Filled with tales of a rich and vibrant historical and cultural background, Mexico is a country that offers countless opportunities. Home to the most UNESCO World Heritage Sites in Latin America, Mexico is one of the most visited destinations in its region too. But what is it like doing business in Mexico?
Key industries here include crude oil, mining, agriculture, livestock, tourism, energy, and automotive, creating plenty of ways into the market for brands considering doing business in Mexico City. With that being said, here are a few tips to keep in mind for targeting a Mexican audience!
What You Need to Know About Doing Business in Mexico
The Languages of Mexico
Did you know that Mexico City is home to the world’s largest Spanish-speaking population? Yep, there are more than 114 million Spanish native speakers in Mexico, which is more than 92% of the population.
But it’s not just Spanish that’s spoken here. More than 6 million citizens speak indigenous languages. So, just like neighboring America, Mexico doesn’t have a de jure official language. The dominant language, however, is Spanish. It’s also the language used in government and throughout the country.
If you plan to start doing business in Mexico City and the rest of Latin America, the first language you need to translate your content should be Spanish. But then again, Spanish is a regional language. There are many different dialects spoken across the country and throughout Latin America. To deliver a clear and concise message to your audience, you’ll need to localize your content too.
Moola Matters in Latin America
Mexica uses the Mexican Peso as their official currency, and it’s the most-traded currency in Latin America. It’s so influential that it ranks third in the entire Americas, trailing only behind the US Dollar and the Canadian dollar.
Like with your written content, you’ll need to localize your website’s eCommerce experience, which means converting to Pesos. Of course, professionalism is key to success here. Like the USA, the peso uses the $ symbol.
Opportunities to Attract New Audiences in Mexico City and Beyond
45% of Mexico’s population belongs to the middle class, and this number continues to grow. The majority of the population live in urban areas including Mexico City, Guadalajara, Monterrey, Puebla, Tijuana, and Ciudad Juarez.
As Mexico’s and the wider Latin America population becomes wealthier, consumer purchasing power rises. The country is the second-largest eCommerce market in Latin America. And purchasing power in terms of international business is growing rapidly.
If you’re presenting marketing materials in Mexico, they have to be in Spanish. But it’s not uncommon for expressions from other languages to feature in advertisements for international business.
Business Etiquette and Personal Relationships in Mexican Business Meetings
Mexican consumers place a high value on personal connections. And to the average Mexican business executive, family is the most essential institution. If you’re conducting business with someone, it’s vital to secure a friendship and initial call rapport with them. It’s a fundamental aspect of Mexico business culture.
The Mexican business world is formal and hierarchal. So demonstrating respect for seniority is a must when doing business in Mexico. Keep in mind that the saying “patience is a virtue” is especially true in Mexico. Mexican business people don’t rush to make decisions. Mexicans tend to seek the opinions and support of their co-workers before making big decisions. This is why a typical Mexican business day is much more slow-paced than what you might experience in other countries.
Most importantly, remember that doing business in Mexico is a ‘work hard, play hard’ setup. Yes, Mexicans tend to place value on achievements, but they also understand the importance of work-life balance.
One Last Thing…
Companies that achieve the most business successes when expanding to the major cities of Mexico are the ones that can navigate cultural differences effectively. And they do this by partnering with language services providers that align with and cater to their business translation needs when doing business in Mexico.
With 120 million people in Mexico refusing to buy what they can’t read, you’d be missing out on a goldmine of opportunities without the help of translation services to help you target this audience! The last thing you need are missed business opportunities just because you don’t speak fluent Spanish.
But the good news is that you don’t actually need to speak the official language to do business in Mexico. As long as you partner up with business associates that understand Mexican culture and cultural preferences, Mexican businessmen, business etiquette, and the communication style in South America and Central America, you’ve got one foot in the door already!
Yes, there are many cultural differences at play when you weigh up Mexican and American businesspersons and the way they do business deals, but business culture and Mexican businesses aren’t all that hard to navigate when you know what to focus on.
Perhaps you need website localization or interpreting services for local partnerships and business deals. Maybe you need a helping hand with business greetings to conduct business or facilitate a smooth business dinner, but you don’t speak Spanish?
It might just be that you need assistance with Mexico business relations to help you leverage business opportunities. Whatever your need, get in touch with Day Translations today to learn more about our range of bespoke language services that’ll put your brand in the international spotlight!