Guides to Bringing Your Business to Latin America
Want to take your business to Latin America? Check out these tips towards a smooth flow of business.
One, don’t forget that Latin America is composed of a group of 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.
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.
Therefore, to maximize your chances for success, focus on understanding the culture of the Latin American country where you want to invest in.
Make sure you are friendly.
Having personal relationships can greatly affect how Latin Americans do business. Your Latin American business contact usually tries to get to know you as a person first. 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. After becoming part of his or her social circle, the contact will start to do business with you and there can be long term rewards.
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. Having the aid of a good lawyer and an accountant to look into your contract is imperative. 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.
It is not possible for you to maintain the same prices among the countries or regions. Considering local costs, these have an effect on your investment, pricing and profits. 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. 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.
Another thing that varies in each Latin American country is the channels of distribution and barriers of logistics. It is best to study their consumer sales channels.
It is important that you know the language.
Latin American speak mostly Spanish but Brazilians speak Portuguese. It is not wise to expect that your business contact speaks English well.
Try to learn from those who tried doing business there in the past. Learn more on how their business was able to survive.
Take it slow!
The project need to be completed with more time so align with the pace in Latin America.
Lastly, although business may be different, the people are still great. Get more info about business in Latin America, read more!