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. Chances are that your business might fail if you take Latin America as one and the countries comprising it are the same. For every country in it, they have their own culture, customs and habits. Your marketing plan may be good in one country but may fail in another.
You might have the feeling that a region in a country is another country because of the pronounced regional differences in some Latin American countries.
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 it a point to be friendly.
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. Socialize with family and friends of your contact to gain his or her trust. 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. A very important step is to seek the services of a reputable lawyer and accountant to help in the preparation of your written contract. But do not forget to consider the role of good business relationship previously mentioned.
Look into 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.
Give careful thinking for your price.
It is not possible for you to maintain the same prices among the countries or regions. Your level of investment, profits and pricing will rely on the local costs. Scrutinize the variations in regional cost before deciding to bring your product or service there.
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.
Another thing that varies in each Latin American country is the channels of distribution and barriers of logistics. Make sure you look into their consumer sales channels.
You must try to learn 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.
Get the feedback of those who went before you. Learn more on how their business was able to survive.
Take your time!
The difference in the pace in Latin America requires you to give more time for the project’s completion.
No matter how different business may be, the people are always great. Discover more about business in Latin America, do more readings.