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Tips of Finding a Top 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. However, startups are usually small and may not generate enough capital to pay these agents. Therefore, you can market your brand using the digital platforms. For example,when Google entered Latin America, the agencies were threatened because of its capabilities and cheapness. 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 can use such a medium to reach your clients at a lesser fee, and reach most people.
You should learn how your competitors operate and capitalize on their weaknesses to have a higher hand in the market. When agents sell your products, they will charge you for the same service. You can only win the market if you treat your agents better than your competitors, if their products are present in the market. This can only be achieved by increasing the commissions that you will be paying to the various agents. Research identifies Latin Americans as the world’s most prolific internet and mobile phone use. This indicates that online and other digital means can be reliably used by entrepreneurs to grow their startup businesses. 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. You should not forget continuing with offline marketing strategies, even as you shift to online forums Complimenting local cultures, talking with the customers, and even rewarding them with offers and promotions are some of the ways you can achieve that.
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. 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. People like Craig Dempsey are some of the entrepreneurs who overcame these challenges, and put up business empires in Latin America.