By Terry Soto, Author of Marketing to Hispanics A Strategic Approach to Assessing and Planning Your Initiative
In a recent meeting with a VP of Multicultural Marketing, one of the top concerns that came across was the desire to sustainably position Multicultural Marketing in the company for the next five years and beyond. In other words, this VP wanted to succeed in creating a formal strategic plan to integrate Multicultural consumers into all aspects of insights gathering, planning, strategy development and implementation to effect growth for the company’s brand portfolio.
As importantly, this VP was also concerned about the sustainability of the multicultural work already in place as new brand managers and directors join the company.
This type of forethought is just what is required of every company which has identified Hispanics as a growth opportunity. It is especially important because multicultural marketing in most companies is not integrated into the business as a business imperative and often lives as a separate effort which requires constant justification and resource sourcing to keep it going.
Much of my writing supports the value of full integration of Hispanics into business planning and implementation so companies avoid the vicious cycle of false starts and stops which in many cases result in companies walking away from Hispanic marketing altogether when budgets and resources are tight and in a revolving door of frustrated and demotivated Multicultural champions.
If you are interested in leveraging the Hispanic market to effect growth for your companies over the next five years and beyond, I recommend you reflect on and consider the following six steps:
- Take a conscientious view of your attitudes, beliefs and comfort level when thinking about, understanding and reaching out to consumers who are different from you
- Think about your ability to adopt a more realistic and global view of today’s consumer landscape
- Take an objective approach in identifying and profiling consumers who represent viable buyers for your products or services regardless of their culture or ethnicity
- Think about how applicable your company’s brand promise, strategy and tactics is to all your buyers / targets
- Seek out and acknowledge the changes required to ensure relevance to and effectiveness among all target customers
- Take an objective business position so you act with no personal agenda, but rather with an eye on the business opportunity
The consumer landscape has changed dramatically and as marketers we must step up our game adapt to this change. Growth will not come to those who wait and dig their heel in what is comfortable and familiar; it will come to those who take off the blinders, are willing to feel out of their element for a bit and those who take the required steps to create it.
Terry Soto is President and CEO of About Marketing Solutions, Inc., a Burbank, California – based strategy consulting firm specializing in helping her clients dramatically improve overall business performance by optimizing their strategies to succeed in the Hispanic market. firstname.lastname@example.org