Clues of Finding a Leading Startup in Latin America
First, you should befriend the various marketing agencies. In Latin America, there are various agencies that charge you to do all your marketing. However, startups are usually small and may not generate enough capital to pay these agents. You can, therefore, market your brand using online platforms. For example,when Google entered Latin America, the agencies were threatened because of its capabilities and cheapness. This is because, it could reach customers directly, and it allowed for tailored or customized adverts. You can use such a medium to reach your clients at a lesser fee, and reach most people.
Secondly, you must study your competitors well and know how they do business with the agencies. It is obvious that these agencies will charge you for selling your branded products. If you discover that there are similar products as yours present in the market, then you need to change your strategy, and treat the agents well, and beat your competitors in the game. This can be through offering them better commissions in addition to their performance. According to research conducted on the internet and mobile phone usage, Latin America emerged among the top. This indicates that online and other digital means can be reliably used by entrepreneurs to grow their startup businesses. The same research indicated that Latin Americans are more tied to their family networks and have less ties to non-family networks. As you will be shifting your marketing and branding to the digital world, it is crucial for you not to forget the offline mechanisms. Complimenting local cultures, talking with the customers, and even rewarding them with offers and promotions are some of the ways you can achieve that.
Lastly, it is good for you to understand each countries’ tax rates and deductible tax strategies that apply to imported goods. This is going to facilitate your pricing strategies because you will need to adjust the prices of your products so that your clients will be satisfied. You focus in Latin America should be more broad and it is better for you to view it as a heterogeneous entity. There are a lot of differences in how the Latin Americans live despite the fact that they speak the same language. You should, therefore, hire local staff who understand the local environment well. The cultural and social values make it quite challenging for you to do business in this region. However, if you put the right forward, you will definitely succeed. Craig Dempsey is among the people who defied the odds and entered into the Latin American markets, and now has the leading startup in the region.
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