Are thinking about targeting Latin America in 2017? Maybe looking at markets beyond the EU after Brexit? Here’s a quick checklist to get you thinking…
In strategic terms, what you need to think for Latin America is similar to what you have to think for other markets, with the added extra (compared to the EU, for example) that it’s costly for you personally to get to these markets, you probably have fewer contacts there, the risks and complexities are higher, and that you probably perceive these markets as a lot more “foreign” to you. So, in strategic terms, ask yourself:
– why Latin America (now)? how does Latin America fit in with your overall business strategy?
– do you have the resources it takes? (the cash and the right people, starting from a committed senior management team)
– do you know where to start (there’s 20 countries in Latin America and unless you have an enormous amount of resources you’ll have to look at the big picture but then only prioritise a small number of markets)?
– do you have a five-year plan for Latin America? make sure you set your expectations clearly from the start
– who is taking ownership of the region, both in strategic and in operative/day-to-day aspects? don’t leave “the guy in exports” to do all the work, not even your Export Director, everyone from the CEO/MD has to be committed
(Joaquín Torres García)
I find that most clients who approach us have already worked most of this out (although they often need support in terms of prioritising markets). So you’re ready to go? How about we also check some practicalities first?
– make sure your marketing materials, even if it’s just a small selection of them, are available in Latin American Spanish and/or Brazilian Portuguese – it’s hard to even recruit distributors, let alone clients, if we can’t show them what you’re all about! doing this homework right upfront will increase the return-on-investment on your market research, distributor/partner recruitment activities and initial marketing activities, too (good videos can help, too)
– make sure you have a price list in USD or have a very good reason for not having one!
– speak to your freight forwarder to have a better idea of shipping costs, documentation and times, and make sure they are already servicing the region with other clients (in which case, ask for the most common pitfalls) – it’s good when you start conversations in the region to have an idea of how long it will take your products to reach different countries in the region and how costly/complex it can be
– on the very practical side, get a list of bank holidays and other festivities in the countries you intend to work in (believe me, you’ll thank me for it!)
– hopefully you’ll travel to the region in 2017, so remember to check currencies in advance (except for in very few countries like Panama and Ecuador, you’ll struggle to pay with USD and it will be virtually impossible to pay with EUR or GBP!)
– again, as a very practical tip, remember to check what vaccines you need (the NHS goes a bit over the top with this but follow GP advice…)
– also, remember to check out internal connectivity if you’re planning on visiting more than one country, and remember you don’t need to rely just on European airlines, some Latin American airlines like Latam, Gol, Copa or Avianca are good, too.
And to be truly export-ready, grab a map, unfold it, take a deep breath and… enjoy! Latin America is ready for business. Are you?
