Clues of Finding a Leading Startup in Latin America
Finding the right marketing agency should be your first point to boosting your startup in the Latin America. There are quite a number of agencies that do marketing and sale of products and charge a fee for the service. Due to the nature of startups, you may not be having enough capital to pay advertising agencies to handle your marketing. You can, therefore, market your brand using online platforms. The launch of Google in Latin America,for example, put a lot of these agencies in jeopardy. This is due to the fact that, you can tailor adverts for a specific audience, and it aids in direct communication with clients. You will need less money to pay for advertisements compared to paying the agencies.
You should study the mechanisms that your competitors are employing in their marketing and service delivery. 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 is a good indicator that you can use these platforms to grow your startup business. That research also pointed out that many Latin Americans trust their family networks, and can only do business with them more, than they can trade with 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. These strategies, include speaking well to customers, sparking small-talks with them, or even compliment local foods or beverages.
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. Since the region has diverse and varied cultures, adding the landscape challenges, making the region very difficult for startups to function properly. You, however, require a clear mindset, strategy, and enthusiasm to start and run a startup successfully. People like Craig Dempsey are some of the entrepreneurs who overcame these challenges, and put up business empires in Latin America.
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