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