Bringing your business to Latin America? For your business to thrive, consider the following.
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 plan for marketing can work in one country but may not work 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.
Make sure you are friendly.
The presence of personal relationships strongly influences how Latin Americans engage in 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. If you do not consider this, you may have a hard time. Socialize with family and friends of your contact to gain his or her trust. The moment you enter his or her social circle, the contact decides to transact business with you and this can lead to long term rewards.
Put it on paper.
Aside from checking the legalities, see to it that you have the papers. A very important step is to seek the services of a reputable lawyer and accountant to help in the preparation of your written contract. Good business relationship is still supposed to be kept in mind aside from the existence of a contract.
Check your own approach.
Try not to give the impression that your approach is far more superior so that your Latin American contact will be comfortable with you.
Consider your price properly.
It is impossible to keep the same price across many Latin American 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 usually do not wish to offend and they are the friendly, social type. They like to chat much so expect 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. Make sure you look into their consumer sales channels.
You should be able to speak the language.
Latin American speak mostly Spanish but Brazilians speak Portuguese. It is not wise to expect that your business contact speaks English well.
Consult those who previously did business there. Try to understand how their business thrived.
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. So learn more about business in Latin America, view more websites now!.