I recently presented at a conference attended by a host of retailers and product manufacturers, mostly food and all around me I heard folks talking about their Hispanic efforts with examples that included Hispanic brochures or pamphlets, a bilingual Hispanic marketing manager, community events, a strong culture of diversity and inclusion. While all of these efforts are great “toe in the water” steps, none of these efforts will deliver the kind of Hispanic market success most companies would like to see.
Now I ask you, when was the last time your company decided to target a large market segment in efforts to impact growth for the company and went about it in the manner I just described? It doesn’t make sense right? And that is just my point, common sense would tell you there is much more to effectively understanding and targeting a new market segment if you expect to that segment to make a difference to your top and bottom line.
Common sense would tell you to employ the following steps to ensure success among Hispanics or any other promising market:
- Ask yourself why you want to target Hispanics in the first place. If you believe they represent a business opportunity them move forward as such. If you believe the company should be doing something to attract the market because it’s large or growing or a host of other, I think it’s a good idea reasons, then you really should sit this one out.
- Use the company’s growth priorities and strategies as the base and compass for the outcomes and results that will be expected from the Hispanic target
- Define the Hispanic market segment that aligns with the company’s growth priorities and gather the insights to understand them relative to the company’s focus product and service sales and growth goals
- Develop a “cultural sixth sense” across strategy, infrastructure and operational decision makers to heighten their sense of the market’s strategic fit and growth implications
- Define success goals and set accountability. Being successful among any target is everybody’s job.
- Mobilize the company to formulate sales, marketing and operational plans that integrate Hispanics as growth driving segment
- Execute to delight all target consumers including Hispanics
- Measure Hispanics contribution to the company’s sales and growth goals and report as part of regular reporting process
- Learn and fine tune as necessary
Marketing to Hispanics should never be about disconnected piecemeal efforts that don’t align with the company’s direction. It should always be about how Hispanics can help the company grow, not about how you become relevant to Hispanics for the sake of just being relevant. IT should always be about walking in step with the company’s mission values and growth priorities. Why would anyone ever contest to doing what makes common sense?