Latin America is a challenge that most industries want to take on, due to investment opportunities, the continuous development of its countries and their geographical position, which allows for easy accessibility and the its inhabitants desire to consume new products and improve their quality of life.
Here below, we provide you with some recommendations that allow companies to expand in Latin America in a conscious, scalable way and with ideal conditions in economic and social factors. Let’s review these tips that will lead the way for you to develop your marketing techniques among the American public:
Understanding the environment is the first step
Nothing can be taken lightly. For any organization that intends to enter the Latin market, it is important to understand the idiosyncrasy and the way in which consumers think in this part of the world, since we are a region, but not a generality. Operating in Latin America requires knowing that not all countries have the same behaviors and consumption habits. Also, be sure to generate differential, innovative and impact oriented marketing strategies. All brands must take reasonable time to perform thorough market research, in order to refine operational, logistic, legal and thought details of the Latin culture.
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Even language counts
Not everyone speaks the same way. This approach should be taken into account when considering another item in your plan to expand your business in Latin America: communication diversity. This is a challenge to be addressed, as culturally the meanings of some words, concepts or ideas are changing throughout the continent. Your ability to communicate counts, since, in the Americas, language has substantial variations which can bring you closer to a target audience. Customers tend to be more perceptive with those companies that generate closeness, so you should always be careful with what you say and how you say it.
Trust and good relationships as a premise
You are most likely to know the benefits and charisma of the personality of Latin Americans. Strengthening the bridges of good communication and honest and respectful business practices, will make it easy for you to open the doors with entrepreneurs, suppliers, staff and customers. One of the most important values for the Latin American population is trust. If you are considering expanding your business throughout the continent, you must devote part of your time to establish friendships, strengthening business ties, and getting to know your collaborators in depth; they will appreciate your close and friendly interactions.
A local partner is very useful
Clearly, we cannot know all the tricks in the book; therefore, it is vital for you to have the support of a partner who knows the local context of the business culture. The Latin American market has certain complexities regarding the fact that all nations are very different, and a single marketing plan designed in each country is not a recommended solution; which is why, having a knowledgeable person regarding the customs of each country is almost an obligation. You should also understand that the legal, operating and tax requirements change, so a local partner will give you the confidence of doing business correctly.
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Careful! Procedures may cause headaches
While venturing into or expanding in the Latin market is a master move for any brand, you must also deal with certain not-so-pleasant aspects that, at any given moment, generate anxiety. Having contingency plans is a good recommendation, at the time of perhaps, having to wait too long for procedures such as licenses, bank accounts or administrative processes; expert advice is essential to know the time and resources you should spend on each procedure you must carry out. Do not rule out locating contacts in the entities you must go to, to perform these tasks.
An additional tip is to avoid, as far as possible, carrying out these processes with independent processors since you run the risk of being scammed, losing your money and possibly having legal problems.
You are almost ready to expand operations in Latin America!
Remember that conquering Latin America is a business opportunity that cannot be wasted. Our market is already a world power, due to its constant growth, interest of various companies to invest, work capacity and new training opportunities. Do not be left behind and activate the marketing plan that will lead you to conquer Latin America.
To summarize, remember that our continent is a growing window of business and investment opportunities, which will challenge you to achieve success. To expand operations, it is necessary for you get acquainted with and reliably know, how Latin markets act, the way in which they operate and in this way, understand that you must have a marketing plan that is infallible in each country you want to conquer. Surround yourself with a group of collaborators and trained partners, who know the local practices and support you, so as not to ‘take the bait’ of pointless procedures and open a wider cultural perspective; this way, you will be able to build more stable and cordial relationships.
Have you already thought about the marketing strategy that will lead you to expand your brand throughout Latin America? If you require an evaluation of your B2B marketing strategy, you can schedule it here, or if you want to implement new strategies that will lead you to conquer the Latin American market, contact us!