Stage 2

We have made a decision to target Hispanics and have started to look into it.

Companies in Stage 2 have been driven here by a variety of factors including competitive activity, emergence of new competitors that focus specifically on Hispanics, sales force requests, customer requests, recent M&A activity, re-engineering and organizational changes, sales declines, or new management bringing their Hispanic market experience and successes to your company.

Stop and consider what and who is really driving the idea of looking into targeting Hispanics as a business opportunity. From how high in the organization is this coming? When the Hispanic market suddenly appears on the radar, speed to market is often a priority, right? This is a critical juncture and one where many companies are tempted to mistakenly leap before they look. Don’t make this mistake.

This is the time to pause and do the assessment work in Stage 1. The second step is to assess your company’s readiness to target the Hispanics you’ve identified as your most profitable segment (s). You need to identify which aspects of your business model are relevant and which strategic, operational and organizational areas need to be coordinated to deliver well against your Hispanic targets. Cross functional coordination is critical to strategy optimization work and must be completed before deploying any strategy implementation that includes Hispanics.

Answer these company assessment questions about your readiness to reach, attract and retain your high opportunity Hispanic target segments. See if you can answer “Yes” to 10 or more:

Strategic questions: 1-8
Operational questions: 9-13
Organizational questions: 14-17

  1. Do you know your Hispanic target consumer profile?
       

  2. Do you know if your company’s value proposition is relevant?
       

  3. Do you know which of your products and services are most relevant to your Hispanic target?
       

  4. Given industry and competitive environment, will you de developing the category or the brand among your Hispanic target?
       

  5. Do you know how messaging needs to be the same / different as part of the overall marketing plan?
       

  6. Does language matter given the profile of your Hispanic target?
       

  7. Do you know what your profit model should be for your target Hispanic segment?
       

  8. Do you understand how to calibrate timeframe and investment ROI expectations accordingly?
       

  9. Is your current go to market strategy relevant?
       

  10. Is your distribution network is relevant?
       

  11. Are the appropriate supply and distribution chain partners in place?
       

  12. Will key back end areas be working on the alignment work?
       

  13. Do capability, capacity and competency to create and modify products and services if necessary exist?
       

  14. Do you know how competent your organization is about its Hispanic target?
       

  15. Do you have cross functional team involvement to lead and manage the initiative?
       

  16. Do you know how much bandwidth exists in each functional area to learn and integrate a new target consumer into the mix?
       

  17. Do you have the right mix of employees and sales force?