How to hire a marketing agency in Latin America

How to hire a marketing agency in Latin America

How do Latin the American market buys?

According to a NSB, report, these are 5 insights about the Latin American consumer behaviour, which, as you will see, have to do not only with the economy but also with culture and technology:

The need for quick options

Do you think it's a coincidence that in recent years that small businesses and other fast food and drink chains have multiplied exponentially, like Starbucks or McDonald's? The business of consumer franchises is very lucrative in our region because there is a growing need for quick options, not only to eat or drink but also to have fun, get dressed, reload your cell phone, etc.

E-commerce strengthen

Although most people still prefer to go to the store, the growth of internet penetration has caused more and more Latin Americans to go to online stores to buy everything.

The population aging

It is true that, nowadays, Latin America is young subcontinent, but that will change radically in the coming decades. Today, people over 65 exceed 40 million, is 7% of the total population, but it's estimated that this segment will increase to reach 83 million in 2020.

In addition, other characteristics of the Latin American consumer that you must take into account are:

  • Proclivity to the novelty: many Latin Americans are daring to buy and try things and experiences for the first time, especially luxury items, gourmet and airline tickets to distant destinations.
  • Flexible life and trust economy: Uber, Airbnb, all-inclusive rentals and indefinite-time contracts, individual service payments, etc.
  • Flexible price and benefits: latins no longer go with the first offer, but compare and seek discounts, now they go with the brands' competition. Therefore, it's common for people to change their "favorite" brand constantly.
  • Status: While it is true that luxury products are no longer "forbidden" for many Latin Americans, people also look for status by engaging in altruistic activities.
  • Autonomy: they no longer want anyone to make the decision for them, but to receive all the necessary information so they can decide the purchase, individually.

Latin American society formation by age

To join with firm step any market, it is important to know how its population is in order to establish objectives and a coherent communication tone with the target audience. This is how the Latin American society is composed:

  • Millennials: 24%
  • Baby Boomers: 24%
  • Generation Z: 20%
  • Generation X: 16%
  • Silent generation: 12%

Storytelling and Latin society

Storytelling is one of the most effective techniques not only to tell stories about your company but to make them transcend and stay in the mind of your target audience in order to make them do a concrete action.

To make your storytelling effective, it's very important you connect with your audience at an emotional level, and to achieve this you must know your audience. Some of the stereotypes that define the Latin American societies (according to the same population of the subcontinent) are:

  • Cheerful
  • Sympathetic
  • Hospitable
  • Nationalists
  • Hard-working
  • Supportive
  • Friendly
  • Easy
  • kind
  • Warm
  • Passionate
  • Party-going

Additionally, these are some characteristics that get closer to all the Latin Americans:

  1. History
  2. Language
  3. The ability to join when they are abroad, even if they are from different countries
  4. Sense of humour
  5. Solidarity

So, when you think about doing storytelling, use these elements into your communication efforts, but beware: it's not about changing your brand personality just to please or "merge" with the Latin American audience. Your essence must remain intact, but it is essential that you be aware of how "the rules of the game" are in the region you are going in order to adapt to them.

Tropicalization importance

If your company is about to enter Latin America, surely you have heard a lot about tropicalization, which is defined as the adaptation of an idea or campaign according to the place where it will be implemented.

But in the tropicalization, we cannot remain only with the product or service adaptation, but we must also consider all the brand communication efforts (from the slogans), taking into account the culture, the use of the language, the customs and habits of this new audience.

Tropicalize refers to the need both marketers and publishers have to adapt and produce relevant content targeting Latin audiences.