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Tips of Finding a Top Startup in Latin America
Finding the right marketing agency should be your first point to boosting your startup in the Latin America. There are quite a number of agencies that do marketing and sale of products and charge a fee for the service. 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, Google was launched in Latin America, and it threw a lot of advertising agencies below the bus. 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.
Secondly, you must study your competitors well and know how they do business with the agencies. It is obvious that these agencies will charge you for selling your branded products. 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 be through offering them better commissions in addition to their 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. 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. As you will be shifting your marketing and branding to the digital world, it is crucial for you not to forget the offline mechanisms. 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 will help you in making proper adjustments for the customers to acquire your products cheaply. 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. Therefore, it is good for you to hire locales who have a better understanding of the local market trends, and cultural practices. The cultural and social values make it quite challenging for you to do business in this region. However, if you put the right forward, you will definitely succeed. 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.