27
&yPR FUHDU XQD FDPSDxD GH ,QERXQG 0DUNHWLQJ HIHFWLYD 8QD *XtD GH ,QERXQG 0DUNHWLQJ #LQERXQGF\FOH &RPSiUWHOR HQ 7ZLWWHU /LQNHG,Q &yPR FUHDU XQD FDPSDxD GH ,QERXQG 0DUNHWLQJ HIHFWLYD _

Ebook Cómo crear una campaña de inbound marketing efectiva

Embed Size (px)

Citation preview

  • &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD8QD*XtDGH,QERXQG0DUNHWLQJ

    #LQERXQGF\FOH

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • (VWHH%RRNKDVLGRFUHDGRSRU

    %HUWD+HUQiQGH]

    #EHUWDKOO#LQERXQGF\FOH%HUWD HV HMHFXWLYD GH FXHQWDV GH,QERXQG&\FOHHPSUHVDGHOJUXSR&\EHUFOLFN

    3DX9DOGpV

    #YDOGHVSDX#LQERXQGF\FOH

    3DX HV GLUHFWRU GH ,QERXQG&\FOH HPSUHVDGHOJUXSR&\EHUFOLFN

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • 7DEODGHFRQWHQLGRV

    ,QWURGXFFLyQ

    &yPRHPSH]DUDFUHDUFDPSDxDVGHPDUNHWLQJHIHFWLYDV\DJUDGDEOHV

    &yPRGHVDUUROODUXQDRIHUWDGHPDUNHWLQJLUUHVLVWLEOH

    5HFOXWDDXQHTXLSRGHFUHDGRUHVGHFRQWHQLGR

    &RORFDODRIHUWDHQWX:HE

    &yPRFUHDU/DQGLQJ3DJHVHIHFWLYDV

    &RQILJXUD6HFXHQFLDVGH(PDLO

    3URPRFLyQDORHQWUHWXVFRQWDFWRVH[LVWHQWHV

    3URPRFLRQDWXRIHUWDDWUDYpVGHO%ORJJLQJ6RFLDO0HGLD

    0LGHFXDOTXLHUHOHPHQWRGHWXFDPSDxD

    $SXQWHILQDO

    QHWHDODFRPXQLGDGGH/LQNHG,Q,QERXQG0DUNHWLQJHQ(VSDxRO

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • ,QWURGXFFLyQ4Xp FRQVWLWX\H XQD EXHQD FDPSDxD GHPDUNHWLQJ" (VWD HV XQD JUDQ SUHJXQWD \ XQD TXHSXHGH DEULU ODV SXHUWDV D JUDQGHV RSRUWXQLGDGHV GH QHJRFLR (Q HVWH HERRN WUDWDUHPRV GHHQFRQWUDUODUHVSXHVWD\D\XGDUWHDSRQHUORHQSUiFWLFDDWUDYpVGHWXVDFFLRQHVGHPDUNHWLQJ(Q SULPHU OXJDU HFKHPRV XQ YLVWD]R D DOJXQDV GH ODV FDUDFWHUtVWLFDV LQGLVFXWLEOHV GH XQDFDPSDxDHIHFWLYD\ELHQGHVDUUROODGD

    (GXFDWLYR\~WLO(O PDUNHWLQJ HGXFDWLYR R LQIRUPDWLYR GD UHVSXHVWD D XQD SUHJXQWD SUHRFXSDFLyQ RQHFHVLGDGTXHXQFOLHQWHSRWHQFLDOSXHGDWHQHU(VWHHVHOPDUNHWLQJPiV~WLO FXDQGRXQ IXWXURFOLHQWHVHHQFXHQWUDHQPRGR LQYHVWLJDFLyQHLQWHQWDREWHQHULQIRUPDFLyQHVSHFtILFDSDUDWRPDUVXGHFLVLyQ/RVDUWtFXORV&yPRVHKDFH\ORVYtGHRV3DVRD3DVRSRUHMHPSORHQFDMDUtDQHQHVWHWLSRGHPDUNHWLQJ(OWRQRGHHVWHFRQWHQLGRVHHQFXHQWUDDPHGLRFDPLQRHQWUHODFRQVXOWRUtD\HOVHUYLFLRDOFOLHQWH

    2SRUWXQR\SHUVRQDOL]DGR3DUDTXHHOPDUNHWLQJVHDYHUGDGHUDPHQWH~WLOVLQHPEDUJRWLHQHTXHHVWDUDWXGLVSRVLFLyQHQHOPRPHQWRDGHFXDGR3ODQWpDWHODVLJXLHQWHVLWXDFLyQVLWHHQIUHQWDVDXQGHWHUPLQDGRGHVDItR\HVWiVEXVFDQGRXQDVROXFLyQGHIRUPDDFWLYDQRWHHQFDQWDUtDHQFRQWUDUODHQWXFRUUHRHOHFWUyQLFRFXDQGRPiVOR&RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • QHFHVLWDV"'LJDPRVTXHHVWiVRUJDQL]DQGRXQDERGD\EXVFDVHO OXJDUDGHFXDGR'XUDQWHWXLQYHVWLJDFLyQSRGUiVKDEHUYLVLWDGRDOJXQDVZHEVSHURWHGHFLGLUiVSRUODFRPSDxtDTXHUHDOLFHXQ VHJXLPLHQWRGH WX FDVR LGHQWLILFDQGR OR TXHEXVFDV \ RIUHFLpQGRWH VXD\XGD$PD]RQHVHOHMHPSORSDUDGLJPiWLFRGHXQDSiJLQDZHETXHSHUVRQDOL]D ODVH[SHULHQFLDVGH ORVFOLHQWHVEDViQGRVHHQVXVQHFHVLGDGHV\SUHIHUHQFLDV

    &RQVLVWHQWHHQLGLRPD\PHQVDMH3DUDKDFHUPDUNHWLQJTXH ODJHQWHDPH WHQHQFRQVLGHUDFLyQ ODH[SHULHQFLDGHOXVXDULRDWUDYpVGHODVGLVWLQWDVIDVHVGHVXFLFORGHFRPSUD

    GHVGHODSULPHUDYH]TXHVHHQFXHQWUDQFRQWXPDUFD DWUDYpVGHVXLQWHUDFFLyQFRQWXVLWLRZHE\WXFRQWHQLGR KDVWDHOSXQWRHQTXHVHFRQYLHUWHQHQXQFOLHQWH\VXp[LWRFRPRWDODODUJRSOD]R

    6L FRQYLHUWHV HVWH WUiQVLWR HQWUH HWDSDV HQ DOJR FRQVLVWHQWH \ IOXLGR HOLPLQDUiV REVWiFXORV \DQLPDUiVDWXDXGLHQFLDSDUDTXHVHFRQYLHUWDHQHYDQJHOLVWDGHWXPDUFD

