Planning to Market to Hispanic’s? Part 4 by Melissa Adams
During Mr. Lokpez’ presentation, we explored some of the most common problems organizations encounter when launching a Hispanic strategy and why it can lead to failure.
The first thing Mr. Lokpez discussed was some important facts that every entrepreneur interested in marketing to the Hispanic community should be aware of. If you want to take a deeper dive into the growth of the Hispanic community then check out my post Collectively Money Is Power . Mr. Lokpez pointed out some interesting fact that’s I didn’t know and I try to stay abreast of the news in this area.
According to Mr. Lokpez “Hispanics in the U.S. make up 16.3% of the population”, he also said “the Hispanic population grew 43% over the last decade.” That is amazing numbers but what I really found amazing was that Hispanic growth is mainly by births. According to Mr. Lokpez “72.8% of Hispanics are born in the U.S.”
Too often I hear about businesses that just want to translate their marketing materials to Spanish but Mr. Lokpez reports that 62.7% of Hispanics are proficient in English.
A couple of other cool facts before we discuss Mr. Lokpez’ presentation:
A. Hispanics average age 28
Native born average age 17
Foreign born average is 38
B. Hispanic spending power exceeds $1.3 trillion in 2012
C. 1 in 4 Babies in the United States is Hispanic
D. Hispanic Education attainment has increased in the last decade
Today 48% are graduating from high school
26% achieve a college degree
I also found the the most interesting information to be that
“Hispanics Represent 32% of the 0 – 17 year olds in America, while only 7% of the population are Hispanic and in pre-retirement or retirement ( 55 and older). This means that the Hispanic American consumer actually a young consumer.
How do we put all these facts into perspective? Well I am glad you asked because that is what Mr. Lokpez covered next. He asked the room of executives and marketers “what does it all mean?”
Mr. Lokpez’s answer
Hispanics will continue to grow at a rapid pace
Hispanics are spreading out of the “traditional” Hispanic markets, expanding across the nation
Hispanics are earning more and becoming sophisticated consumers
With a foot in each culture Hispanic differentiate themselves by maintaining their heritage and adopting Anglo behaviors
The marketplace will continue to change and evolve as Latinos Americanize and Americans Latinize
Hispanics are underrepresented in the professional arena
Mr. Lokpez l Hispanics represent the consumer opportunity of the present and future. As an entrepreneur you need to be on the verge of emerging consumer markets. Entrepreneurs should look for opportunities, you also need to be able to recognize when a concept has the potential to become something tangible and turn into dollars. It all comes down to recognizing opportunities. Mr. Lokpez says “it’s important to have alignment ‘be ready’ timing is everything”. “Opportunities are built using a combination of your ideas and entrepreneurial creativity mixed with market need and good situational timing”( Defining the Opportunity).
So “Are you ready?” Mr. Lokpez points out “to achieve long term success, Hispanic strategies must prove their benefits to the organization’s long term growth.” What this means is everyone should be onboard with the idea. Multicultural success requires support and involvement from all departments. If you are an entrepreneur you usually work alone so to you this means incorporating a Hispanic Strategy into your business plan, and marketing plan. Then follow through to build long term relationships with your Hispanic customers.
Mr. Lokpez says most companies that start marketing to Hispanics fail early because they are not ready. He offered us five mistakes we should avoid if we are planning to market to Hispanic consumers.
Avoid saying “Hey, you speak Spanish! Congratulations on your new job!” Don’t select team leaders based on a language skill. Don’t disregard thier professional skill. Marketers who understand multicultural marketing regardless as to their culture will understand the terrain and it just makes more since. I remember what my mother used to say about her small retail business “if it don’t make money then it don’t make sense”.
Avoid “Believing it is all about language” Remember marketing to Hispanics is not all about Spanish. He Says “Multicultural marketing is about leveraging cultural and emotional queues to capture your audience’s attention” He says language is very important but do not base decisions solely on language.
Avoid thinking “because they are Hispanic it mean’s they are the appropriate target audience.” All target markets need segmentation don’t assume they will buy your products because you advertised in Spanish. The advertising, the product, and your marketing strategy needs to be on the mark. You should add Hispanic or multicultural as an additional layer to your existing segmentation. If you are already marketing your product to women what do you need to do to make that same product accessible to Hispanic women?
Remember “Spanish has legal implications…are you discriminating against your customers?” Before you answer think about this, Mr. Lokpez says “If you service in Spanish, you may need to go to court in Spanish”. He also says it is unfair and potentially illegal to market in Spanish and provide fine print in English. I agree I don’t want to buy a product and get customer service for the product in Mandarin, that’s not fair only because I do not speak Madarin (wish I did BTW). Mr. Lokpez actually offered up some really interesting facts about the legal side of marketing to Hispanics. I found it very interesting to learn that “in some industries it is illegal to create products that discriminate against a specific market segment.” As entrepreneurs it’s important to know or learn about the legal obligations, implications and ramifications of your business. Legal issues also accrue incremental expenses so Mr. Lokpez says adding Legal expense’s to your marketing cost is the best practice.
So are you ready to market to Hispanics?
Mr lokpez says” If you are, remember it is not a short term strategy: it is not a standalone tactic. It is a long term commitment and investment that will help grow your business” I hope you have really thought about “Opportunties in the Hispanic market”
If you have read this far then you are already ahead of your competition keep reading my blog and others like it. Learn about the factors that can impact your business.
So back to the main question “Are you Planning to market to Hispanics?” and if so Mr. Lokpez would ask you “Are you Ready?”
If your Planning to Market to Hispanic’s and you want to learn how let Stanton Adams Consulting introduce you to diverse consumer’s, suppliers and partners Learn More.
#SmallBusiness #httpwwwstantonadamscom #UnitedStates #Venezuela #BusinessTrainingConsultants #MulticulturalMarketing #Businessdevelopment #Climate #Businesspartner #Opportunity #Hispanic #Marketing #WellsFargo #UnitedHealthGroup #StantonAdamsLLC #Business #RaceandethnicityintheUnitedStatesCensus #BusinessConsultants #customerrelationshipmanagement #StantonAdamsConsulting #TalentedEmployees