Let’s be honest: working with marketing in Latin America is not an easy task. It is not just because it is a much diverse territory with countries in very different economic and social situations. It is also necessary to adapt to the local language.
And when it comes to marketing, such fit is an important part of the bottom line. That is, more than having the ideal product, it is essential that communication is also aligned with the customer’s profile.
But how to start? In this article, we will present you some tips on how to deal with the Latin American market. Check it out!
How is the Latin American market?
For starters, it is necessary to have a dimension of what Latin America is. There are 20 countries arranged in this large region. Each with very different cultures, including in relation to language.
While the main market in the region speaks Portuguese, many others have Spanish and even French as their native languages. Therefore, there is no doubt that it is a much diversified market.
However, such diversity also means a place for great opportunities. It is a region that has developed a lot in recent years and even has very interesting growth figures.
In 2021, the GDP growth estimate according to ECLAC is 5.9%. In terms of purchasing behavior, according to UBS, the best bets are on e-commerce, with predictions that in 5 years it will consist of 25% of sales in the retail sector.
On the other hand, there is a big disparity when it comes to the financial sector, with 70% of consumers not having a bank account.
What to do to successfully enter the Latin American market?
As we have seen so far, one of the main characteristics of this market is its cultural diversity. This is an important point to think about when defining strategies for this region. In addition, there are some other initiatives that can help your enter this market. Let’s see them next!
Invest in technology
Technology is important not only for this market — much of the world’s sales sectors have great appeal for it. Not only because we live in an era where technology dominates different sectors and brings improvements, but also because there is a need for the public to be connected.
With consumers in Latin America, this behavior would not be different. So, what is important to pay attention to?
The trend is for the use of technology to become increasingly present, not only in products, but also in the entire sales process. We already see this with virtual stores and digital payment systems, however, now it will be automated deliveries and services.
In addition, there is a movement to regulate the use of digital data. This, of course, influences the way countries deal with technologies in financial systems. Laws such as the LGPD in Brazil are a way of adapting to the future and represent an attempt to make digital media safer.
Bet on local payments
In Latin America, it will be important to be careful when understanding the local payment culture of these places. Each country has a habit; for some, card usage is almost a dominant issue, and most of them are domestic-only; for others, country-specific digital payments are fast rising. And, even with the emergence of digital banks, many are still attached to more traditional means, such as Brazil’s boleto.
Therefore, a tip is to invest in research into the countries in which the company intends to expand its operations. From there, define localized strategies, offering methods that are in accordance with the customs of each person in the region.
Invest in convenient eco-retail
There is no denying that the issue of sustainability is a major topic for the 21st century. Obviously, the approach of global warming and the way we use natural resources have a great influence. This has brought a much greater awareness to society and when it comes to consumption, these issues are even more prominent.
Add to that two years of a pandemic that changed the way we access products. Delivery and internet shopping became the habits of many people during this period. Therefore, we can say that convenient eco-retail is the result of this.
Even after the most critical period of the pandemic, these customs are not permanent. From now on, customers want convenience and consume from companies that are more sustainable.
Discover the local market
A very important step to sell is to know your consumer. This is essential for anyone who wants to expand their business to Latin America. But how is this done? The truth is, you can’t do it alone.
It is important for the merchant to partner with other companies. Businesses that are aware of local customs and that can assist the salesperson in customer service. BoaCompra, for example, is a company that specializes in payment methods and can assist in the processing of accepting local payment methods and currencies, as well as regulations, customer support, and other procedures..
Have a good relationship with the media
It is essential to know the behavior of consumers and how the media acts in these places. The idea is not just to follow the media, but to analyze the differences, what is most accessed, what the audience prefers and why.
This information will help the company’s marketing and advertising adapt its language. In this process, we highlight: the intention is not to translate; it is to personalize and create content that makes sense for the chosen country.
So far, we’ve presented some of the top tips for marketing to Latin America. Because it is such a large region and home to so many different cultures, personalization will be key to having good results. In addition, it is very important to study the market well in order to develop a strategy that is not only in accordance with the consumers’ characteristics, but also facilitates the acceptance of products and services.
Did you enjoy this article? Would you like to know more about BoaCompra? Then get in touch and learn how we can help boost your business in Latin America!