One of the things that represent a tremendous barrier for organizations trying get a Hispanic strategy off the ground is the lack of cohesiveness and support from the rest of the organization. If you’re facing this type of situation, I recommend you stop and assess your company’s position on its Hispanic strategy. I would ask three questions to verify if the initiative is on solid ground or if it is just last month’s flavor.
- What value does even one additional market share point represents to the company’s top and bottom line?
- Oftentimes companies pursue business opportunities because they recognize a trend that can be capitalized upon and there is a unanimous decision to organize and create the necessary alignment to capitalize on the trend.
- This seldom happens with Hispanic market initiatives. Companies seldom jump in the deep end to support targeting a market few understand, but everyone understands financial value so ask yourself if the Hispanic market’s value has been quantified in context of company growth priorities
- What is the company willing to invest or allocate to achieve this growth?
- Like with any other business opportunity, companies invest and allocate resources to initiatives that have high growth potential and where this growth will come quickly, Hispanic initiatives are no different.
- No matter how many times you hear the company say it is in the Hispanic market for its long term potential, it is not true – the company WILL shift dollars from Hispanic market initiatives if market efforts are not aligned with total company direction and therefore not contributing in areas the company deems critical for growth.
- Who is accountable for producing this growth?
- If a Hispanic market strategy is not part of someone’s P&L and it is a not an above the line item, it is not a true business strategy and it will not receive the support it requires.
- Why? Because if that someone isn’t being rewarded for producing results by leveraging Hispanic market growth, there is no incentive to invest against it rather than on initiatives against which his or her success is being measured.
So ask these questions at your company so you can calibrate where your Hispanic initiative stands or has the potential to be.