Face-to-face communication – an integral element in building trust – is an essential ingredient of business success in Latin America and is something that foreign businesses should take note of.
In fact, such is the Latin American love of proven track record that new companies often find that consumer brand loyalty is one of the hardest things to compete against when breaking into Latin American markets.
New businesses may want to follow the example set by Bancolombia CEO Carlos Raúl Yepes, who personally toured parts of Bogotá to offer middle-class family businesses a range of financial products.
To win over distrustful citizens, new organizations must be prepared to focus on establishing their integrity above all else.
Latin American business history is littered with companies that tried to make money by ripping people off.
A scam in Cartagena saw a taxi administration company pretend to obtain taxis and put them to work on behalf of would-be buyers.