Latin America is a very attractive market to carry out
business and it presents countless opportunities, but
it also presents many obstacles due to its great territorial
extension, language, cultural differences, etc.
Before
beginning to carry out commercial actions in Latin America
you should consider the following:
1)
Get to know the business culture:
For
carrying out business with success in Latin America
you that you must not employ the attitude that “because
it works this way in the United States or Europe, it
will be the same formula in Latin America"
A
rigid, elitist attitude will lead you to be viewed as
a "Foreigner", and a relationship of trust
will never be built up.
2)
Relationship building is the crux
It's
all about relationships, and more so in Latin America.
Latinos like to have the personal contact element, in
fact you almost have to build a friendship before you
will see a business deal develop.
The
driving force behind any relationship is "confianza"
(trust) and unlike in the US, in Latin America "time
is not money".
Building
a relationship with your clients takes time, requires
investments and knowing of the local culture.
3)
Choosing the right path:
As
supplier of products and/or services your company can
consider several options to enter to the Latin American
market.
Some
of them could be: to establish local operations, to
assist the market from their central offices, to be
contacted with embassies, or to hire the services of
LATIN AMERICA TRADING.
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