Fernando Lelo de Larrea: How to be part of the 5 Billion dollar club in Latin America
Fernando Lelo de Larrea: How to be part of the 5 billion dollar club in Latin America
MIAMI, FLORIDA, ESTADOS UNIDOS, October 13, 2022 /EINPresswire.com/ — In the first half of 2022, startups in Latin America raised more than $5 billion in investments.
However, startups in emerging markets face unique challenges. With minimal cash reserves, entrepreneurs need to generate revenue to stay afloat.
“There is no one-size-fits-all solution for generating revenue in Latin America. Startups must adapt their solutions and strategies accordingly” mentions investment expert, Fernando Lelo de Larrea.
With the first half of 2022 in the books, here are five insights on generating revenue from an early stage that startups should keep in mind before entering the next quarter:
Startups need to create community engagement.
Many entrepreneurs in emerging markets try to grow at breakneck speed without considering the key factors that drive growth success. In Latin America, for example, many founders often assume that they “have to catch up with their competitors.” But catching up is unlikely to produce success. Instead, startups should focus on building community engagement. Engaging with the community should be a core competency for startups.
“Beyond just marketing to get the word out about the company, it’s about creating an ongoing dialogue with customers about their problems and challenges, and how your company solves them” mentioned specialist Fernando Lelo de Larrea.
In turn, community involvement can have benefits beyond generating awareness and making sales. It can also help you build a loyal customer base that is likely to stick with you through thick and thin.
Don’t assume it’s impossible to catch up
It may seem like the rest of the world is moving at a much faster pace than yours, but catching up is not impossible. The reality is that many emerging markets are also experiencing accelerating growth. For example, in Brazil, the startup ecosystem has experienced a wave of acceleration in recent years. But this growth has also created new challenges and opportunities. One of the biggest challenges facing startups in emerging markets is a common one: lack of resources. Financial resources are critical for startups to scale. If you don’t have the funds to hire, scale your operations and add new team members, chances are you’ll be stuck at a point where you can only grow at a snail’s pace. When you’re just starting out, you need to focus on customer acquisition. It’s critical that you have a clear strategy to grow your business and a plan to get there.
Be clear about what you are going to offer and who you are going to serve.
Every business wants to succeed, but it is important to be clear about what you want to do and what your key areas of focus are going to be. For example, many entrepreneurs in Latin America are trying to carve out a niche in new-age technology products. But if you don’t also have a strategy for doing business in other sectors – such as consumer goods or retail – you will quickly run out of resources. Another important area of focus is marketing. Many emerging market entrepreneurs don’t have the resources to invest a significant amount of money in marketing. For those startups, marketing is a critical strategy for attracting customers and generating sales.
Test and measure, test and measure
Most companies have a marketing strategy that includes testing new strategies, measuring the results and modifying their strategies accordingly. This applies to marketing as well. Marketers must test different channels, approaches and formats to determine which one generates the best results. A similar strategy applies to marketing strategy. Startups need to test different strategies and then measure their results. If they don’t measure where their marketing is getting the best results, they won’t know what’s working and what’s not. Startups also need to measure how many people have interacted with their content, how many have clicked on their ads and how many have purchased their products or services. You need to know where you’re succeeding and where you’re not.
Watch for signs of growth
Many companies in emerging markets are just starting out. With such a high percentage of startups in the market, it is difficult to find examples of startups that are generating revenue. In this case, it is difficult to predict which startups will emerge as market leaders. The most important sign of growth for startups is increased sales. Beyond sales, you can also look for other growth signals. For example, your customers and your community are likely to tell you when they have been satisfied with what you have offered. They will tell you when they are satisfied with your product or service.
Conclusion
Success in any market is not about a one-size-fits-all solution. Startups have to adapt their solutions and strategies accordingly. In emerging markets, such as Latin America, there are unique challenges to building a business model that focuses on revenue generation. To be successful, companies must engage with their customers and their community, be clear about what they offer, and measure and track their results.
Mia Atkinson
Media Captains
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