Article originally published on Orlando Business Journal
I recently was a guest speaker for a multinational American corporation’s conference in Cleveland, where I got to see how committed that company is to growing its business by embracing an audience many other companies haven’t been paying attention to even though it is the second-largest consumer market in the USA: Hispanics.
This company now has the right products to cater to the Hispanic community and the right bilingual team in place to genuinely connect with them. It is clear that their main goal is to secure their position long-term as the leader in their industry.
Based on the latest annual report from Geoscape, “Hispanic Businesses & Entrepreneurs Drive Growth in the New Economy,” the number of Hispanic-owned businesses is expected to grow to by more than 3.22 million firms this year, up 43 percent since 2007, compared to 20.2 percent for all other U.S firms.
To succeed when doing business with Hispanic-owned businesses, you must understand how vital customer satisfaction, customer experience and cultural differences are so you can gain trust and loyalty. Investing in the right sales training/coaching for your team is crucial to help them effectively overcome the challenges they will face on a daily basis in the field. They will be dealing with customers from different cultures who may or may not speak the same language and, most important of all, who have different personalities. So, a customized sales approach and follow-up process are crucial for successful closing.
Another important tool is to provide your sales force with the right understanding of how to market your products and services to Hispanics. Your team members are your brand advocates. They need to know what type of multicultural marketing tactics, strategies and techniques will be implemented and shared with your clients. This will build trust and respect between both companies, and improve sales performance across the board for each of you.
We tend to say: Business is business. But sometimes we forget that business is people. This is one of the main differences when conducting business with Hispanic business owners. Relationships, trust and face-to-face interaction are crucial.
Here are three tips to help your business grow by connecting with the Hispanic business community:
- Be bilingual: Having bilingual people in your sales force will put your firm far ahead of the competition. And that can translate to bigger profits and more opportunities for your company.
- Invest in training and coaching: Provide the right resources and tools for your sales team. Help them connect with your customers on a genuine level and interpret their needs more effectively. This will help you sell more products and save you time and money.
- Support your team and clients: Building trust and respect is very important for Hispanics. First impression counts. It is important to have the right sales and marketing materials available in Spanish so your team can share them with your clients.