Business Language Consulting – The Latino Market:
As markets and companies become more diverse, the need to communicate with employees and audiences in their native language becomes great. When creating documents such as contracts, product presentations, labels, websites, and internal communication tools, many turn to their own multilingual employees; after all, they know the business, speak both languages, and it will save the company the extra bill – right?
In order to be able to translate, you need more than just speak another language, you need to be able to convey the meaning behind the author’s words and to do it in a way that is appropriate to a wider market. Respecting grammatical and cultural elements in the document as well as cultural sensitivity are important aspects as well, maintaining consistency and quality throughout the document and all materials needed. Also bear in mind productivity lost in the time your employee stopped workingin his or her actual job.
How to deal with a strong dollar
It’s no secret that the dollar has appreciated dramatically in the last fifteen months, from 102 in July to 118-120 in October. The benefit of this is that we can buy with a strong dollar more foreign goods at an almost 18 – 20% discount. The US dollar is at the highest it has been over the past 40 years, but this creates several challenges to US Manufacturers selling their products in Latin America: What consumers bought in January of last year is going to be at least 20% more expensive, compared to what they are buying now. Several countries’ currencies have been hitting their lowest exchange rate. For the big US corporations, even if their they have their manufacturing plants in other countries, they will still be sending less money back home.
In the 80’s this brought a debt crisis in Latin America, generating more pressure for emerging markets. On top of this, China’s economy is slowing down, lowering demand for commodities from Latin America. If an economy is based on exports, how will they survive if the biggest player in the world market is not buying?
The answer to this is to create new and better relations with customers in the region, and Latin American companies will be looking North to do business. Right now, is the perfect time for the US to regenerate relations with companies in the South and reclaim political and economic grip.
Companies in Latin America need new business partners, that can adapt to the needs of emergent economies and the challenges they are facing with the prices of commodities going down and the price of the dollar going up. Right now, is the best time to do business in Latin America and build partnerships. A strong dollar gives the region exporters a competitive edge and the US the opportunity to build strong foundations in the area.
Danta group LLC can help you, from getting business leads, managing your digital advertising campaigns and help you tropicalize your business strategy – we are a one stop shop for all your Latin America needs. With that your will be making products more attractive to the market, and don’t forget that a large proportion of global growth is expected from emerging markets, especially in Latin America.
Latin America Negotiation Process
The importance of Latin America as a business partner is undeniable now and in the last century, not only for the US but for the whole world. Now more than ever is a great time to start business in the region – but no one said that this will be an easy task to achieve.
Latin America may seem homogeneous, but similarities are as frequent as not. Negotiation in every region will be different, but before starting business usually the other side wants to meet in a more personal manner and this step is very important for business. People pay attention to facial expressions so it does not hurt to be friendly and smile. Time is basically what is called “island time” meetings are often (not always) relaxed with few time pressures, negotiators tend to make their business decisions upon first impressions and trust (Interpersonal process). Direct conflict or confrontation is something that is not appealing during negotiations and is avoided as much as possible, relying in the interpersonal process to minimize any roughness.
in Latin America, people take particular care with regards to their appearance and believe in spending valuable time with business partners. This is how they gain respect and trust. It therefore goes without saying that one needs to have a flexible time schedule when doing business in Latin America.
Don’t expect great detail or sharing of information in the preliminary meetings, as negotiators hesitate in sharing data as they may feel that the other party is going to use it against them.
Zero Sum negotiation must be expected, the solution to this is to distribute benefits. Don’t be surprised if you encounter bargaining and haggling as this is something common with the negotiators in the region.
The rapport is managed by the Latin America negotiators by emphasis in persuasion, meetings start very friendly, telling jokes and looking for personal similarities. As time passes the tone changes and the negotiator becomes quite eloquent (or at least that is the intention) and if things are not going their way usually will use power as last resort to try to convince you (loud voices and disinterest to intimidate).
Some subcultures in Latin America negotiate with a language of ambiguities. A “Yes” may in fact mean “maybe” or even “No,”.
Learn to read between the lines as Latin Americans tend to communicate indirectly. When in doubt, do not hesitate to ask diplomatic questions. The real key to getting along with Latin Americans is a positive attitude.
Spontaneity precedes any sort of planning in South America. Where many things are uncertain and where the political situation as well as private affairs could change from one day to the next, spontaneity is the norm.
However, those who come with an open mind and do not adopt prejudices are on the right path to becoming inter-culturally competent.
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