Companies that I come to work with are always challenged by multiple priorities and growth objectives and are tasked to accomplish much with limited time, people and budgets. They are keenly aware of the Hispanic market’s growth in population and buying power, but their unfamiliarity with the market and its potential has led to inaction. There has simply been no impetus to change the way they do business. So they have ignored growth opportunities in markets that depend on success among Hispanics.
Fear of the unknown and risk aversion, when other priorities are tugging at them is very common, but it is also dangerous and that much they understand. And by the time they start talking to me, they’ve realized they simply couldn’t afford to keep the blinders on.
If this scenario sounds familiar to you, I advise you to take the same 5 steps my best clients have taken to get smart about the market and the opportunity it represents for you:
- Think about your company’s goals and its strategies and the profile of your typical customer
- Determine if that type of customer is growing or declining in the markets where your company does business and how that may impact growth or lead to declines if you do nothing
- Identify which segment (s) of the Hispanic populations are most like the customers you target
- Define the size of this target Hispanic segment and take steps to understand its attitudes, values and buying behavior for your products and services
- Define the size of the opportunity and the projected contributions the target Hispanic segment can represent for the business
At the very least find out what the market is worth if you decide to target it and what you stand to lose if you continue to ignore it.