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topMy Two Cents!  is a free monthly newsletter providing valuable thinking to help dramatically improve your company's overall business performance by optimizing your strategies to succeed in the Hispanic market. I will share my most recent articles, blogs, webinars, presentations and upcoming speaking events. Join my mailing list and receive Chapter 2: Is Your Organization Aligned For the Hispanic Market Opportunity? from my book, Marketing to Hispanics: A Strategic Approach Assessing and Planning Your Initiative.

a1SharpThoughtsSharp Thoughts

Missed Opportunities in the Hispanic Market

I do a good amount of speaking for different organizations across the country, sometimes in a conference setting and other times a workshop. Typically when I am being interviewed as to whether I am the right speaker for the event, organizers will often ask me to talk about the missed opportunities for organizations who are not recognizing the Hispanic market potential.

 

I typically say it is really astounding to me that over 50% of all U.S. corporations are not taking any steps to make their marketing strategies relevant to Hispanics and many others are doing just enough so they can "check the box." This is particularly perplexing given the number of companies suffering from the effects of a down economy and are struggling to grow or maintain their businesses in geographies where the Hispanic market makes up a significant, if not a majority proportion of their core market.

 

In fairness, I attribute this response to unfamiliarity with the size of the Hispanic market and with the opportunity the market represents to the future growth of their businesses. I rationalize that oftentimes companies are just trying to keep their head above water and meet the priority of the day. I empathize and think that targeting an unfamiliar market can be a daunting task and so it's easier to keep pushing it to the back burner. You'd be amazed to find out there is a Hispanic market segment whose profile and behaviors are aligned to the profile and behavior of your core customer so why not take advantage of it?

 

I'll some share eye opening facts that may make you think twice about whether stalling is really in your business' best interest. If dramatic growth is a goal for your organization, here are seven important facts that should make you sit up, pay attention and take the necessary steps to optimize your current strategies, organization and infrastructure to succeed in the Hispanic market.  

    1. The Hispanic market's size, growing clout, and buying power require very thoughtful understanding of what the market represents to the bottom line of U.S. companies. Did you know there are now 54 million Hispanics in the U.S. with over $1 trillion in spending power as of 2010 that will reach $1.5 Trillion by 2015? Hispanics are driving consumption growth across all most categories, from homes and automobiles to consumer products tovacations.
    2. Most U.S. Hispanics today are U.S. born. Growth in the marketplace is being driven by natural births so they have been schooled in the U.S., are employed in all types of occupations, and earn comparable wages to your core target consumers. Today, 50% of all U.S. Hispanic Households earn $50K or more and Hispanic incomes are growing the fastest in the $75,000 to $99,000 category
    3. About two-thirds of Hispanics are bicultural and bilingual which means they speak both Spanish and English. They identify with their culture of heritage, but they have also adopted behaviors and lifestyle preferences of the mainstream market making them strong consumers across all product and service categories. They offer their loyalty to retailers which make the lifestyle to which they aspire accessible.
    4. While the U.S. population is aging, 65% of Hispanics are under 35 and 75% of are under the age of 45. They are and will continue to be primary feeders of workforce and of new consumption for many categories including yours.

    5. While many Hispanics watch Spanish language media most consume primarily English language media specifically movies, reality shows, music, and other contemporary programs on both over the air channels as well as cable. In fact, Bilingual and Bicultural Hispanics spend disproportionately more on entertainment and are one of the strongest consumers for cable programming and dish type of entertainment.
    6. Hispanics are significantly more active users of the internet? They're avid social media users out indexing non-Hispanic consumers, and while they have computers, many have leapfrogged computers and are most likely to access the internet on their mobile phones.
    7. Buying power is strong with over almost 50% of Hispanics owning homes and having assets to protect. Over two-thirds have credit cards and appreciate the advantages of buying on credit. Hispanics typically remain loyal to financial institutions which extend them credit for the first time, which help finance their first homes and which help them protect their families' well-being and future.  

It has become increasingly important to challenge commonly held misconceptions about the Hispanic market that undermine the importance of its size, uniqueness, and value. The compelling evidence of market change is simply too great to ignore. It confirms what many marketers have known for some time, and yet, for some this is a wake-up call about change that is here to stay.

