Stage 1

We haven’t decided to target U.S. Hispanics, but we are thinking about it.

Companies in Stage 1 find themselves bombarded by information about the growing Hispanic market and its immense buying power, but they are unclear of how that opportunity translates for their industry or for their own company.

One thing is for sure, 54 million Hispanics are no more likely to be your customers than the remaining 250 plus million non-Hispanics. Further, opportunity is subjective and is always a function of whether or not your company is prepared to capitalize on the Hispanic market opportunity.

  1. Do you know what economic, regulatory, immigration, foreign trade or other activity is impacting the Hispanic market and how this is likely to affect how Hispanics behave towards your industry and your offering?
       

  2. Do you know how your competition is responding to the Hispanic market, what their approach to targeting them is, and what this means in terms of the approach your company should take?
       

  3. Do you know if there is a Hispanic profile counterpart to your core consumer target and how large this Hispanic segment of the market is in the geographies where you do business?
       

  4. Do you know the extent to which your core consumer base has changed/shrunk/grown in relation to the Hispanic market segment you would target in your trade areas?
       

  5. Do you know how your sales are being impacted or could be impacted by Hispanic market growth in your trade areas?
       

  6. Have you quantified the impact on future sales if you don’t prepare to target your key Hispanic segment as part of your strategy?
       

  7. Have you analyzed the likely sales growth/decline scenario in three to five years from now if your company does nothing?