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • &yPRHPSH]DUD FUHDU FDPSDxDVGHPDUNHWLQJHIHFWLYDV\DJUDGDEOHV$KRUDTXHKHPRVFXELHUWRODVFDUDFWHUtVWLFDVFODYHGHOPDUNHWLQJTXHJXVWDDODJHQWHYDPRVD GLVFXWLU FyPR VH SXHGHQ DSOLFDU D OD SUiFWLFD (Q HVWH H%RRN WH JXLDUHPRV D WUDYpVGHO SURFHVR GH HMHFXFLyQ GH XQD FDPSDxD GH PDUNHWLQJ LQWHJUDO \ FRQFUHWDUHPRV TXpDFFLRQHVSXHGHVUHDOL]DUSDUDTXHFDGDHVWDGLRGHHVWDFDPSDxDVHDHGXFDWLYR~WLORSRUWXQRSHUVRQDOL]DGR\FRQVLVWHQWHHQRWUDVSDODEUDVLPSHFDEOH$SDUWLU GH ODVEXHQDVSUiFWLFDVGH OD LQGXVWULD \GHQXHVWUDSURSLDH[SHULHQFLD KD\DOJXQRVFRPSRQHQWHVFODYHSDUDTXHXQDHVWUDWHJLDGHPDUNHWLQJWHQJDp[LWR

    3URGXFHXQDRIHUWDGHPDUNHWLQJOODPDWLYD &RORFDODRIHUWDHQWXSiJLQDZHE 9LQFXODODRIHUWDDIOXMRVGHWUDEDMRDXWRPDWL]DGRV 3URPRFLyQDORDWUDYpVGHFRUUHRHOHFWUyQLFREORJV\UHGHVVRFLDOHV 0LGHORVUHVXOWDGRV

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • &yPRGHVDUUROODUXQDRIHUWDGHPDUNHWLQJLUUHVLVWLEOH7HQHUFRQVWDQWHPHQWHLGHDVSDUDFRQWHQLGRVQXHYRVSXHGHQRVHUIDFWLEOH3DUDKDFHUIUHQWHDODVGHPDQGDVGHFUHDFLyQGHFRQWHQLGRVVHUHFRPLHQGDSHQVDUFRPRXQHGLWRUSHURTXpVLJQLILFDHVR"&yPRSLHQVDXQHGLWRU"$O LJXDO TXH ORV HGLWRUHV DTXHOORV TXHQRVGHGLFDPRVDO ,QERXQG0DUNHWLQJGHEHPRV WHQHUXQDLGHDPX\FODUDGHQXHVWURS~EOLFRREMHWLYRSDUDFUHDUFRQWHQLGRVySWLPRVSDUDpO

    4XLpQHVVRQWXVFOLHQWHVLGHDOHV" &XiOHVVRQVXVPD\RUHVSUHRFXSDFLRQHVQHFHVLGDGHVHLQWHUHVHV" &yPRSXHGHVOOHJDUDHOORVHQORVPRWRUHVGHE~VTXHGDUHGHVVRFLDOHVR

    EORJV\TXpWLSRGHFRQWHQLGRSUHILHUHQ",QWHQWDGDUUHVSXHVWDDHVWDVSUHJXQWDVSDUDGHVDUUROODUXQDLPDJHQGHWXEX\HUSHUVRQD

    &pQWUDWH HQ HO HVWDGLR FRUUHFWR GHO FLFOR GHFRPSUD(OFRQWHQLGRMXHJDXQSDSHOIXQGDPHQWDOHQWRGDVODVHWDSDVGHO,QERXQG0DUNHWLQJGHVGHODJHQHUDFLyQGHDWHQFLyQKDFLD WXHPSUHVDKDVWD ODFRQYHUVLyQGH WXV OHDGVHQFOLHQWHV6LQHPEDUJR ORV WLSRVGHFRQWHQLGRTXHGHEHQXWLOL]DUVHSDUD ORJUDUFDGDXQRGHHVWRVREMHWLYRVVRQDPHQXGRPX\GLIHUHQWHVHQWUHVt

    &RQFLHQFLD(O XVXDULR VH IDPLOLDUL]D FRQ WXPDUFD R VH GD FXHQWD GH TXH QHFHVLWD WX SURGXFWR VHUYLFLR

    ,QYHVWLJDFLyQ)RUPDFLyQ(O XVXDULR LGHQWLILFD HO SUREOHPD H LQYHVWLJD ODV SRVLEOHV VROXFLRQHV LQFOX\HQGR WXSURGXFWRVHUYLFLR

    &RPSDUDFLyQ9DOLGDFLyQ(O FOLHQWH SRWHQFLDO H[DPLQDQ ODV GLVWLQWDV RSFLRQHV \ HPSLH]D D UHGXFLU OD OLVWD GHSURYHHGRUHV

    &RPSUD(OXVXDULRGHFLGHFRPSUDU

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • )XHQWH+XEVSRW

    4XpFRQWHQLGRDWUDHWUiILFR\OHDGV"3DUDFUHDUXQDFDPSDxDGHPDUNHWLQJHIHFWLYDGHEHUiVFHQWUDUWHHQODSULPHUDHWDSDODFUHDFLyQGHFRQFLHQFLDDWUDYpVGHWXFRQWHQLGR(VWRVLJQLILFDTXHWXRIHUWDGHPDUNHWLQJQHFHVLWDDWUDHUXQPRQWyQGHWUiILFR\JHQHUDUQXHYRVOHDGVSDUDWXQHJRFLR+D\GLVWLQWRVWHPDV\WLSRVGHFRQWHQLGRTXHSXHGHVFUHDUSDUDORJUDUHVWHREMHWLYR

    (QFXHQWUDHOFRQWHQLGRFRUUHFWR3DUD GHVFXEULU TXp WHPDV FDSWDQ OD DWHQFLyQ GH WX WDUJHW FRQVXOWD ORV GDWRV GH WXVSXEOLFDFLRQHVDQWHULRUHV3RUHMHPSORFXiOHVVRQORVDUWtFXORVGHEORJVPiVSRSXODUHVTXH KDV SXEOLFDGR" &XiOHV VRQ ODV SiJLQDV PiV YLVWDV GH WX ZHE" 6X HYROXFLyQKLVWyULFDGHEHGLFWDU ODGLUHFFLyQGH WXV FRQWHQLGRVGHPDUNHWLQJ6L QR WLHQHVDFFHVRDDQDOtWLFDVGHHVWRV WHPDVEXVFDHQHO GRPLQLRS~EOLFR QRWLFLDVGH*RRJOH*RRJOH

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • 7UHQGV 7ZLWWHU 7UHQGLQJ 7RSLFV WHPDV LQWHUHVDQWHV \ SRSXODUHV VREUH WX LQGXVWULD5HXWLOL]D HVWD LQIRUPDFLyQ GiQGROH XQ WRTXH SHUVRQDO \ DxiGHOH WX H[SHULHQFLD \REVHUYDFLRQHV

    (QFXHQWUDHOIRUPDWRDGHFXDGR

    3XHGHVFUHDUFRQWHQLGRVGLIHUHQWHVGHVGHFRQWHQLGREDVDGRHQWH[WRFRPRJXtDVLQIRUPHV\HERRNVKDVWDFRQWHQLGRDXGLRYLVXDOFRPRVHPLQDULRVRQOLQHYtGHRV\SRGFDVWV2UJDQL]DXQDVHVLyQGHEUDLQVWRUPLQJFRQWXHTXLSRSDUDHQFRQWUDUQXHYDVLGHDV\FRQWHQLGRVSHURWHQVLHPSUHHQPHQWHODVQHFHVLGDGHV\SUHIHUHQFLDVGHWXS~EOLFRREMHWLYR

    eFKDOHXQYLVWD]RDWXVODQGLQJSDJHV

    7LHQHPiVp[LWRWXRIHUWDGHVHPLQDULRRQOLQHTXHODGHXQHERRN"6LHOUDWLRGHFRQYHUVLyQGHXQWLSRGHIRUPDWRHVPHQRUTXHODPHGLDHVTXHQRUHVXOWDVXILFLHQWHPHQWHLQWHUHVDQWHSDUDWXS~EOLFR6LVDEHVTXpWLSRGHFRQWHQLGRHVHOLGHDOSDUDWXQHJRFLRDSURYpFKDOR\EDVDWXFDPSDxDGHPDUNHWLQJHQpO

