The marketing industry is one of the world’s most lucrative, with businesses spending close to US$100 billion a year on digital marketing campaigns alone, according to Reuters. Firms operating in the marketing sector will, naturally, want to capture the attention of as many businesses as possible and build long-term partnerships with companies, whether they’re offering content marketing,
An increasing number of Australian marketing businesses are taking their services global, by working with businesses from around the world to increase their presence and grow their market share. Below, we outline just some of the reasons why you should do the same, and share why Latin America is a great starting point if you’re rolling out an international strategy.
Home to 33 countries and a population of more than 620 million and growing, Latin America may not be a region you consider when expanding your marketing business internationally, but the area is of growing importance on the world stage. As well as a number of free trade agreements and partnerships, the two territories share the Australia-Latin America Business Council, which promotes and encourages trade and investment between Australia and Latin American countries. This not only makes it easier for you to find and exploit opportunities on both sides but serves as a starting point to promote your Australian marketing services.
Australian companies looking to expand into other markets, for example, are more likely to choose an Australian digital marketing agency with expertise in the Latin American region, so opening a branch office in the country can serve you well and allow you to attract local businesses who are in need of international marketing services when they head to LATAM.
Remember that Australia is an export-heavy country; as a whole, businesses in the country export 21.27% of their GDP to other nations, and as globalization hots up and markets like China and India become saturated, finding and promoting new trading relationships not only allows you to deliver digital marketing services in new territories but hold onto clients who were perhaps planning to pull back their marketing spend and retract from Asian markets.
Low Barriers to Entry
Ease of entry is another key reason for Australian marketing companies to open a space in the Latin American market, with company formation a simple and straight-forward process for Australian nationals. Once you have decided on the most appropriate legal structure (there are four to consider for Australian foreign nationals in Latin America), you can complete a company name search to ensure your trading name is available, and then prepare the company bylaws before obtaining the official company books. Registering the company with the local authorities is also relatively straightforward depending on your country of expansion, as is obtaining a company tax ID and opening a corporate account.
What’s perhaps most interesting to note is that there are a number of companies that will aid in your international expansion, so if you have limited experience of operating in foreign markets, don’t speak the language or need help recruiting staff, you don’t have to go it alone.
Opportunities for Cross-Country Marketing Campaigns
In the past several years, there has been an explosion in Latin American cuisine in Australia, demonstrated by a growing number of Mexican and Peruvian restaurant outlets opening in the country. Latin American businesses are expanding into new markets as they become more financially agile, and Australia is one of those markets. Should you choose to enter into a Latin American market and build a local presence, you’ll naturally become the first port of call for LATAM entrepreneurs wanting to expand into Australian and New Zealand markets.
The most exciting part is that the food and drink industry is just one of many growing sectors, with opportunities in a whole host of industries for Australian-LATAM trade and expansion. In the energy market, renewables are becoming a hot topic, and countries like Costa Rica are flying the flag, able to share their knowledge in new markets. The mining sector is another key area of interest for Australian entrepreneurs, with LATAM offering unparalleled natural resources, to which Australian investors and mining companies can take advantage of.
The agricultural industry is perhaps the biggest tie between Australia and Latin America, and although small farmers are unlikely to require digital marketing services, the offshoot brands that emerge from natural resources and products will. Targeting craft beer brands, vegan and vegetarian food brands, and eco-friendly clothing brands will help you score a range of new clients and position your business as a true leader in the Latin American/Australian market.
Hunger from Australian Businesses
Finally, Australian marketing companies should consider the hunger from Australian brands, who are increasingly turning to foreign markets to ensure growth. Australian universities, for example, are promoting their courses to Latin American students, whilst the retail sector is also benefiting. More than $2,732 million in Elaborately Transformed Manufactures was imported into Australia from Latin American last year, with Latin American companies using Australia to add new revenue streams to their bow. However, the vast majority of those Latin American companies have limited experience operating in Australia, and so partnering with an Australian marketing company who has expertise in Latin America makes sense to them.
It doesn’t matter whether you’re based in Australia, Latin America or elsewhere in the world; the digital marketing sector is a global beast. However, being able to access new clients both in your home country and internationally can help you to unlock growth and diversify in an increasingly crowded industry, and offer your clients new opportunities to boot. Don’t delay – get started promoting your marketing services in Latin America today, and you’ll benefit for many decades to come. Localize, be reactive to change, and you’ll no doubt find success.