Marketing web based products and services in Latin America can be a real boon to small businesses, medium-sized companies and entrepreneurs. These kinds of products and services circumvent many barriers typically associated with Latin American trade. The Latin market may even appear to be invisible to many large companies due to such factors as: disparity in economic levels compared to the USA and Europe fluctuating currency exchange rates high-end shipping and merchandise transfer costs instability of governments and international trade policies corruption differences in local customs and regional business practices pilferage and other major loss leaders While these factors do raise concerns, there are ways of minimizing them and effecting viable business and trade venues that can provide medium to small businesses and entrepreneurs with an instant client / customer base into the hundreds of millions. Latin Americas current population hovers at nearly 351 million with projections of 435 million by 2025. Some countries like Colombia, Panama, Venezuela, and Brazil are considered to be economic powerhouses in the Latin world doing billions in trade annually. Even Argentina, Ecuador and Chile, in the process of re-building damaged economies; continue to show positive business growth and progress in their economic sectors. Providing web based products and services bypasses many of these areas of concern. Here are six keys to tapping that market: 1. Adjust prices to the economy Use rebates, discounts and other promotional tools to adjust prices for your online products and services to increase their affordability. Currency conversion rates for many Latin countries, when heavily in your favor, can be brutal for the client / customer. Rates can also reverse fortunes in a matter of hours. Unfortunately, currency exchange rates are a factor over which you have little control. Up to the minute currency exchange rates are available online at the Universal Currency Converter website: http://www.xe.com/ucc/ 2. Market to organizations that service Latin regions While many may find your products and delivery costs nearly unaffordable, many organizations can and will jump at the chance for dependable, high-quality goods and services which may be unavailable in the regions they serve. Food, health, dental, medical and government organizations can also become key clients. Dont forget to cover economic, business, trade and marketing seminars and conventions in your marketing plans. 3. Use Affiliate Programs or MLM to maximize marketing coverage Entrepreneurs and small businesses to medium sized companies in many Latin countries are clamoring for new ideas and business options. With backgrounds that include healthy doses of innovation and espritu empresarial, the possibilities exist for nearly exponential growth. There are hundreds of examples which confirm that the Latin market, despite its poor status, is a growing and viable one. 4. Provide a variety of payment options The quantity of business transactions will be directly in proportion to the number of viable payment options available. A number of Latin countries have stringent procedures in place to control illegal money laundering, counterfeiting, fraud and. Inflation. Helpful payment options that could be considered include, among many others, such services as: Click bank (http://clickbank.com/) Pay Pal (http://www.paypal.com/) Western Union (http://www.westernunion.com/info/) American Express (https://corp.americanexpress.com/) Inter-bank transfers and other money transfer services 5. Consider using bi-lingual business materials Language barriers in business are crumbling but you can greatly increment your information providing coverage by the use of bi-lingual materials. A page on your website, flyers, brochures, FAQs and other online distribution materials can be provided to aid prospective clients and customers in developing detailed knowledge of the benefits and features of your company. Copywriting and translation services for converting your business stationery and key documents into Spanish, French or Portuguese are readily available at cost-effective rates. 6. Allow for typically slower transaction speeds Whether its the climate, the culture, the temperament or the customs, life proceeds at a slower pace south of the border. Same-day transactions in the USA can take two days to one week or more. Decisions can be made more slowly at times as skepticism is higher among our Latin neighbors. But dont let the possibly slower pace fool you, the region is open for business in a big way. Get ready to cash in on it just at a little slower pace. Repeated efforts, regular contact and patience are paramount to establishing successful business relations in virtually any field of endeavor. Though not every transaction in every case is slower, you should be prepared for the differences in business ethics and time constraints. So with some planning and foresight, marketing web based products and services in Latin America can be a boon to you and your company using these six keys to help boost your success. |
