Cabeólica wind farm, position the country as a regional leader in the energy sector. This effort is complemented by government incentives to attract investors interested in solar, wind and other renewable sources. The archipelago's geographical location, with high levels of solar radiation and constant winds, offers ideal conditions for the development of this sector, making it an attractive opportunity for international investors (Invest in Africa).
Cape Verde's geostrategic position at the centre of the main Atlantic routes reinforces its potential as an air and sea transport hub. The government has invested in public-private partnerships to modernise ports and airports, with the aim of transforming the country into a regional logistics centre. This plan includes the privatisation of state-owned companies and the creation of new infrastructure to facilitate international trade and the transport of goods. These initiatives not only increase the country's connectivity, but also create opportunities for logistics and transport companies (Invest in Cape Verde).
The Information and Communication Technologies (ICT) sector has been gaining importance in Cape Verde, driven by a young and dynamic population. Programmes such as UNDP's Reimagining AI Trust and Safety Programme 2025 offer training, mentoring and funding for young innovators, with the aim of positioning the country as a centre for technological innovation in Africa. In addition, the digitalisation of public and private services creates a favourable environment for startups and technology companies wishing to expand into the Cape Verdean market.
The economy of the sea is another sector on the rise, with a focus on sustainable fishing, aquaculture and the exploitation of marine resources. Cape Verde has a vast Exclusive Economic Zone (EEZ), which offers opportunities for the export of seafood and the development of related industries, such as fish processing. At the same time, agribusiness has the potential to grow through the modernisation of agricultural techniques and the use of innovative technologies to increase productivity. Diversifying the rural economy and reducing dependence on food imports are strategic goals for the government (Invest in Africa).
The stable political environment and the structural reforms implemented by the government have made Cape Verde an attractive destination for foreign investors. These reforms include the simplification of administrative processes, tax incentives and the creation of special economic zones. O World Bank emphasises that these measures have helped to improve the business environment, increasing the country's competitiveness and promoting sustainable economic growth.
Training and empowering the workforce are key to sustaining Cape Verde's economic growth. Initiatives such as workshops, mentoring programmes and access to funding for young entrepreneurs have encouraged the creation of innovative businesses. These actions aim not only to reduce unemployment, but also to foster a culture of entrepreneurship and innovation, preparing the country to face the challenges of a globalised market (Mindel Insite).
This report provides a detailed overview of market trends and investment opportunities in Cape Verde up to 2025, highlighting strategic sectors such as sustainable tourism, renewable energies, technology and the marine economy. Political stability, structural reforms and investment incentives position the country as a promising destination for global investors.
Creating localised content is an essential approach to capturing the attention of Cape Verdean audiences. This method involves producing content that reflects the country's cultural, linguistic and social particularities. For example, using Cape Verdean Creole in advertising campaigns can establish an emotional connection with local consumers, increasing identification with the brand. In addition, content that addresses topics of local interest, such as sustainability, domestic tourism or entrepreneurship, can generate greater engagement on social media. (S&D Consultancy)
The production of short videos and high-quality visuals, adapted for platforms such as Instagram and TikTok, is also an effective strategy. These social networks have a growing user base in Cape Verde, especially among young people, who represent around 60% of the population. This type of content should be informative, but also appealing, to capture attention quickly and encourage sharing.
Social networks are indispensable tools for reaching Cape Verdean audiences in a targeted and efficient way. Platforms such as Facebook, Instagram and WhatsApp are widely used in the country, with Facebook expected to have more than 313,000 active users by 2023. Paid advertising on these platforms makes it possible to segment audiences based on criteria such as location, age group, interests and online behaviour. (Akontar CV)
For example, an SME operating in the tourism sector could target adverts at users interested in travelling and cultural experiences, while a technology company could focus on young professionals interested in innovation. This segmentation increases the likelihood of conversion, since the adverts are only shown to users who are more likely to purchase the products or services on offer.
