The top 3—bad—excuses from decision makers.
Latinos are no longer a sub-segment of the economy. They not only played an important role during last presidential election but they are also emerging as a powerhouse of economic influence. This is presenting marketers a challenge because this group has the weight to significantly affect their company’s bottom line—now and in the future.
Corporate America knows that Hispanics are the 2nd largest consumer market in the USA. They are also aware that Hispanic-owned businesses are growing at over twice the rate of national average ($350 billion in revenue annually). However, they are still not proactive enough to engage with this influential demographic that will represent one in five Americans by 2020.
These are the top 3 excuses why companies are not targeting to this demographic.
1) I HAVE A FULL SERVICE ADVERTISING AGENCY OF RECORD. THEY COVER ALL MY NEEDS.
Most firms continue to approach the Hispanic market as either an outreach of general market business practice or an extension of a brand or business unit-specific strategies. Worse still, they continue translating their Anglo campaigns into Spanish provided by their agencies of record.