Tips of Finding a Top 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. However, startups are usually small and may not generate enough capital to pay these agents. Your marketing can, therefore, be achieved through online media. For example,when Google entered Latin America, the agencies were threatened because of its capabilities and cheapness. This is due to the fact that, you can tailor adverts for a specific audience, and it aids in direct communication with clients. Such media can be employed instead, and will require a lesser amount of capital.
You should learn how your competitors operate and capitalize on their weaknesses to have a higher hand in the market. 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 only be achieved by increasing the commissions that you will be paying to the various agents. 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. You should not forget continuing with offline marketing strategies, even as you shift to online forums There are a number of strategies you can employ to engage well with your customers like complimenting the local stuff like foods and drinks.
It is also advisable for you to research and learn more about the tax laws of all the countries in Latin America. 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. 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. Hiring local staff should be your best bet because these people will have a perfect understanding of the customers in the region. The region has diverse cultural and social practices which make it hard for entrepreneurs to run businesses there. 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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