Advertising a Brokerage Firm in a Mexican

Advertising a brokerage firm in a Mexican market

The marketing strategies used by organizations form their basis on the four P's. These include product, price, place and promotion. These four aspects of marketing make sure that the target audience is the focal point of marketing and that the message is being communicated effectively (Herbig 77). As capital markets develop around the world, more and more organizations tend to specialize in provision of brokerage services which has lead to an intense competition in this field and requires effective marketing to ensure that the target audience understand the message being communicated and do not misinterpret it.

It is necessary for multinational organizations and entities operating in more than one country to take into account the cultural and social aspects before marketing their products. A successful marketing strategy in one country might back fire in another due to the cultural differences that might exist between the two countries. Therefore, as far as an investment brokerage firm is concerned, the suitability and the feasibility of the advertising campaign shall be considered through effective research.

Potential Differences to be considered

The brokerage firm tends to enter a market where it sees a potential for its investment services. But as the CEO has decided to translate the advertisements from Spanish to Mexican and use the same campaign, many potential differences shall be considered and tested with respect to the advertising strategies used. These differences may include differences in demographics, education and perceptions, culture and traditions and legal aspects such as consumer protection laws.

Cultural and Social Differences

Comparing the two countries the culture of Mexico drastically differs from that of Spain. Spanish people have a much more civilized and educated population, Mexico is more about people that are more under privileged as compared to the Spanish counterparts. Precisely, the reasons why a Mexican would want to invest with a particular brokerage house might differ from a reason due to which Spanish would invest. This means that a different advertising content would be needed altogether rather than just a change in language.

Legal Aspects

Each country has its own laws pertaining to consumer protection. This law may also affect how an advertisement is designed. An advertisement that can be easily telecasted on the electronic media in Mexico might not be acceptable in Spain and vice versa due to cultural differences. One group of people might perceive content in a completely opposite manner as compared to the other. Unsuitable content might also go against a country's censorship laws though it might not be another country, which is important to be considered.

Industry Trend

While it is advisable that each competitor creates its own innovative advertising content that highlights its unique selling point, it still needs to be considered those how other players of the same industry are promoting their product or service in the similar target market. Since advertisement is a lot about creating perceptions in the minds of the consumers, it is important to consider that what type of perceptions the competitors are creating in minds of the consumers (Rugimbana & Nwankwo 92). More importantly, it is likely that the industrial dynamics of the brokerage industry might be different in Spain and Mexico which might impact the efficiency of the message if the same promotional content is used in both the countries.