Another great show at Global Business Minds. We got the inside scoop on the HOTEST items to export to Latin America and the TOP countries to do business in! Big shout out to the South-West Texas Boarder Small Business Development Center and our good friend Alberto Rodriguez Baez for sharing knowledge and awesome resources to the SIXCIA Business Community! Check out the list of business resources below to get on the fast track to grow your BIZ with style!
For additional questions, listeners can contact Alberto Rodriguez Baez below:
About Me: http://about.me/albertorb
SB: For businesses interested in exporting to Latin America, what’s the best way to define the best target market?
ARB: The largest and most popular markets are not always the best for a company’s product! Here are 4 steps to get you started:
Step 1. Narrow down list of potential target countries by using state or product-specific trade data
Look into http://www.census.gov/foreign-trade/statistics/state/data/tx.html to figure what countries are the best cleients for your state exports.
Also, a more technical way to find out where the good markets are for your company is using the product’s Schedule B code to research what countries are the best clients regarding your specific products.
Step 2. Conduct macro and micro analysis for top countries
Review the following
- Trade indicators
- Industry indicators
- Geo-Demographic indicators
- Socio-political indicators
Step 3. Select target markets
KICK-BUTT Resources for researching target markets:
http:// www.fita.org (Country profiles)
https://www.cia.gov/library/publications/the-world-factbook (Country profiles)
http://www.state.gov/r/pa/ei/bgn/ (Country notes)
http://www.doingbusiness.org/ (Ease of doing business)
http://www.nationmaster.com/index.php (Country comparisons)
Trade Agreements: http://www.ustr.gov/trade-agreements
Tariffs and Taxes: http://export.gov/logistics/eg_main_018142.asp
Embargoed Countries: http://www.bis.doc.gov/policiesandregulations/05forpolcontrols/chap5_embargo.htm
Foreign Standards and Certifications: http://export.gov/regulation/eg_main_018220.asp
Export Licenses: http://export.gov/regulation/eg_main_018219.asp
SB: How can businesses use technology to support marketing efforts?
ABR: – If you are going to use Social media to promote yoiur product, make sure you are using the right one.
- Orkut is Brazil’s number one social networking site in Brazil.
- In Peru, hi5 is the most popular social networking site.
- Badoo and Sonico are other two popular sites that in some regions are equally or more important than Facebook.
- Have a good CRM solution in place (Salesforce, SugarCRM, etc.)
- Speak the local language in your promotional efforts and make sure that your marketing messages are translated correctly to the local Spanish flavor.
- Pay per click campaigns (targeted to specific cities within the country).
- Make sure you understand and use your website analytics.
- Make sure your site is smart phone friendly.