Right now Latin America is the main focus for business expansion due to the many opportunities available in the region. More companies than ever before, such as Google, Twitter, Netflix, or Microsoft, arrived during this development boom to recruit talented people from universities with excellent quality programs. The article will explore how businesses can take advantage when expanding into other areas within their industry.
Explore new markets
Companies have the opportunity right now to be the first to introduce a new service or product in a market. For example, despite the significant development of the tech industry in Latin America, the United States and Canada are still leaders in the continent. Integrating specific technologies, tools, processes, and platforms is common in the USA and Canada. These products and services are considered innovative for Latino customers. Innovalti can help you with your business expansion by adapting your current brand and marketing strategies to fit the local markets.
Become a leader in the region
As we have mentioned in the previous paragraph, one of the most significant benefits of business expansion is being first. Being the first to introduce new products and services means that competition is low, and it is simpler to become a regional leader.
That is the case with Coca-Cola, according to Euromonitor, Latin America now represents 40% of the global sales of the company, and Mexico is the most important country for the brand, with the biggest consumer market in the region.
Gain recognition
Expanding your business is a great way to improve the image of a leading brand in one’s own country. Many companies use this opportunity and show off their expertise to clients from all over the world, allowing them access to new markets that would otherwise be closed off, without such experience. This strategy will help you to get more customers and build trust with your target audience.
Global recruiting
Global recruiting is the possibility to find talent in other parts of the world. In the USA or Canada, some professions like software engineers and developers are hard to find. However, international companies don’t have to worry about these shortages because the range to find these people is the world. The biggest companies know that, and they have been opening offices in different parts of the world to attract these talented individuals. Countries like Mexico and Brazil have a young and well-prepared population of professionals looking for opportunities to work with an international or foreign company.
However, your company doesn’t need to have an office in another country in order to find talent. You can interview, hire, and onboard international experts remotely! Innovalti can help filter and find the BEST Latin American talent that will fit well into your team and culture.
As you can see, there are many opportunities for businesses to expand into new areas in Latin America. By doing your research and understanding the unique dynamics of each market, you can maximize your chances for success. Be sure to subscribe to our newsletter to stay up-to-date on the latest news and trends in Latin America and global business strategies. We’ll keep you informed on everything you need to know to make the most of this growing region.