For some companies the Hispanic market means an opportunity to expand their businesses. For others it is the million-dollar question. Should they do something now or wait until they have to?
Based on the latest Nielsen report, Hispanics will contribute 60% or higher to the population growth over the next five years. It is imperative for corporate America to start taking a proactive approach to this market niche instead of waiting for their competitors to give the first punch. Hispanics are changing the new American consumption and they will represent a big percentage in your company’s bottom line very soon. Despite the recession, U.S. Hispanic households that earn $50K or more are growing at a faster rate than total households.
One of the most effective ways to be successful in this market niche is community outreach. You must make a genuine effort in being part of and giving back to this community. Sponsor Hispanic festivals or events. Show your appreciation for their trust and business. Sometimes, companies look for a quick way to generate revenues. They become members of some Hispanic non-profit organizations. They sponsor a couple events during the year but they don’t fully embrace the effort by making an impact in the community. In other cases, it is all they do for the year. They don’t even have a marketing strategy or media buy to reinforce these half-hearted efforts.
As we know, human beings are bombarded with advertising on a daily basis. So, sponsoring a couple of events in one year won’t due any justice to your brand. On the contrary, you are just throwing your money away.
In order to be successful in the Hispanic market, advertising and community outreach have to work hand-in-hand. Make sure you have a media plan and strategy in place and also have some collateral pieces with culturally relevant messages in Spanish. Do not simply translate your English materials into Spanish. Trans-create them. Make your brand effort relevant to this community. Your success depends on it.
