Exploring Investment Opportunities In Guatemala

Guatemala is situated in Central America, a prime location for those interested in investing overseas. With its access to both the Atlantic and Pacific Oceans, Guatemala can have trade with any Asian and European country, not to mention North America. With the recent socioeconomic developments in the country, Guatemala offers a suitable environment for foreign investments. Spanish being the official language of the country, companies considering to invest in Guatemala will need the aid of certified translators.

The economy of Guatemala has gone through some promising changes and the country offers much more to foreign investors than it has ever in the past. There have been concerned efforts on the part of the Guatemalan government to modernize its economy and take initiatives to attract more investors. Primarily an agricultural country, Guatemala has now improved its infrastructure and reduced trade barriers to modernize its economy. Guatemala has also initiated free trade agreements with the United States and its neighboring countries.

An translator from The Marketing Analysts Translation Services Company in Chicago maintained that the Houston Spanish Translation has translated a few official documents on behalf of the US and Guatemalan government. Economists are of the view that this shift in the Guatemalan economic policy and these trade agreements will play a fundamental role in the ‘promotion of direct foreign investment’. These free-trade agreements have increased the access of Guatemalan products in the international markets which is a very positive development.

On the whole, the country has become a good place to invest. There is still room for development in many sectors. A few economic policies of the country need to be revisited. But the government has realized that in order to compete with its neighboring countries, Guatemala will have to reform its economy. Food industry, call centers, energy and oil sector, tourism and textile industry, light manufacturing , forestry and the mining industry etc are some areas which have proven to be profitable investments in Guatemala. The country’s infrastructure also needs improvement. Guatemala needs to build roads, railways and new ports which will contribute towards the country’s development.

New investors planning to invest in Guatemala will face the language barrier. We advise you to hire a reputed Spanish translation company like The Marketing Analysts Translation Service Company    (www.themarketinganalysts.com) We have a bunch of professional experienced Spanish translators/ interpreters  who can assist you in all matters related to translation, localization and interpretation services.

Developing Customer Profiles: The First Step in Market Segmentation and Target Marketing

Modeling Customer Behavior for Segmentation and Target Marketing

Before you design your next marketing campaign, you should consider the ideal customer that you want to target.  To maximize effectiveness and ROI, your marketing collateral should target the right audience, with the right offer and be delivered through the right medium.   However, knowing the best offer, storyline, theme, length and medium to use requires in-depth knowledge about your target.  Gaining this level of knowledge often requires marketing research and the aid of predictive marketing analytics.

Where do I start?

Without much effort, many companies can identify a number of good marketing segmentation variables.  For example, direct mail marketers might identify demographic and psychographic factors.   Marketers that are more sophisticated might apply a crude RFM model.  RFM models have been around for years.  In short, RFM is based on the premise that the people who bought from you recently are more likely to respond to new offers than people who made a purchase in the distant past.  Large financial institutions will likely take the RFM approach a step further by combining data purchased from external suppliers.  Next, genetic algorithms are trained to classify customers into groups based on their propensity to use a particular product or respond to specific types of offers.

Unsure Where You Should Start? . . . Spend A Day With Your Customers

If you are unsure where to start, then you need to connect with your customers.  You need to be in front of your ideal customers as much as possible to understand them.  While you can easily conduct a survey, it is often better to start by “spending a day” with your customers.  Try to figure out what your customers do in the morning, noon and at night.  Can learn more about them by follow them online through social media circles?

Surveying Your Customers

If you decide to conduct a survey, you might consider collecting the following types of data.

  • Demographic Factors: Age/lifecycle, income, disabilities, mobility (in terms of travel time to work or number of vehicles available), educational attainment, home ownership, employment status, and even location
  • Socioeconomic: Disposable Income, Memberships to clubs, Vacations, Entertainment patterns, Assets owned, Investments
  • Customer Behavior and usage patterns
  • Risk profiles
  • Profitability of customer
  • Customer tenure

However, collecting this data through surveys will be challenging.  As an alternative, you might consider purchasing equivalent data from information suppliers or coming up with creative ways of capturing this information on your own.

Once you have completed your research, you should know enough about your customers to start developing customer profiles.  When you can start answering the following questions, you are close to developing a segmentation strategy and a predictive model for target marketing.

  • Who is your “perfect customer”?
  • Why does a customer buy (or not buy) your product?
  • Do customers buy from you (or your competitor) for any particular reason?
  • Do customers tend to buy specific products at particular times?
  • How much consideration do your customers give when making these types of purchases?
  • What benefits do they see in your company (or your products)?

The Marketing Analysts Translation Company is a full-service provider of professional translation services.