I Simply Don’t See Why We Need to Change How We Do Business

Consumer markets are constantly changing and businesses need to change as well.

  1. Step out of your offices
  2. Visit and speak to your sales operation staff
  3. Observe the mix of cultures and languages
  4. Observe how different cultures behave
  5. Observe who they shop with
  6. Observe how they interact amongst themselves and sales people
  7. Observe the relevance of your store environment

 

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Not Sure We Should Target Hispanics. Aren’t They all Poor and Illegal?

Terry offers statistics to prove that most of the Hispanics in the United States have been here for generations, and are educated.

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We Have So Many Other Priorities Right Now. It’s Not a Good Time.

Terry explains that it is typically ignorance, indifference or lack of bandwidth that is the excuse companies use for not targeting the Hispanic market. Solutions to consider to overcome this barrier are:

  1. Consider your total target segment in all that you do
  2. Develop the plan on total target insights
  3. Coordinate and align the front and back end operations to be relevant to your total target market
  4. Implement a plan that is accessible and creates loyalty among your total target market.

 

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Somebody is Working on That. It’s Not My Area

Terry explains that everyone in an organization is responsible for working on targeting a potential revenue generating segment of the population.

Her four step solution to this barrier is as follows.

  1. Know the value of your hispanic market
  2. Understand the importance of taking a total market approach
  3. Emphasize the the importance of optimizing the companies strategies to maximize results
  4. Understand the opportunity loss in both the short and long term

 

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It’s Expensive and We Don’t Have the Budget

Terry offers simple questions you can ask yourself to figure out how costly it would be to not target the Hispanic market.

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It’s a Complex Market, So Many Nationalities and Dialects

Terry offers solutions to this barrier. 

  1. Identify commonalities and differences in category purchase drivers
  2. Determine if your Hispanic market is spanish speaking dependent or not
  3. Align communication to their attitudes and values
  4. Define where your high potential market is located geographically

 

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Hispanics are Unfamiliar and We Don’t Know How to Get Started

Terry shares solutions to the barriers companies face when dealing with the Hispanic market.

  1. Scan the internet for credible research
  2. Reach out to market partners
  3. Search on-line archives of your trades publications
  4. Include credible magazines in your search
  5. Purchase current category analysis reports

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