Article originally published on Orlando Business Journal
For many companies, the Hispanic market means a significant opportunity to expand their business. However, others think it would mean more work on their end, so why bother — but they don’t realize how much profit they’re leaving on the table.
As your business market evolves, your company will start maturing and you’ll begin to encounter the growth limit of your original market. To help your business survive and gain a considerable edge on your competition, it is vital to implement a smart growth strategy to develop new markets before yours flattens out.
The Hispanic market is an excellent, and often untapped, solution to this equation.
Based on the Nielsen report “State of Hispanic Consumers,” Hispanics are the fastest-growing ethnic group. They are expected to grow 167 percent by 2050, compared to 42 percent for the total population. Despite the Great Recession, U.S. Hispanic households that earn $50,000 or more are growing at a faster rate than total households.
Businesses must take a proactive approach to this market niche in order to evolve and become market leaders. Birth rate statistics and immigration numbers do not lie. Hispanics are changing the new American consumption and will represent a big percentage in your company’s bottom line very soon.
The No. 1 tactic: Have culturally relevant messaging. After that, engage with Hispanics via community outreach. Here are five ways to do that:
- Be genuine: Make a genuine effort in being part of and giving back to this community. Sometimes companies sponsor one or two events during the year, but they don’t fully embrace the effort by making a real impact in the community.
- Avoid being aggressive: Sometimes companies sponsor events as a quick way to generate revenue. Hispanics only will engage and buy from you once you gain their trust. You need to educate them respectfully about your company and product benefits. Then you have the opportunity to gain a very loyal customer.
- Speak their language: Have bilingual people working at your booth with marketing materials in English and Spanish. It’s the simplest way to show respect and appreciation for their business.
- Get help: Find the right partner with proven experience in Hispanic marketing to help guide you in making smart, cost-effective decisions.
- Be social: Being in the community gives you the chance to start a dialogue with Hispanics through social media and email marketing. This is a great opportunity that will give you more touch points to connect with this growing community.
To succeed when marketing to Hispanics, advertising and community outreach must work hand-in-hand. Make sure you have a strong Hispanic marketing plan in place to support this effort. It truly will make your brand effort relevant to this community. And the results will surprise you.