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Clues of Finding a Leading Startup in Latin America
First, you should befriend the various marketing agencies. In the Latin America, most entrepreneurs hire a marketing agency to do their marketing and sales, with a price. Hiring marketing agencies to sell and sell your products may be too expensive to you due to the low profits coming from a startup. You can, therefore, market your brand using online platforms. For example, Google was launched in Latin America, and it threw a lot of advertising agencies below the bus. This platform can deliver adverts to customers directly, and it can show a lot of statistics which you can use to tailor your adverts. 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. You can achieve this by increasing their commissions in addition what they get as performance. Latin America was ranked among the top regions in the world where use of mobile phones and internet is highest, according to a research. This is a key indicator that such platforms can be used by any entrepreneur to grow their startups. The same research indicated that Latin Americans are more tied to their family networks and have less ties to 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 will help you in making proper adjustments for the customers to acquire your products cheaply. The diversity of the Latin American cultures should be dealt with heterogeneously, and not seeing it as just an homogeneous entity. Even though they speak same languages, there are a lot of differences among them. Therefore, it is good for you to hire locales who have a better understanding of the local market trends, and cultural practices. 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.