Article originally published on Orlando Business Journal
Many companies still are struggling on how to reach the Hispanic market effectively and efficiently.
Some marketing executives still are not proactive enough to engage with this influential demographic, even though Hispanics will represent one in five Americans by 2020.
Some feel this audience is too complicated, so it may generate more work for them. Others feel that as their sales go down, they need to improve their performance in the general market first, in order to expand to other markets.
And still others think since their business has grown through a referral basis, there is no need to invest in this market, and that having a bilingual sales team will cover the demand.
Wrong. Wrong. Wrong.
To be sure, the Hispanic market is complex — but, it is no more complex than understanding and developing strategies for the other 260 million people in the U.S. who live in different regions, have different cultural influences and even different dialects and accents. We manage to target them just fine.
If you’re not sure how, then find the right expert to help you fulfill this initiative and you will grow your business.
After all, to grow your business, you need to expand to other markets. As your competitors keep fighting for the same piece of the pie, you need to invest your money wisely and get sales coming from emerging markets. Hispanics are the fastest-growing and second-largest consumer market in the U.S.
You also need to support your Hispanic sales team. Give them the right marketing materials and the right advertising approach. Make their job easier by generating new leads through the different media. Make them feel proud in your organization as you invest in their community.
If you really want to grow your business successfully with Hispanics, have a multicultural strategy and plan in place — and make sure you avoid these four common mistakes:
- Tunnel vision: Sometimes companies assume that because they have been in the market for a long time, everyone, including Hispanics, knows who they are. It’s easy to get tunnel vision after running your company the same way for so many years. This is a big reason why companies fall short. Solution: Look beyond what you have been doing. Widen your view. Share your story in the right way, with the right language, and it will resonate more effectively with this audience.
- Discounting the experience: First impressions make lasting impressions. People don’t buy products, they buy brand experiences. Solution: Show respect and appreciation from the moment they walk inside your store. This is where you can create a strong impression that will turn their word of mouth into your most potent advertising tool.
- Total market approach: Some corporations started implementing the “total market approach.” It is relying only on one marketing program to reach all consumers across both general and ethnic markets. This approach lacks of authenticity and limits the manner in which brands engage with Latino consumers. Solution: Get back to the basis. Focus on interaction and involvement of your brand in the community. It is all about engagement and cultural relevancy. Only then will you will see greater return on investment.
- Half-hearted effort: Many companies try to test the waters first instead of embracing the effort and getting a real taste of what this audience can deliver to their bottom line. Solution: It’s good to start slow, but you need to be committed to an ongoing effort. You have to be consistent if you truly want to capture and activate this loyal market.
Hispanic purchasing power will increase 50 percent by 2015 to $1.5 trillion. Take the right steps today and your business will tap into this flourishing revenue source and increase your power right along with them.