By 2020, one out of every 10 dollars in the world economy will come from Latin America. The region will soon represent 9% of global GDP and 10% of global population, with nearly 640 million customers. It has the fourth-largest mobile market in the world, with social media adoption that is expected to surpass that of the U.S.
With the region positioned at the vanguard of digital and mobile adoption, Latin America provides an intriguing look into how creative and inventive marketing trends are pinching on a global scale. It has fairly positioned itself as every wannabe Don Draper’s dream.
In a recent HubSpot survey on the state of inbound marketing, which consists of capturing customers’ attention with useful content, measurable through social media as well as organic search, marketing pundits are seeing a new wave of growth.
Today, businesses in Latin America are practicing novel ways of marketing to learn about what works and what doesn’t. As per the research, inbound methods are fit for SMEs, which are in abundance in Latin America. These types of companies have struggled to compete with corporations and conglomerates and their stringent marketing budgets. Below are a few highlights on inbound marketing practices are evolving in the region.
About 86 percent of the marketers surveyed were familiar with the concept of inbound marketing. More than 60 percent of Latin America marketers practice it today. Marketers in Latin America are doing exactly what business leaders in Europe and United States are doing. Stringent budgets are forcing more and more companies shift toward search engine marketing. It is helping companies become more efficient, owing to the fact that it is measurable, targeted, and effective compared to traditional advertising. Moreover, it provides a competitive advantage to companies who’re betting their money on increasing win rates while at the same time abbreviate their sales cycles.
Marketing automation software is a common scene for companies in North America. Such tools help marketers automate their marketing processes, allowing them more time to be efficient. Only 3 percent of companies in Latin America listed usage of automation software as a top priority. Instead, marketers in this region are more focused SEO and content creation. Here’s why, leads resulting from inbound techniques are closed more quickly compared to those procured via outbound methods.
Traditionally, paid search has been seen as an economical way of reaching out to customers. With rising costs, and stiffer competition from companies trying to one upper each other, a large number of companies are moving to inbound marketing practices. Companies are doing considerably better, especially with pay-per-click that pairs perfectly with content, social media, and other marketing gimmicks for reaching out to customers.
Seventeen percent of marketers in Latin America agreed to the prioritizing of visual and video content, in comparison to 11 percent of their North America counterparts. With the greater adoption of mobile and social in Latin America, visual and video content is picking up.
Businesses today need to find that competitive edge, which is increasingly difficult in today’s online world, where SMEs with less capital are more entitled to gain market share from relatively larger rivals by adopting faster and economical marketing techniques. Inbound marketing sits as a perfect fit in the middle of this ever-growing trend that is widespread in North America. With the inbound marketing trend moving beyond geographical boundaries, it is empowering companies with greater potential to harness the power of digital marketing. Today, businesses are not only embracing inbound marketing, but also moving forward with it.