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • 5HFOXWDDXQHTXLSRGHFUHDGRUHVGHFRQWHQLGR1RHVQHFHVDULRTXHVHDVHO~QLFRTXHFUHDFRQWHQLGRVGH,QERXQG0DUNHWLQJSDUDWXHPSUHVD8WLOL]D ODVGLVWLQWDVYRFHVGH WXRUJDQL]DFLyQHOGHSDUWDPHQWR WpFQLFRHOVHUYLFLRGHDWHQFLyQDO FOLHQWH ORV MHIHV GH SURGXFWR \ RWURV HPSOHDGRV WLHQHQ XQ SXQWR GH YLVWD ~QLFR VREUH ORVDVSHFWRVFODYHGHWXQHJRFLR3tGHOHVTXHFRQWULEX\DQDODFDXVD

    &RHVFULELHQGRXQDJXtDRH%RRN (QWUHYLVWiQGROHV\FROJDQGRYtGHRVEUHYHVFRPHQWDQGRVXVH[SHULHQFLDV ,QYLWiQGROHVDGDUFKDUODVRDUHVROYHUSUHJXQWDVHQVHPLQDULRVRQOLQH

    7DPELpQSXHGHVSHGLUD\XGDH[WHUQDSDUDFUHDUFRQWHQLGR([LVWHQSODWDIRUPDVRQOLQHTXH WHSXHGHQFRQHFWDUFRQHVFULWRUHV\HGLWRUHVIUHHODQFHTXHVHHQFDUJDUiQGHWXVSRVWVH%RRNVXRWUDVWDUHDVHVFULWDVHQWXOXJDU

    3ODWDIRUPDHQ(VSDxROKWWSZZZQXEHORFRP$XQTXHQRKDFHPXFKRTXHHVWiQRQOLQHHOSUR\HFWRWLHQHPX\EXHQDSLQWD\QRVJXVWDKD\TXHDSR\DUOR

    3ODWDIRUPDHQ,QJOpVKWWSVZZZHODQFHFRPDXQTXHWDPELpQHQFRQWUDUiVUHGDFWRUHVHQHVSDxRO

    3XHGHVHVSHFLILFDUHO WHPDHOHVWLORHO WRQR\GHILQLU WX WDUJHW \QRUPDOPHQWHQR WLHQHVTXHSDJDUKDVWDTXHQRDFHSWHVHODUWtFXORDFDEDGR

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • &RORFDODRIHUWDHQWX:HE3DUDHPSH]DUDJHQHUDUOHDGVQXHYRVDSDUWLUGHWXRIHUWDQHFHVLWDVFRORFDUODHQWXZHE3DUDKDFHUOR

    FUHDXQDODQGLQJSDJHXQDSiJLQDTXHLQFOX\HXQDGHVFULSFLyQHLPDJHQGHODRIHUWD \XQIRUPXODULRTXHORVYLVLWDQWHVGHEHUiQUHOOHQDUSDUDUHFLELUWXFRQWHQLGR

    (VWD WUDQVDFFLyQHVXQ LQWHUFDPELRGH LQIRUPDFLyQHQ ODTXHHOXVXDULRUHFLEH ODRIHUWDHQ ODTXHHVWi LQWHUHVDGR\ W~ UHFLEHVVX LQIRUPDFLyQGHFRQWDFWR/RVXVXDULRVSDVDQDOVLJXLHQWHHVWDGLRGHVXFLFORGHYLGDFRPHUFLDOHQIRUPDGHOHDG(VWHSURFHVRVHOODPDJHQHUDFLyQGHOHDGV

    9LVXDOL]DFLyQGHODJHQHUDFLyQGHOHDGVFRQ+XE6SRW

    8QDEXHQDODQGLQJSDJHVHGLULJLUiDXQDDXGLHQFLDFRQFUHWDFRPRSRUHMHPSORODTXHSURYLHQHGHXQDFDPSDxDGHHPDLOPDUNHWLQJRGHXQDFDPSDxDGH33&(VPX\ LPSRUWDQWH SRU OR WDQWR FUHDU XQD ~QLFD ODQGLQJ SDJH SDUD FDGD XQD GH ODV RIHUWDVTXHFUHHV3XHGHVWHQHUODQGLQJSDJHVTXHSHUPLWDQDORVXVXDULRVGHWXZHEGHVFDUJDUVHXQFRQWHQLGRH%RRNVJXtDVZHELQDULRVRELHQDSXQWDUVHDRWUDVRIHUWDVFRPRWULDOVJUDWXLWRVR&RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • GHPRVWUDFLRQHVGHWXSURGXFWR&UHDUODQGLQJSDJHVWHSHUPLWHVHJPHQWDUWXDXGLHQFLDRIUHFHUOHVDOJRGHYDORU\FRQYHUWLUXQQ~PHURPiVHOHYDGRGHYLVLWDVHQOHDGV

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • &yPRFUHDU/DQGLQJ3DJHVHIHFWLYDV+D\YDULRVFRPSRQHQWHVFODYHTXHFRQYLHUWHQXQD ODQGLQJSDJHHQHIHFWLYDSDUDFRQYHUWLUXQSRUFHQWDMHPD\RUGHYLVLWDQWHVD OHDGV/DViUHDVPiV LPSRUWDQWHVVRQHO WtWXORHOFRQWHQLGRGH OD SiJLQD \ HO IRUPXODULR $QDOL]DUHPRV FDGD XQR GH HOORV H[SOLFDUHPRV SRU TXp VRQLPSRUWDQWHV\GLVFXWLUHPRVFyPRRSWLPL]DUORV

    7tWXOR/RV SHUtRGRV GH DWHQFLyQ GH OD JHQWH VRQ FRUWRV HVSHFLDOPHQWH RQOLQH (VWR VLJQLILFD TXHGHEHVHVIRU]DUWHSDUDTXHWXRIHUWDVHDORPiVFODUDSRVLEOH

    8QDEXHQDWiFWLFDHVDVHJXUDUWHGHTXHWXODQGLQJSDJHDSUXHEHHOWHVWGHOSDUSDGHRSXHGHHOHVSHFWDGRUHQWHQGHUODRIHUWD\ORTXHOHSLGHVTXHKDJDHQPHQRVGH

