As the face of the country continues to undergo a major transformation, it’s hard to imagine a single U.S. Corporation that doesn’t realize big demographic changes are afoot and have been for some time. Many also realize their companies’ survival depends on their ability to capitalize on this younger, ever-changing and ever-growing consumer group. Yet, few companies are really undergoing the required transformation to be and remain relevant and in demand today and into the future among U.S. Hispanics. This is what I see:
- Some leaders simply refuse to see and respond to the changes around them. The ostrich syndrome.
- Some leaders are enlightened enough, but are unsure and sometimes powerless about what to do about an organization where its leadership, managers and employees simply don’t relate to, identify with or whose sheer ignorance renders them indifferent about the need to understand the third of the population that is different from them.
- Some leaders are stuck on personal, political, and philosophical principles about the desirability of the demographic change happening around them. But the questions must be asked: Are they being compensated to stand on principle and opinion or to grow shareholder value?
To be fair, many corporations do see the need to evolve. Most, though, have very little sense of what to do and how to go about it.
Some have grown very strong on the tactics and remain very weak on corporate wide strategic integration. They use advertising and tackle some operational adjustments on a piecemeal and ad hoc basis and that’s as far as they get or as far as they can get in the absence of a business ready organization and a total market strategic approach.
Here are the three things you need to do…
- Take the time to understand your company’s direction and define how the country’s demographic change will be impact it
- Quantify the size of the business Hispanics represent to the company’s revenue today and in the near future
- Model the impact on your company’s financial performance and share it with key leadership
It’s hard to imagine, a company who would ignore impending revenue and profit loss and decide it’s not worth their time and effort to explore it further and to take steps to prepare to capture the opportunity before its competition does.