|My Two Cents!
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
Missed Opportunities in the Hispanic Market
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.
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.
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?
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
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.
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
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.
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.
- 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.
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.
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.
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?
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?
Return to Top
|Here's What I Think|
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.
Return to Top
The Hispanic Market: Profit Growth Platform or
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:
- Why it's important to be intimately familiar with your company's growth platforms.
- Why every consumer segment being targeted including Hispanics must align with the company's overall strategy and direction.
it's important to identify the Hispanic segment(s) that align best with
your company's growth strategy, prior to insights discovery, planning
- 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
Return to Top
|Latest 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
Return to Top
Hear Terry Speak
Hispanic Retailing For Grown-ups - Gaining Strategic Alignment?
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
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:
Hispanic Retail 360 Summit
- 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
J.W. Marriott, LA Live
Los Angeles, California
August 16, 2012
Return to Top
© 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.