    VHJXQGRV"&RPSUXHEDTXHWXWtWXORKDFHODRIHUWDLQPHGLDWDPHQWHFODUDSDUDTXHHOYLVLWDQWHORHQWLHQGDDODSULPHUD

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • &XHUSR(OFXHUSRGHWXODQGLQJSDJHGHEHUtDLQFOXLUXQDGHVFULSFLyQGHODRIHUWD\SRUTXpORVYLVLWDQWHVGHEHUtDQGHVFDUJDUODRLQVFULELUVHHQHOOD'HMD ELHQ FODURV ORV EHQHILFLRV GH OD RIHUWD )RUPDWHD HO FXHUSR GH OD SiJLQD SDUD TXHWUDQVPLWD UiSLGDPHQWH HO YDORU GH OD RIHUWD \ OD DFFLyQ TXH ORV XVXDULRV GHEHQ UHDOL]DU 3RUHMHPSOR XVD OLVWDV FRQ YLxHWDV R QXPHUDFLyQ SDUD VLPSOLILFDU HO GLVHxR GHO WH[WR \ XWLOL]DQHJULWDVRFXUVLYDVSDUDUHPDUFDUORVSXQWRVGHVWDFDGRV(ORWUR IDFWRU FUtWLFRDFRQVLGHUDUHVHO HIHFWRGH OD ORQJLWXGGHO IRUPXODULRHQ OD YROXQWDGGHOYLVLWDQWH HQ UHOOHQDUOR 6L HO IRUPXODULR HV PX\ ODUJR ORV FOLHQWHV SRWHQFLDOHV VH SDUDUiQ \HYDOXDUiQVL YDOH ODSHQDJDVWDU VX WLHPSRFRPSOHWDQGRHVRVFDPSRV$Vt TXHHVQHFHVDULRTXH HQFXHQWUHV XQ SXQWR PHGLR HQWUH UHFROHFWDU VXILFLHQWH LQIRUPDFLyQ \ SHGLU GHPDVLDGRVGDWRVTXHORVXVXDULRVQRWHTXHUUiQGDU

    4XpWLSRGHLQIRUPDFLyQGHEHUtDVSHGLU"7XREMHWLYRGHEHUtDVHUUHFROHFWDUVXILFLHQWHFRPRSDUDSHUPLWLUWHFRQWDFWDU\FXDOLILFDUDOOHDG&DPSRVFRPR QRPEUH\ HPDLO UHFRJHQ LQIRUPDFLyQGHFRQWDFWRGH ORV OHDGVSHUPLWLpQGRWHDxDGLUOHVDXQDVHFXHQFLDGHHPDLOVDXWRPiWLFD\QXWULUORVHQHO IXWXUR WHFODULILFDPRVHVWRVFRQFHSWRVPiVDGHODQWHHQHVWHPLVPRHERRN/RV FDPSRV Q~PHUR GH HPSOHDGRV \ URO HQ OD HPSUHVD WH SHUPLWHQ FXDOLILFDU HO OHDG \GHVFXEULUFyPRHVPiVSUREDEOHTXHDFDEHFRQYLUWLpQGRVHHQFOLHQWH'LVHxD HO IRUPXODULR SDUD FRQVHJXLU VXILFLHQWHV GDWRV SDUD FRQWDFWDU \ FXDOLILFDU HO OHDG8WLOL]DPRVHVWD LQIRUPDFLyQSDUDDSUHQGHUPiVDFHUFDGHQXHVWURV OHDGV\FXDOLILFDUORVDQWHVGHLQWURGXFLUORVHQQXHVWURHPEXGRGHYHQWDV

    /DLPDJHQ7XODQGLQJSDJHQHFHVLWDLQFOXLUXQDLPDJHQGHODRIHUWDTXHHVWiVSUHVHQWDQGR/DVLPiJHQHVGHEHQ FDSWXUDU LQVWDQWiQHDPHQWH OD DWHQFLyQ GH ORV YLVLWDQWHV \ GHEHUtDQ DSURYHFKDUVH DOPi[LPR HQ WXV HVWUDWHJLDV GH PDUNHWLQJ 3RU HMHPSOR GHSHQGLHQGR GH TXp VHD WX RIHUWDSRGUtDVLQFOXLUXQDLPDJHQGHODSRUWDGDGHOHERRNRIRWRVGHFDUQHWGHORVSUHVHQWDGRUHVGHOZHELQDULR

    (OIRUPXODULR5HFXHUGD TXH HO REMHWLYR ~OWLPR GH WX ODQGLQJ SDJH HV FRQVHJXLU TXH OD JHQWH UHOOHQH WXIRUPXODULR&RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • $VHJ~UDWHGHTXHHOIRUPXODULRDSDUHFHHQODSDUWHVXSHULRUGHODSDQWDOODSDUDTXHHOXVXDULRQRGHEDGHVSOD]DUVHFRQHOUDWyQKDFLDDEDMRSDUDYHUOR/D ORQJLWXGGHO IRUPXODULRFRQGXFH LQHYLWDEOHPHQWHDXQSXOVRHQWUHFDQWLGDG\FDOLGDGGH ORVOHDGVTXHJHQHUHV8QIRUPXODULRFRUWRVXHOHVLJQLILFDUPiVJHQWHGLVSXHVWDDUHOOHQDUOR3HURODFDOLGDGGHORVOHDGVVHUiPD\RUFXDQGRORVYLVLWDQWHVHVWHQGLVSXHVWRVDUHOOHQDUPiVFDPSRV\SURYHHUWHFRQPiVLQIRUPDFLyQDFHUFDGHHOORVPLVPRV\GHORTXHHVWiQEXVFDGR3RUORWDQWRIRUPXODULRVFRUWRVUHVXOWDUiQHQPiVOHDGVSHURORVIRUPXODULRVODUJRVJHQHUDUiQPHQRVOHDGVSHURPiVFXDOLILFDGRV

    &DOOV7R$FWLRQ(O REMHWLYR GH XQ FDOOWRDFWLRQ HV DWUDHU WUiILFR KDFLD WX ODQGLQJ SDJH 3DUD DXPHQWDU ODVRSRUWXQLGDGHV GH FRQYHUVLyQ GH YLVLWD D OHDG QHFHVLWDV FUHDU PXFKRV FDOOVWRDFWLRQGLVWULEXLUORVSRUWRGDWXZHE\RSWLPL]DUORV

    /DFRORFDFLyQHVXQRGHORVHOHPHQWRVPiVFUtWLFRVDODKRUDGHSRWHQFLDUHOSRGHUGHWXVFDOOVWRDFWLRQ &yPR GHFLGHV TXp FDOOWRDFWLRQ FRORFDV \ GyQGH OR KDFHV" 6LPSOH /RV FDOOVWRDFWLRQGHEHUtDQHVWDUUHSDUWLGRVDORODUJRGHWXVSiJLQDVZHE7X KRPHSDJH GHEHUtD WHQHU XQ FDOOWRDFWLRQ $O VHU IUHFXHQWHPHQWH OD SiJLQDPiV YLVLWDGDRIUHFH XQD JUDQ RSRUWXQLGDG GH FRQGXFLU WUiILFR KDFLD XQD FDPSDxD HVSHFtILFD 7XV SiJLQDVVREUHSURGXFWRVHUYLFLR4XLpQHVVRPRV"\&RQWDFWRGHEHQLQFOXLUFDOOVWRDFWLRQRHOYLVLWDQWHGHFLGLUiSRUVtPLVPRTXpTXLHUHKDFHUOXHJR7~GHEHVD\XGDUOHDGHFLGLU0LHQWUDVTXHORVFDOOVWRDFWLRQVHSODQWHDQQRUPDOPHQWHFRPRLPiJHQHV\WH[WRFRORFDGRVHQXQDZHEHOFRQFHSWRGHFDOOWRDFWLRQSXHGHVHUHQFRQWUDGRHQ WRGRV ORV WLSRVGHPDUNHWLQJ(QWRGDVWXVDFFLRQHVGHEHUtDVLQWHQWDUFRQGXFLUDODJHQWHKDFLDHVWDGLRVPiVDYDQ]DGRVGHWXIXQQHO6LHOREMHWLYRGHXQFDOOWRDFWLRQHVFRQGXFLUWUiILFRKDFLDWXODQGLQJSDJHSLHQVDHQODVGLVWLQWDV IRUPDVHQTXHSXHGHVFRQVHJXLUOR3RUHMHPSORSXHGHVXVDUHPDLOPDUNHWLQJRDFWXDOL]DFLRQHVHQODVUHGHVVRFLDOHVSDUDGLULJLUHOWUiILFRDWXODQGLQJSDJH

