More American Companies Interested In The Latin American Market

Every day, more American companies become interested in Latin American consumers

. Even though it is true that poverty is still an issue in those countries, there is also a solid middle class and upper middle class; they can afford imported goods and like to consume American products.

What are the implications for American companies? Well, they have favorable conditions to export and find business partners there. But they need to understand those markets and their needs, re-design their products accordingly and market them to be appealing to Latin American audiences.

Language is a central consideration here; to understand a culture, it is necessary to understand their language. That is why many companies are looking for bilingual professionals who are fluent in Spanish.

Some of the characteristics that American companies need to consider before expanding to Latin America are:

-Latin America is not a uniform region. Argentina, for example, is different from Mexico and Costa Rica is different from Chile. Companies need to adapt their products for each country. Even words that are common in one country would leave consumers in other country completely puzzled.

-In general, Latin American families are bigger than the average American families, and people spend more years living with their parents. As a consequence, "family packs" are very popular there.

-For food companies: In most Latin American countries, spicy food is not just a food; it is a way of life. In addition, most of what is considered spicy in Canada and the United States would not be considered spicy in many countries, such as Mexico. Food companies sometimes need to modify their flavors to adapt to this.

-Latin American middle classes enjoy being able to afford sophisticated products and consider many American brands to be sophisticated and a sign of status. Prime locations are important; they want to be in the malls that people consider "cool" and "luxurious".

by: Eric Shanman

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