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Guidelines of Finding the Best Startup in Latin America
First, you should befriend the various marketing agencies. In Latin America, there are various agencies that charge you to do all your marketing. Hiring marketing agencies to sell and sell your products may be too expensive to you due to the low profits coming from a startup. Therefore, you can market your brand using the digital platforms. For example, Google was launched in Latin America, and it threw a lot of advertising agencies below the bus. This is because, it could reach customers directly, and it allowed for tailored or customized 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. Usually, agencies will require payment from you for selling your products. If there are similar products trading in the market, then you have no option but to treat your agents better than your competitors do. This can be through offering them better commissions in addition to their performance. Research identifies Latin Americans as the world’s most prolific internet and mobile phone use. This is a good indicator that you can use these platforms to grow your startup business. 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. There are a number of strategies you can employ to engage well with your customers like complimenting the local stuff like foods and drinks.
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 should avoid seeing Latin America as an entity with homogeneous traits. There are a lot of differences in how the Latin Americans live despite the fact that they speak the same language. Hiring local staff should be your best bet because these people will have a perfect understanding of the customers in the region. The cultural and social values make it quite challenging for you to do business in this region. You, however, require a clear mindset, strategy, and enthusiasm to start and run a startup successfully. Craig Dempsey is among the people who defied the odds and entered into the Latin American markets, and now has the leading startup in the region.