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • &RQILJXUD6HFXHQFLDVGH(PDLO$KRUD\DKDVGLVHxDGRXQDRIHUWDGHPDUNHWLQJHVSHFWDFXODU\ODKDVFRORFDGRHQWXZHE3HURDQWHVGHTXHHPSLHFHVDGLULJLUHOWUiILFRKDFLDHOODGHEHVFRQVLGHUDUFyPRYDVDQXWULUORVQXHYRVOHDGVTXHFUHHV&yPRYDVDVHJXLUHGXFiQGRORVDFHUFDGHWXFRPSDxtD\GHWXSURGXFWRRVHUYLFLR"1HFHVLWDUiVXVDUVHFXHQFLDVGHHPDLODXWRPiWLFDV3DUDSRGHUKDFHUHVWHWLSRGHDFLRQHVQHFHVLWDVXQVRIWZDUHGHDXWRPDWL]DFLyQGHOPDUNHWLQJWLSR0DUNHWR(ORTXD3DUGRWRQXHVWURIDYRULWR+XEVSRW

    4XpHVXQDVHFXHQFLDGHHPDLO"/DV VHFXHQFLDV GH HPDLO VRQ VHULHV DXWRPDWL]DGDV GH HPDLOV R RWUDV FRPXQLFDFLRQHV TXHSUHFXDOLILFDQ ORV OHDGV HQ XQ HVWDGLR SULPHUL]R FXDQGR D~Q QR HVWiQ SUHSDUDGRV SDUD VHUWXV FOLHQWHV SDUDPDQGiUVHORV OXHJRDO GHSDUWDPHQWRGH YHQWDV7DPELpQ VH FRQRFHQ FRPRQXWULFLyQGH OHDGVDYDQ]DGDDXWRPDWL]DFLyQGHOPDUNHWLQJ\FRPXQLFDFLRQHVDXWRPiWLFDV6XREMHWLYRHVSUHSDUDUDORVOHDGVSDUDODYHQWD6HJ~Q*OHDQVWHU5HVHDUFKHOGHORV OHDGVQRHVWiQSUHSDUDGRVSDUDFRPSUDU'HHVWHPRGRQHFHVLWDPRVSURFHVRVTXHORVKDJDQPDGXUDU8VDQGR VHFXHQFLDV GH HPDLO \ QXWULHQGR D WXV OHDGV DKRUUDV WLHPSR D WX GHSDUWDPHQWR GHYHQWDVSRUTXHHGXFDV\ FXDOLILFDVD WXV OHDGVD OR ODUJRGHO WLHPSR(VWDHV VyORXQDGH ODVUD]RQHVSRUODTXHGHEHUtDVHPSH]DUDQXWULUDWXVOHDGV(FKpPRVOHXQYLVWD]RDRWURVGHVXVEHQHILFLRV$FHUWDQGRHQHOWLPLQJ(VWXGLR WUDVHVWXGLRPXHVWUDTXH ORV UDWLRVGH UHVSXHVWDGHOHPDLOGLVPLQX\HQDPHGLGDTXHSDVDHO WLHPSR(QVX LQYHVWLJDFLyQVREUH OD FLHQFLDGHO WLPLQJ'DQ=DUUHOOD HO VRFLDOPHGLDVFLHQWLVW GH +XE6SRW GHVFXEULy TXH KD\ XQD FRUUHODFLyQ SRVLWLYD HQWUH OD QRYHGDG GH ODVXVFULSFLyQ\ODWDVDGHFOLFXQDGHODVPpWULFDVFODYHGHODILGHOL]DFLyQ8QDYH]FRQILJXUDVFDGHQDVGHHPDLODXWRPiWLFDV ORVHPDLOVVHPDQGDQVHJ~QWXFDOHQGDULRDPHGLGD TXH VH JHQHUDQ ORV OHDGV 3XHGHV ODQ]DU ODV FDPSDxDV \ ROYLGDUWH GH HOODV SHURORVHPDLOVVHJXLUiQKDFLHQGRHO WUDEDMRSRU WLD\XGiQGRWHDFXDOLILFDU ORV OHDGV\KDFLpQGRORVDYDQ]DUHQWXIXQQHOGHYHQWDVPiVUiSLGDPHQWH7DUJHWLQJ/RVHVWXGLRVGHPXHVWUDQTXHORVHPDLOVVHJPHQWDGRV\GLULJLGRVDXQWDUJHWREWLHQHQPHMRUHVUHVXOWDGRVTXH ODVFRPXQLFDFLRQHVGHHPDLOPDVLYDV(O OHDGQXUWXULQJQXWULFLyQGH OHDGV WHSHUPLWHOLJDUXQDVHULHGHHPDLOVDXQDDFFLyQHVSHFtILFDRDXQHYHQWRGHFRQYHUVLyQ

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • 6HJPHQWDFLyQ7XVFRQWDFWRVQRVRQ WRGRV LJXDOHV3DUD UHDOL]DUPDUNHWLQJHIHFWLYR\VHJPHQWDGRQHFHVLWDVGLYLGLUWXEDVHGHGDWRVHQJUXSRVPiVSHTXHxRV&UHDU VHJPHQWRV PiV SHTXHxRV WH SHUPLWH DJUXSDU WXV FRQWDFWRV SRU LQWHUpV LQGXVWULDORFDOL]DFLyQ JHRJUiILFD \ FUHDU H[SHULHQFLDV \PHQVDMHV HVSHFtILFDV SDUD FDGD VHFWRU(VWRDXPHQWDUi OD ILGHOL]DFLyQ\ WHD\XGDUiDKDFHUTXHDYDQFHQHQ WX IXQQHO3XHGHVVHJPHQWDUDXWRPiWLFDPHQWHWXVOHDGVEDViQGRWHHQFXDOTXLHUFULWHULR8QDSURSLHGDGGHFRQWDFWRQRPEUHGHFRPSDxtDHVWDGRWDPDxRGHODHPSUHVD LQGXVWULDOHDGJUDGHRHVWDGLRGHFRPSUD8Q IRUPXODULR 6HJPHQWD SRU H%RRN GHVFDUJDGR UHJLVWUR D XQ ZHELQDULR VROLFLWXG GH XQDGHPR8QDOLVWDH[LVWHQWH6HJPHQWDVHJ~QODSUHVHQFLDHQXQDOLVWDDQWHULRU$SXQWH GH 6RIWZDUH +XE6SRW WH SHUPLWH FUHDU VHFXHQFLDV GH HPDLO TXH SXHGHQ DFWLYDUVHFXDQGRXQRGHWXVFRQWDFWRVSDVDDIRUPDUSDUWHGHXQVHJPHQWR$HVWRVHOHOODPDVPDUWOLVW3RUHMHPSOR VL DOJXLHQVHGHVFDUJDXQH%RRN LQGLFDTXHVXFRPSDxtD WLHQHHQWUH\HPSOHDGRV\TXHIRUPDQSDUWHGHODLQGXVWULDPDQXIDFWXUHUDSXHGHVPDQGDUOHVXQDFDPSDxDGH OHDG QXUWXULQJ GLVHxDGD HVSHFtILFDPHQWH SDUD HOORV 6L RWUD FRPSDxtD GHVFDUJD HOPLVPRH%RRN SHUR OD HPSUHVD FXHQWD FRQ HQWUH \ HPSOHDGRV \ VH GHGLFD D OD LQGXVWULD GHOVRIWZDUHSXHGHVPDQGDUOHVRWUDFDPSDxDGHQXWULFLyQGHOHDGVTXHVHDPiVUHOHYDQWHSDUDVXQHJRFLR

