Business Language Consulting – The Latino Market:
As markets and companies become diverse, the need to communicate with employees and audiences in their native language becomes significant to be able to make sure the intended message is understood clearly. When creating documents such as contracts, product presentations, labels, websites, and internal communication tools, many turn to their multilingual employees; after all, they know the business, speak both languages, and it will save the company the extra bill – right?
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 working in his or her actual job.
How to deal with a high 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 high 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 there they have their manufacturing plants in other nations, 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 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 businesses in the South and reclaim political and economic grip.
Businesses in Latin America need new trading partners, that can adapt to the needs of new 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 high dollar gives the region exporters a competitive edge and the US the opportunity to create strong foundations in the area.
Danta group LLC can help you, from getting business leads, managing your digital advertising campaigns and assist you in tropicalize your business strategy – we are a one stop shop for all your Latin America needs. With that, you will be making products more attractive to the market, and don’t forget that a large proportion of global growth 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 in the US but the whole world. Now more than ever is a great time to start a business in the region – but no one said that this would 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 a business usually, the other side wants to meet in a more personal manner, and this step is crucial for business. People pay attention to facial expressions, so it does not hurt to be friendly and smile. Time is 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 upon 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. Through this is how they gain respect and trust. It, therefore, goes without saying that one needs to have a flexible 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 and, the solution to this is to distribute benefits. Don’t be surprised if you encounter bargaining and haggling as this is something familiar with the negotiators in the region.
The Latin America negotiators manage the rapport by the emphasis in persuasion, meetings start very affably, 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 a 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 sensitive questions. The real key to getting along with Latin Americans is a positive attitude.
Spontaneity precedes any 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 interculturally competent.
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