Guides to Bringing Your Business to Latin America
Bringing your business to Latin America? Follow these guides for a successful business.
Number one is to remember that Latin America is composed of many countries. Taking the various countries of Latin America as one and the same could lead to the failure of your business. For every country in it, they have their own culture, customs and habits. Your plan for marketing can work in one country but may not work in another.
You might have the feeling that a region in a country is another country because of the pronounced regional differences in some Latin American countries.
The success of your business could depend on how much you invest on learning the culture of the Latin American country of your choice.
Make it a point to be friendly.
The presence of personal relationships strongly influences how Latin Americans engage in business. The first thing a Latin American business partner does is to get to know you personally. This might take time but there is really a need to create good, local business partnershps. If you do not consider this, you may have a hard time. To make your contact trust you, connect with his or her family and friends. The contact begins business with you if you become part of his or her circle of friends thus giving rise to long term perks.
Put it on paper.
A good rule to follow is to study the legal requirements and don’t forget to do it in paper. There is a need to consult a good lawyer and an accountant to scrutinize your contract. Having rules and a contract is good but still, do not forget the importance of good business relationship.
Review your own approach.
Do not make your Latin American contact feel that you are imposing upon him or her your own approach so try to implement it appropriately.
Think very well about your price.
It is not possible for you to maintain the same prices among the countries or regions. Your level of investment, pricing and profits depend on local costs. Look into the differences in regional cost before bringing your product or service in the region.
The Latin American style of communication should be understood by you.
Latin Americans mostly are amiable, outgoing, respectful and do not want to offend. You may have longer meetings with them because they talk much. Their yes meaning no may become yes if you get to know them better.
The channels of distribution and barriers of logistics differ among Latin American countries. So check out their consumer sales channels.
It is important that you know the language.
The main language of Latin America is Spanish and Portuguese is the language of Brazilians. Don’t think that your business contacts will speak English fluently.
Try to learn from those who tried doing business there in the past. Analyze what made them succeed.
Take it slow!
The project need to be completed with more time so align with the pace in Latin America.
To end it, the people are really great regardless of the style of business. Discover more about business in Latin America, do more readings.