    (MHPSORVGHVHFXHQFLDVGH(PDLO4XLHUHV VDEHU FyPR SRGUtDQ VHU WXV VHFXHQFLDV GH HPDLO" 3XHGHQ VHU WDQ VLPSOHV RFRPSOLFDGDV FRPR TXLHUDV 9DPRV D YHU XQ SDU GH HMHPSORV KLSRWpWLFRV TXH WH SHUPLWLUtDQSXQWXDUORVOHDGV\PRYHUDORVSRVLEOHVFOLHQWHVHQWXIXQQHO

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • 3URPRFLyQDOR HQWUH WXV FRQWDFWRVH[LVWHQWHV$KRUDTXH\DWHKDVDVHJXUDGRTXHWRGRVWXVQXHYRVSRVLEOHVFOLHQWHVTXHVHGHVFDUJXHQ ODRIHUWDUHFLELUiQHPDLOVGHVHJXLPLHQWRDSURSLDGRVSXHGHVHPSH]DUDSHQVDUHQPDQGDUWUiILFRDWXODQGLQJSDJH3ULPHURSLHQVDHQODVIRUPDVGHQRWLILFDUDWXVFRQWDFWRVH[LVWHQWHVHOODQ]DPLHQWRGHWXQXHYDRIHUWD7X OLVWDGHHPDLOVGHEHUtDVHUXQDGH ODVEDVHVGHGDWRVGHFRQWDFWRPiVSRGHURVDVD ODVTXHWLHQHVDFFHVRWXVVHJXLGRUHVHQUHGHVVRFLDOHVUHSUHVHQWDQRWUDEDVHFUHFLHQWHGHHYDQJHOLVWDVGHPDUFD$VtTXHFyPRYDVDKDFHUOHHODQXQFLRDWXOLVWDGHHPDLOV"

    (QYtRGHXQHPDLOHVSHFtILFR3RUHMHPSORSXHGHVQRWLILFDUDWXWDUJHWTXHKDVODQ]DGRXQDQXHYDJXtDRLQYLWDUOHVDXQHYHQWRTXHRUJDQL]DV/RVHPDLOVHVSHFtILFRVWHD\XGDQDFUHDUXQFRQWH[WRHQHOTXHLQWURGXFLUWXFDOOWRDFWLRQSULQFLSDO3XHGHQXWLOL]DUVHSDUDOOHJDUDWXEDVHGHGDWRVFRPSOHWDRVyORDXQVHJPHQWRDOTXHFUHHVTXHWXRIHUWDSXHGHLQWHUHVDU0LHQWUDVTXHKD\FDVRVHQ ODVTXH WRGRV WXVVXVFULSWRUHVGHEHUtDQVHUQRWLILFDGRVDFHUFDGHXQD FDPSDxD GHPDUNHWLQJ HVSHFtILFD SRU HMHPSOR XQD QXHYD RIHUWD JHQpULFD R XQ HYHQWRSUy[LPRHQODPD\RUtDGHEHUtDVVHJPHQWDUHOHQYtREDViQGRWHHQWXEX\HUSHUVRQD

    7UXFRVSDUDWXVHQYtRVGHHPDLO/RV HQYtRV GH HPDLOV HVSHFtILFRV VRQ IiFLOPHQWH FRQILJXUDEOHV \ PHGLEOHV 1R VRQ WDQFRPSOHMRVFRPRODVQHZVOHWWHUVSRUHMHPSOR$~Q\FRQHVRKD\DOJXQDVEXHQDVSUiFWLFDVTXHGHEHUtDVWHQHUHQFXHQWDFXDQGRFUHHVWXHPDLO,QFOX\HXQFDOOWRDFWLRQ/RVHPDLOVHVSHFtILFRVVHFHQWUDQHQFRQGXFLUUHVXOWDGRVSDUDXQFDOOWRDFWLRQ&RPRH[SOLFDXQHVWXGLRGHFDVRGH0DUNHWLQJ6KHUSDVREUHHOp[LWRGHFDSWDFLyQGHOHDGVGH.RGDNHVRVFDOOVWRDFWLRQQRHVWDEDQFRORFDGRVDOILQDOGHXQDQHZVOHWWHURDxDGLGRVDRWURHPDLO(UDQHOIRFRGHXQHPDLOPX\WUDEDMDGRTXHOHVGDEDPXFKRPiVLPSDFWR3HUVRQDOL]DWXV(PDLOV'HPXpVWUDOHV D WXV SRVLEOHV FOLHQWHV TXH OHV FRQRFHV /RV HPDLOV HSUVRQDOL]DGRV QR VyORDXPHQWDO WX UDWLR GH DSHUWXUD \ GH FOLF VLQR TXH WDPELpQ GHPXHVWUDQ XQD UHODFLyQ PiV

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • SURIXQGD FRQ WX DXGLHQFLD $VHJ~UDWH TXH XVDV XQ HVWLOR XQLIRUPH D OR ODUJR GH WRGDV WXVFRPXQLFDFLRQHV'LVHxDH[SHULHQFLDVPyYLOHV&RPSUXHEDTXHHOGLVHxRGHWXHPDLOVHPXHVWUDFRUUHFWDPHQWHHQGLVSRVLWLYRVPyYLOHV&DGDYH]PiVJHQWHFRQVXOWDVXHPDLOGHVGHXQVPDUWSKRQHSRUORTXHHVQHFHVDULRTXHRSWLPLFHVHVDH[SHULHQFLDGHOHFWXUD(VFULEHHPDLOVVRFLDO\VHRIULHQGO\$VHJ~UDWHTXH WXV UHFHSWRUHVSXHGHQFRPSDUWLUHO FRQWHQLGRGHOHPDLOHQ ODV UHGHVVRFLDOHV,QWHJUD ORVERWRQHVGHFRPSDUWLUHQ ODVUHGHVHQ WXVHPDLOVSDUD IDFLOLWiUVHOR$GHPiV UHYLVDTXHWXHPDLOFUHHXQDYHUVLyQZHETXHWHDVHJXUHTXHHVWiVSRWHQFLiQGRORDQLYHO6(2&ORQD
  • 3URPRFLRQD WX RIHUWD D WUDYpV GHO%ORJJLQJ6RFLDO0HGLD$KRUDTXHKDVDQXQFLDGRHO ODQ]DPLHQWRGH WXQXHYDRIHUWDGHPDUNHWLQJHQWUH WXVFRQWDFWRVGH WX EDVH GH GDWRV SXHGHV HPSH]DU D EXVFDU QXHYDV RSRUWXQLGDGHV GH JHQHUDU WUiILFRKDFLD WX ODQGLQJSDJH$TXtHVGRQGHSXHGHVSRWHQFLDU WXEORJ\ UHGHVVRFLDOHV/RVEORJV\VRFLDOPHGLDDXPHQWDQHODOFDQFHGHWXFRQWHQLGR\UHVSDOGDQWXVHVIXHU]RVHQJHQHUDUOHDGV6LPSOHPHQWH DFXpUGDWH GH DxDGLU VLHPSUH XQ FDOOWRDFWLRQ XQ OLQN D WX ODQGLQJ SDJH FRQ WXRIHUWDGHPDUNHWLQJ

