As the Hispanic market grows, many companies are seeing the value of attracting the market to their products and services. In the heat of the excitement and the desire to start marketing to Hispanics as soon as possible, Hispanic marketing is often treated as a separate endeavor taking a life of its own instead of being integrated and becoming a means to achieving the company’s goals through the strategy the company has developed. Not a Hispanic strategy that lives separately and often times managed by a vendor externally.
Inevitably, these efforts tend to quickly run out of steam, visibility and funding leaving those working fervently to wonder why the company doesn’t see the importance of allocating appropriate resources to the Hispanic market.
The answer is that no one allocates limited resources like money and time to an initiative that isn’t seen as priority. And the reason it may not be seen as a priority is a lack of alignment with the company’s direction and growth platform.
Four key steps are critical to reposition the Hispanic market as a priority and a growth solution:
- Become intimately familiar with its needs, challenges, growth strategy and defined tactics
- Identify the Hispanic segment that aligns with and has the potential to address the company’s needs, growth strategy and tactics
- Rationalize why new market segments like the Hispanic market which align with the company’s strategy and tactical direction must be integrated as part of the total strategy
- Define the financial performance Hispanic will grow to represent as a result of positioning them as a growth platform