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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. Due to the nature of startups, you may not be having enough capital to pay advertising agencies to handle your marketing. 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 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 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 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. According to research conducted on the internet and mobile phone usage, Latin America emerged among the top. 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. Therefore, as you shift to digital forums, it is important for you to maintain the offline strategies. 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 focus in Latin America should be more broad and it is better for you to view it as a heterogeneous entity. The similarity of language spoken by the Latin Americans doesn’t mean that the people have the same cultures and market needs. 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.