    &yPRXVDUWXEORJ&XDQGRHVFULEDVXQSRVW RSWLPL]D WXHVFULWXUDSDUD FDSWDU ODDWHQFLyQGH ODJHQWH \ UDQNHDUELHQHQORVE~VFDGRUHV1RWHROYLGHVGHLQWURGXFLUXQFDOOWRDFWLRQKDFLDODRIHUWDGHPDUNHWLQJTXHTXLHUDVSURPRFLRQDU$TXtWLHQHVXQRVFXDQWRVFRQVHMRVPiVSDUDWXDUWtFXOR,QFOX\HXQDLPDJHQLUUHVLVWLEOH,QFOX\HXQDLPDJHQTXHFRLQFLGDFRQODWHPiWLFDGHOSRVW/ODPDUiODDWHQFLyQGHORVOHFWRUHV\ OHVD\XGDUiDDYDQ]DUHQ OD OHFWXUDGHO WH[WR8QDUWtFXORDFRPSDxDGRGHFRQWHQLGRYLVXDOQRUPDOPHQWH XQD IRWRJUDItD JUiILFR R LQIRJUiILFR IXQFLRQD QRUPDOPHQWH PHMRU TXH ORVDUWtFXORVVyORFRQWH[WR(VFULEHXQWtWXOROODPDWLYR/RVWtWXORVVRQHOHOHPHQWRPiVLPSRUWDQWHGHWXVDUWtFXORV+D\SRFRVHOHPHQWRVTXHSXHGDQFRQYHUWLUXQSRVWHQXQp[LWRSHURXQDGHODVPHMRUHVFRVDVTXHSXHGHVKDFHUSDUDFDSWDUODDWHQFLyQGHOOHFWRU\KDFHUTXHOHDQWXSRVWHVHVFULELUXQWtWXORIDQWiVWLFR)RUPDWR(Q ODHVFULWXUDGHEORJVHV LPSRUWDQWHURPSHUHO WH[WRHQ WUR]RV/HHURQOLQHQRHV ORPLVPRTXH OHHU XQ OLEUR (O OHFWRU QHFHVLWD SRGHU QHYJDU D WUDYpV GHO FRQWHQLGR SDUD OOHJDU D ORVVXEWtWXORVDODVQHJULWDVHLQFOXVRDODVOLVWDVFRQYLxHWDV$VtFRQVHJXLUiVTXHWXFRQWHQLGRVHDPiVDWUDFWLYRYLVXDOPHQWH&RPSDUWHHQODVUHGHVVRFLDOHV'DOHDOFRQWHQLGRGHWXEORJXQDOFDQFHPD\RULQFOX\HQGRERWRQHVSDUDFRPSDUWLUHQODVUHGHVVRFLDOHV SRUHMHPSOR 0HJXVWD &RPSDUWHHQ/LQNHG,Q 7ZLWWpDORHQFDGDDUWtFXOR(VWRDQLPDUiDORVOHFWRUHVDFRPSDUWLUWXFRQWHQLGRFRQVXVFRQWDFWRV\H[SDQGLUiHODOFDQFHPiVDOOiGHWXVSURSLDVFRQH[LRQHV&RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • &yPRXVDUWXV6RFLDO0HGLD7ZLWWHU )DFHERRN /LQNHG,Q *RRJOH \ 3LQWHUHVW VRQ WRGDV SODWDIRUPDV GHPHGLRV VRFLDOHVSHURWLHQHQDOJRIXQGDPHQWDOHQFRP~QHOKHFKRGHLQWHUFDPELDU LQIRUPDFLyQ$VtTXHFRQODFUHDFLyQGHXQDEXHQDRIHUWDGHPDUNHWLQJWHKDFHVHOWUDEDMRHQODVUHGHVVRFLDOHVPXFKRPiVIiFLOSRUTXHWLHQHVFRQWHQLGRTXHFRPSDUWLU$TXtWLHQHVDOJXQDVEXHQDVSUiFWLFDVHQORVUHODWLYRDSURPRFLRQDUWXRIHUWDDWUDYpVGHFDQDOHVVRFLDOHV3ODQHDHOPRPHQWRGHWXSURPRFLyQ&RQWUROD FDGD FXiQWR FRPSDUWHV WXV RIHUWDV SDUD QR FRQYHUWLU WX FXHQWD HQ VSDP (VRGHSHQGHUiGH WXQHJRFLR3RUHMHPSORXQ UHFOXWDGRUSUREDEOHPHQWHFRPPSDUWLUiVXVRIHUWDVGHWUDEDMRGHIRUPDUHSHWLGDSRUTXHORVXVXDULRVDJUDGHFHUiQGHIRUPDQDWXUDOODRSRUWXQLGDG(QFDPELR ORV LQWHUQDXWDVSXHGHTXHQR WHQJDQ WDQWDVJDQDVGHGHVFDUJDUVH ODPLVPDJXtDSDUDSRUHMHPSORPHMRUDUORVVLVWHPDVGHFDOHIDFFLyQ'HFLGHWXVUHGHV+D\XQPRQWyQGHUHGHVVRFLDOHVGLVSRQLEOHVDOOtIXHUD&XiOXVDUiVSDUDSXEOLFLWDUWXRIHUWD"3UREDEOHPHQWH QR SXHGDV GHGLFDU HOPLVPRHVIXHU]R HQ WRGDV HOODV0LUD WXV DQDOtWLFDV \ WXUHQGLPLHQWRD OR ODUJRGHO WLHPSRHQ ODVGLVWLQWDVSODWDIRUPDV ,GHQWLILFD ODV WUHV UHGHVTXH WHGHQPHMRUHVUHVXOWDGRV\FpQWUDWHHQXVDUODVSDUDDSR\DUWXFDPSDxD&RPSDUWHFRQWHQLGRGLVWLQWRVHJ~QODSODWDIRUPD/DV GLIHUHQWHV UHGHV VRFLDOHV VRQ HIHFWLYDV SDUD SURPRFLRQDU GLVWLQWRV WLSRV GH FRQWHQLGR0LHQWUDVTXHHOFRQWHQLGRYLVXDOIXQFLRQDELHQHQ3LQWHUHVW\)DFHERRNHOWH[WRWLHQHPiVp[LWRHQ 7ZLWWHU \ /LQNHG,Q
  • 0LGH FXDOTXLHU HOHPHQWR GH WXFDPSDxD([LVWHXQDJUDQYDULHGDGGHPpWULFDVTXHQHFHVLWDVFRQWURODUSDUDHYDOXDUVLKDV WHQLGRp[LWRRQR6LTXLHUHVXQDLPSUHVLyQJHQHUDOGHOGHVHPSHxRGHODRIHUWDGHEHUtDVHPSH]DUPLUDQGRODVPpWULFDVGHODODQGLQJSDJHTXHODFRQWLHQH