Search engine optimisation (SEO) is a fundamental strategy for increasing the online visibility of Cape Verdean companies. Local SEO, in particular, is crucial for businesses that rely on customers in specific areas, such as restaurants, hotels and physical shops. Including keywords related to Cape Verde, such as "best hotels in Santiago" or "restaurants in Mindelo", can improve positioning in search results.
In addition, it is essential that companies register their business on platforms such as Google My Business, ensuring that information such as location, opening hours and contact details are up to date. This practice not only improves the user experience, but also increases trust in the brand. (S&D Consultancy)
Marketing automation is a powerful tool for Cape Verdean SMEs looking to maximise the efficiency of their digital campaigns. Platforms such as Mailchimp or HubSpot allow you to create automated workflows that send personalised emails based on user behaviour, such as website visits or shopping cart abandonment.
For example, an e-commerce shop can send an email with an exclusive discount to customers who have added products to their basket but not completed the purchase. This personalised approach not only increases the conversion rate, but also improves the customer experience. In addition, automation can be used to send regular newsletters with relevant content, keeping customers informed about new products or promotions.
Digital influencers have a significant impact on the purchasing behaviour of Cape Verdean consumers, especially among young people. Collaborating with local content creators who have a loyal audience on social media can be an effective strategy for increasing brand visibility and generating trust.
For example, a fashion brand can work with influencers who promote sustainable lifestyles, aligning itself with the values of a more conscious public. These partnerships must be authentic and based on shared interests to guarantee the success of the campaign. (S&D Consultancy)
Analysing data is essential for measuring the success of digital marketing strategies and adjusting campaigns as necessary. Tools such as Google Analytics and Facebook Insights make it possible to monitor metrics such as website traffic, click-through rates and conversions. This information helps companies identify which strategies are working and where improvements are needed.
For example, if an advertising campaign on Facebook is not generating the expected return, the data may reveal that the target audience has not been well segmented or that the content is not appealing enough. Based on this information, the company can adjust the campaign to improve the results.
With an internet penetration rate of 69.8% in 2023, many Cape Verdeans access the internet via mobile devices. It is therefore crucial that company websites are responsive and offer an optimised user experience for smartphones and tablets. A responsive design not only improves navigation, but also increases the likelihood of conversion, since users can complete purchases or fill in contact forms with ease.
In addition, website loading speed is a critical factor, especially in Cape Verde, where average fixed internet speeds are 14.74 Mbps. Sites that take too long to load can lead users to abandon them, resulting in a loss of potential customers. (Ookla)
Research into the Cape Verdean market emphasises the importance of detailed segmentation of the target audience, taking into account demographic, geographical and psychographic factors. With a predominantly young population, which accounts for around 60% of the total, and growing internet penetration (65% in 2023, according to the World Bank), companies have a significant opportunity to explore digital and personalised strategies. The more urbanised islands, such as Santiago and São Vicente, are emerging as strategic centres for marketing campaigns, while the tourist islands, such as Sal and Boa Vista, offer a promising market for tourism-related services. In addition, growing environmental awareness among consumers reinforces the need for sustainable business practices.
The report also emphasises the crucial role of digital tools, such as Big Data and social networks, in identifying consumption patterns and adjusting strategies in real time. The use of platforms such as Facebook and Instagram, which have a significant user base in the country, makes it possible to segment campaigns effectively, increasing the conversion rate. In addition, investing in localised content, such as campaigns in Cape Verdean Creole, and collaborating with local influencers can strengthen the emotional connection with the public and increase brand visibility.
The implications of these findings point to the need for an integrated approach that combines technological innovation, personalisation and sustainability. To maximise impact, companies should invest in digital marketing strategies adapted to the particularities of the Cape Verdean market, while exploring emerging sectors such as sustainable tourism, renewable energies and technology. Continuously analysing data and adapting to consumer preferences will be key to long-term success.
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