 

Over 54 million strong, Hispanics are impacting every aspect of the national landscape including popular culture, the workforce, consumerism, politics and American national identity. 

 

If your organization is already successful penetrating this market, that is great news for business! But are you asking yourself how you can optimize your strategies even further to improve customer satisfaction, word of mouth, retention and sales?

 

And if you are still sitting on the sidelines, how could you start preparing to optimize your strategies to leverage this growth potential? What can you start doing today to make sure that your company is set up to grow well into the future?

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a2The5MinutePodcastHere's What I Think
Podcast series

Who is Involved in Creating a Hispanic Market Strategy


Terry defines which areas of the company should be represented on the team to help the company create or optimize their Hispanic market strategy.    

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a3WebinarWebinar
The Hispanic Market: Profit Growth Platform or
Tactical Marketing?


As the Hispanic market grows, many companies are seeing the value of promoting their products and services to this key demographic. In the heat of the excitement and the desire to start marketing to Hispanics as soon as possible, Hispanic targeting is often led by marketing efforts and often treated as a separate endeavor, instead of becoming an integrated and strategic means to help the company achieve its short and long-term strategic goals.

 

In this webinar, you will learn four things that are necessary to reposition the Hispanic market as a priority and solution:

  1. Why it's important to be intimately familiar with your company's growth platforms.
  2. Why every consumer segment being targeted including Hispanics must align with the company's overall strategy and direction.
  3. Why it's important to identify the Hispanic segment(s) that align best with your company's growth strategy, prior to insights discovery, planning and implementation.
  4. How to best understand and pinpoint the Hispanic market segments that align with your company's strategic growth initiatives.

Geoscape SavvyU Webinar
April 12, 2012

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a4LatestandGreatestPresentationsLatest and Greatest Presentations
How to Leverage the Hispanic Market for Profit Growth

Many companies share a number of misconceptions about one of the most powerful growth opportunities for the life insurance industry.  This session will provide all of the facts you need to know about this tremendous opportunity and actionable steps to take so you can leverage this growth opportunity called the Hispanic Market.      

 

Presentation at Annual Life Insurance Council Meeting

Omni Amelia Island, Florida

May 2, 2012

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a5HearTerrySpeakHear Terry Speak
Hispanic Retailing For Grown-ups - Gaining Strategic Alignment?

 
Growing profits by strategically and holistically targeting Hispanics are two of the most under applied principles in Hispanic market retailing today. A lot of rhetoric is heard about the ways retailers are attracting Hispanic shoppers, but do any of these efforts - seldom enduring, really generate meaningful profit growth?

 

The truth is that many retailers' approach to Hispanic market retailing today is far from strategic and even further from being holistic. Many are still "PLAYING" in the space; acting tactically, sporadically and subjectively. So how do you break this vicious cycle? What does the right approach look like? How do you really drive top and bottom line growth that gets noticed? 


Vince Urrutia, of Head of Multicultural Marketing and Merchandising for the US and Puerto Rico for CVS Caremark and Terry Soto, President of About Marketing Solutions will answer these questions. You will learn about:

  • Gaining corporate traction and commitment by aligning to the company's big picture and direction
    • Aligning Hispanic efforts to enterprise goals and key initiatives which have been deemed critical to the company's success
    • Leveraging executive buy-in and working through those who will not agree
    • Sizing up the opportunity to change mindsets
    • Creating a top to bottom cultural shift
  • Creating and building on the Big Ideas
    • Aggressive and strategically aligned thinking and operational plans that deliver ROI and turn heads
    • Leveraging key partner resources inside and outside the organization to break down barriers
  • Implementing strategically and holistically
    • Integration and Differentiation
    • Test and Refine
Hispanic Retail 360 Summit

J.W. Marriott, LA Live
Los Angeles, California
August 16, 2012    

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In This Issue


 

 

© 2012 About Marketing Solutions, Inc.


Contact Terry Soto for more information on hiring Terry to speak, writing for your publication, conducting a workshop

or her consulting services. 

  terry@aboutmarketingsolutions.com