    4XpSDVDVLREWLHQHVPDORVUHVXOWDGRV"&DGDPpWULFDH[SOLFDFRVDVGLVWLQWDV$VtTXHVLKDVREWHQLGRUHVXOWDGRVSHRUHVDORHVSHUDGRGHGLFDWLHPSRDHQFRQWUDUH[DFWDPHQWHTXpPpWULFDVQHFHVLWDQVHUPHMRUDGDV3RUHMHPSOR6LHOQ~PHURGHYLVLWDVGHODODQGLQJSDJHHVEDMRQHFHVLWDVWUDEDMDUGHIRUPDPiVLQWHQVLYDODSURPRFLyQGHODRIHUWD\PDQGDUPiVWUiILFRKDFLDHOOD6LHOUDWLRGHFRQYHUVLyGHWXODQGLQJSDJHHVEDMRQHFHVLWDVFHQWUDUWHHQFUHDUXQDRIHUWDPiVLQWHUHVDQWHXRSWLPL]DUWXODQGLQJSDJH6LHOQ~PHURGHQXHYRVOHDGVSURSRUFLRQDGRVSRUHVWDFDPSDxDHVEDMRSRGUtDVLJQLILFDUTXH WXV DQWLJXRV FRQWDFWRV QRHVWiQ FRPSDUWLHQGR OD RIHUWD FRQSHUVRQDVQXHYDV1HFHVLWDVLQFHQWLYDUOHVRHQFRQWUDUIRUPDVGHGDUODDFRQRFHUDXQDQXHYDDXGLHQFLD6L HO Q~PHUR GH FOLHQWHV TXH OD RIHUWD WH KD SURSRUFLRQDGR QR HVPX\ HOHYDGR SRGUtDVLJQLILFDUTXHWXVVHFXHQFLDVGHHPDLOVQRVRQEXHQDVSDUDFXDOLILFDUORVOHDGV\FRQYHUWLUORVHQFOLHQWHV'HEHUtDVUHYLVDUORVHPDLOVSDUDKDFHUORVPiVLQWHUHVDQWHVDOS~EOLFR/DPLVPDHVWUDWHJLDVLUYHSDUDHOUHVWRGHFRPSRQHQWHVGHOPDUNHWLQJXVDGRVHQODFDPSDxD'HEHUtDV VHU FDSD] GH VDEHU HO Q~PHUR GH OHDGV QXHYRV \ GH FOLHQWHV JHQHUDGRV SRU FDGDFDQDO \ WDPELpQGHEHUtDV WHQHUDFFHVRD ORV LQGLFDGRUHVGHGHVHPSHxRTXH WHGDUiQSLVWDV

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • SDUDPHMRUDUORVUHVXOWDGRVILQDOHVGHWXFDPSDxD

    &XDQGRVHWUDWDGHORVFDOOWRDFWLRQ+D\GRVPpWULFDVFODYHTXHSXHGHVPRQLWRUL]DUSDUDPHMRUDUVXHIHFWLYLGDG

    6LHOUDWLRGHYLVLWDDFOLFGHWXVFDOOWRDFWLRQHVEDMRKD]XQDRIHUWDPiVLQWHUHVDQWHSDUDTXHPiVJHQWHTXHYHDHO&7$KDJDFOLF6LHOUDWLRGHFOLFDVXEPLVVLRQHVEDMRFpQWUDWHHQRSWLPL]DUWXODQGLQJSDJH\HQDOLQHDUODFRQWX&7$

    /DVPpWULFDVSDUDHOOHDGQXUWXULQJ\HOHPDLOPDUNHWLQJVHVRODSDQ0XHVWUDQ HO UHQGLPLHQWR GH ORV HQYtRV \ HO LQWHUpV TXH KD GHVSHUWDGR HO FRQWHQLGR HQWUH ORVGHVWLQDWDULRV

    6L HO SRUFHQWDMH GH FOLF HQ WXV HPDLOV HV EDMR SRGUtD VLJQLILFDU TXH WX RIHUWD QR HVVXILFLHQWHPHQWH DWUDFWLYD SDUD ORV GHVWLQDWDULRV D ORV TXH VH OD HVWiV HQYLDQGR(PSLH]D SRUFUHDURIHUWDVPiVLQWHUHVDQWHVRGHGLFDWLHPSRDVHJPHQWDUWXEDVHGHGDWRV7HQHQFXHQWDTXHODWDVDGHDSHUWXUDSXHGHVHUXQDPpWULFD~WLOSHURQRHVPX\ILDEOH(QORTXHVHUHILHUHDEORJJLQJ\UHGHVVRFLDOHVDTXtWLHQHVXQDVFXDQWDVPpWULFDVFODYHTXHGHEHVPRQLWRUL]DU

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • &DGD XQD GH HVWDV PpWULFDV LQGLYLGXDOHV SXHGH D\XGDUWH D LGHQWLILFDU ODV GHELOLGDGHV \ ORVSXQWRV IXHUWHVGHWXFDPSDxDGHPDUNHWLQJ1RREVWDQWHQRWHROYLGHVGHWHQHUHQFXHQWDHOSUR\HFWRHQJHQHUDO\FpQWUDWHHQHOQ~PHURGHOHDGV\FOLHQWHVJHQHUDGRVSRUWXFDPSDxDHQFDGDFDQDO

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_

  • $SXQWHILQDO'HVGH OD SURGXFFLyQ GH OD RIHUWD SDVDQGR SRU VX SURPRFLyQ HQ GLVWLQWRV FDQDOHV KDVWD ODPHGLFLyQGH WX LPSDFWRKDVDSUHQGLGRFyPRHVWUXFWXUDU ORVSULQFLSDOHVFRPSRQHQWHVGHXQDSUR\HFWRGH LQERXQGPDUNHWLQJ
  • QHWHDODFRPXQLGDGGH/LQNHG,Q,QERXQG0DUNHWLQJHQ(VSDxRO&RPSDUWHWXVFRQRFLPLHQWRVFRQHOUHVWRGHXVXDULRV\SDUWLFLSDHQORVGHEDWHVVREUHHVWDLQQRYDGRUDWpFQLFD

    /OiPDQRVDO

    R3tGHQRVTXHQRVSRQJDPRVHQFRQWDFWRFRQWLJRDTXt

    -XQWRVYDORUDUHPRVVLSRGHPRVD\XGDUWH

    &RPSiUWHORHQ

    7ZLWWHU /LQNHG,Q &yPRFUHDUXQDFDPSDxDGH,QERXQG0DUNHWLQJHIHFWLYD_