Want to take your business to Latin America? Follow these guides for a successful business.
First, take note that Latin America is not a single country but is composed of various countries. Taking the various countries of Latin America as one and the same could lead to the failure of your business. Every country in it has its own uniqueness which include customs, culture and even habits. Your marketing plan may be good in one country but may fail in another.
differences that are so emphasized can be seen in a lot of Latin American countries which gives you a feeling that you are in a different country.
The success of your business could depend on how much you invest on learning the culture of the Latin American country of your choice.
Develop your friendship skills.
Good relationships have quite an impact on the way the Latin Americans view business. Your Latin American business contact usually tries to get to know you as a person first. Building great local business relationships is very important so we must take time to do this. This important move, if not followed, could make you struggle. Connect and socialize with the friends and family of your contact and earn his or her trust. The contact begins business with you if you become part of his or her circle of friends thus giving rise to long term perks.
Proper documentation should be done.
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.
Check 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.
Give careful thinking for your price.
You cannot come up with a common price from country to country or region to region. Your level of investment, pricing and profits depend on local costs. Before taking your product or service to a region, check very well the regional cost variations.
You must get to know the way Latin Americans communicate.
Latin Americans usually do not wish to offend and they are the friendly, social type. They talk a lot so you may have to put up with longer meetings. You can get them to finally say yes even if they mean no if you understand how it works.
The channels of distribution and barriers of logistics differ among Latin American countries. It is best to study their consumer sales channels.
You should be able to speak the language.
The main language of Latin America is Spanish and Portuguese is the language of Brazilians. Not all business contacts can speak English so take note of that.
Consult those who previously did business there. Analyze what made them succeed.
Take your time!
The project need to be completed with more time so align with the pace in Latin America.
No matter how different business may be, the people are always great. Discover more about business in Latin America, do more readings.