Over the last 15 years, we have been approached by numerous RegTechs struggling to expand their market share and grow the sales funnel within Latin America (LATAM). Many of our clients have faced issues with inferior data, language barriers, unqualified meetings and a lengthy time to market.
We connect RegTech sales teams with their target personas by securing highly qualified sales appointments, rapidly growing the sales pipeline and skyrocketing revenue within new regions.
The LATAM region presents exciting opportunities for both new and established RegTech vendors. With Mexico and Brazil housing some of the largest FinTech ecosystems, and a population across Latin America in excess of 626 million people, (70% of which are unbanked), this explains the recent boom of RegTechs working within the region.
With ever-changing risk frameworks and increasing regulatory demands, this presents a huge opportunity for RegTech vendors to capitalise on this rapidly growing market.
Why Prospecting into Latin America can be Challenging
We have partnered with numerous RegTechs that were struggling to gain traction in the region, ultimately seeing little ROI and dwindling market share. At Gungho, we have been able to mitigate the common issues that sales teams face by tailoring our cold outreach in line with the cultural nuances we see.
This approach has enabled our expert telemarketing team to connect our RegTech clients with C-suite professionals and key decision makers within the Risk and Compliance vertical, building on their existing sales pipeline and boosting revenue within Latin America.
Despite the potential rewards, there are still many challenges that sales teams must contend with in order to scale within the region. Here are our 4 top tips:
1. Build an Experienced Telemarketing Team
For RegTech vendors looking to penetrate new markets and drive awareness in new regions, building a highly versatile and experienced telemarketing team to fuel your sales pipeline is important.
Putting boots on the ground in any new market is a gamble that may not be right for many organisations. Not only is this a resourcing issue, but the time needed to build, recruit and scale a sales team in any region is often lengthy.
This is where Gungho comes in! We have built and scaled a dedicated team of highly skilled telemarketers with a breadth of knowledge in the Fraud, Risk, FinCrime and Compliance verticals. The team leverages our vast dataset to secure highly qualified appointments with decision-makers in Latin America.
This, in turn, aids RegTech vendors in quickly getting to market and scaling sales pipeline within new regions, without the burden on infrastructure and resources.
2. Make Sure you can Talk the Talk
When building your telemarketing team, language skills should be your first consideration. It’s easy to take for granted that speaking English is enough, especially as it’s widely spoken across LATAM. From our experience calling into large multi-national corporations across Brazil, for example, we found that overwhelmingly the majority of C-suite and decision makers speak fluent English.
However, that isn’t true of smaller countries like Columbia, or when calling into smaller banks and financial institutions that don’t use English as a bridging language. When analysing the efficiency of calling, our data shows that the success rate of securing an appointment increases if you speak the local language.
Whether your LATAM prospect speaks English is only half the story. Demonstrating that your organisation values the market enough to invest in Spanish and Portuguese speakers, gives your potential client a glimpse into who you are.
Having local language skills at hand allows your telemarketers to successfully and quickly build rapport, navigate switchboards, locate the decision makers, and freely discuss your offering with the perfect messaging.
The ability to speak the language of your prospects can be a game changer. Throughout Gungho, we speak 11 languages, giving us the ability to open conversations and build a highly qualified sales pipeline not only in LATAM but worldwide.
3. Continuously Build on Your Data
Whether you’re running telemarketing, LinkedIn, email marketing or pay-per-click campaigns, having access to up-to-date, relevant, high-quality data is going to be crucial to your team’s success.
At Gungho, we’ve seen many of our clients struggle to gather high-quality data within LATAM, with local data sources being swamped with out-of-date contact information, misspelt names, invalid phone numbers and most commonly, invalid email addresses.
This is where our in-house data team comes in. Working tirelessly to ensure that our data is market-leading, they source and verify 100% of our data. We specialise in the RegTech industry and with 15 years of experience, we know that our data is the best, so we have never, and will never source from a third party.
Depending on where our clients want to target, our data team will thoroughly research contacts in that location and specified industries. Even if it’s a new industry or region for us, we are experts at data collection and are continually cleansing our data.
Working alongside our data team is 110+ Discovery Agents, who each have access to the world’s largest Risk and Compliance dataset, over 300,000 decision makers within the Compliance, Risk, Fraud and FinCrime space, thousands of these contacts being located across LATAM.
4. Understand Cultural Nuance
At Gungho, we put a huge amount of time into understanding the key personas within any region. We won’t pick up the phone without doing our research and ensure that we have a solid understanding of the region in order to represent your organisation in the best way. To help understand cultural nuances, we often recruit the help of LATAM citizens to break down any barriers we may have during this process.
It’s the small things that make the biggest difference; from knowing when each country’s public holidays and religious festivals are, to what the local working hours and common working patterns are from region to region. We monitor World news closely and know when politics or natural disasters impact a country or region. We also know when to mention any local challenges and how to do so in a compassionate way.
Even our data is impacted by cultural nuance. For example, when quality checking the data within countries where contacts will often have multiple first and last names and naming conventions different to our own.
To best build rapport, our telemarketing team uses a blended approach of calls, emails and voicemails in tandem to ensure multiple touch points along the journey. This approach leads to building trust with prospects, ultimately leading to the high-quality appointments that we pride ourselves on.
In Summary – Prospecting into the LATAM Region
Whilst a challenging market for sales teams to penetrate, the market for RegTech in LATAM is growing at an exponential rate and is providing an exciting opportunity for vendors within the industry looking to boost revenue.
By leveraging our experienced telemarketing team, language speakers and high-quality sales data, we have helped our clients get to market quickly, build brand awareness and generate a sales pipeline within weeks of starting a campaign.
Struggling to break ground in LATAM? Get in touch now to understand how we are building scalable sales pipeline for our RegTech clients…