Unlike their country of origin, where they already had knowledge of the local market, the expansion forced them to understand the US territory, learn about the competition, market dynamics, analyze what type of customers is key to attract and identify partners needed to access business opportunities.
Additionally, the agency reinforced its work team. “We approached Jeff Steinhour because he has a lot of experience in both the general and Hispanic markets; he worked for more than 15 years as managing director of Crispin, Porter & Bogusky ”, he details.
“In such an important market, creative commitment cannot be lukewarm, which is why Javier Mentasti is the right player to join this effort. And lastly, someone to help us grow, to develop healthy and lasting relationships with clients and Ericka Tolosa was the logical choice”, he adds.
Added to this are important efforts in new businesses, pitch generation and PR, where the agency works with Mara Albertengo from Talkability. “Our focus is on leveraging everything that a comprehensive company like Mumbai can bring to the table and the capabilities that set us apart such as consulting, ESG capabilities, digital, metrics, analytics and reporting.”
Regarding how they plan to promote and sell their services in the United States, Martínez comments that this is a task that they started a long time ago, and they understand that not everything has to happen at the same time. With this in mind, getting the right partners was his first step.
In his opinion, the most challenging thing about reaching the neighboring country to the north was starting from scratch. It is crucial to have a great resistance to frustration, “anyone who has started a business knows what I’m talking about”, and intelligent investment of time, resources and budgets. This combination of determination and strategy reflects the mindset that has seen Mumbai reach dizzying heights in its first decade of existence.
Bombay’s arrival in the US market is a milestone in their history, marking their ambition to become brand guides in a highly competitive environment. Their focus on deep market understanding, strategic tailoring and comprehensive service offering will help them on this new journey.
However, the agency’s managers are aware that they will go one step at a time. “In certain aspects, and understanding the differences in size, the United States is the same as Mexico. You can have your business in Tijuana and work with partners in Mexico City. Just as you can have your business in Pittsburgh and work with your partners in Los Angeles. The most complicated thing that can happen to you is a 5 hour flight. There are no plans today to open a second Bombay office in the United States. First things first, which is to consolidate. Let’s talk about the rest in a few years.”
Why is the US market attractive to Mexican companies?
The United States is one of the largest economies in the world. This means that it is a broad and diverse market with high purchasing power, which offers opportunities for Mexican companies to sell their products and services to a large number of consumers with purchasing power.
According to Luis Treviño, president of the Beamonte Investments fund, Mexico’s geographical location in relation to the United States is advantageous. Proximity facilitates logistics, reduces transportation costs and shortens delivery times, which is beneficial for companies that need to deliver perishable or fast-moving products.
“Mexico and the United States are linked by various trade agreements, such as the Agreement between Mexico, the United States and Canada (USMCA), which replaced the North American Free Trade Agreement (NAFTA). These agreements facilitate trade between countries, reducing tariffs and trade barriers, ”he explains.
Many Mexican companies seek to expand internationally and one way to do so is through investment in the US market. This can be through the creation of subsidiaries, the acquisition of local companies or investment in joint projects.
In general, the United States has maintained relative political and economic stability compared to some other countries. This provides a trusted environment for doing business and making long-term investment decisions.
“It has a diversified economy that spans a wide range of sectors, from technology to manufacturing, financial services, healthcare, energy and more. This provides opportunities for Mexican companies in a variety of industries,” she concludes.