|By now I’m sure you have learned that the Hispanic market is the fastest growing market in the United States. In fact, the growth is surpassing most predictions.|
What fueled this increase in marketing to the Hispanic market? Hispanic employment increased by 5.57 percent from December 2005 to December 2006, while total employment in the U.S. grew only 2.2 percent; according to the Bureau of Labor and Statistics. Of the 3 million additional jobs created in 2006, Hispanics secured more than 1 million of them.
A February 2007 study found that 80 percent of college students with the Hispanic Scholarship Fund (HSF), graduated in five and a half years, which is a graduation index almost 30 percent above national average, according to the U.S. Department of Education’s National Center for Education Statistics.
HispanTellingence, the research division of Hispanic Business Inc., recently reported, “Overall Hispanic employment provides the economic support for continuous growth of Hispanic purchasing power, which will reach $875.5 billion in 2007.”
In tandem with this growth, we are seeing a strong increase in media awareness. Across all mediums, online and traditional, the growth and potential of the Hispanic market is being realized. Recent examples of this include HBO, NBC and Univision.
HBO has announced it will produce bilingual content for mobile phone distribution. NBC is producing in English, “Ugly Betty,” a Hispanic telenovela, or soap opera. Univision, a Spanish television network headquartered in Los Angeles, Calif., took 41 percent of viewership in the February 2007 television ratings period. For the age range of 18 to 34, Univision beat the big four – ABC, CBS, FOX and NBC -- and is becoming recognized as the nation’s fifth network, which is changing the landscape of American network television.
Another measurement of the market’s growth is advertising rates in Hispanic media. A recent sampling of 16 nationally distributed Hispanic magazines found that advertising rates for the year 2007 jumped more than 16 percent.
Frequently, I receive telephone calls asking, “What can we do to better reach this market?” Though I would love to answer that question in a phone call, or with an article, there is no magic bullet. A one-size-fits-all solution does not exist. Nevertheless, I can tell you where to begin.
Begin with understanding your market. As I have discussed in previous articles, if you are not measuring, it becomes very difficult to formulate your plan for improvement. You must know the background of your Hispanic market. Knowing your market is basic business sense for effectively targeting any market.
Next, provide cultural training. As I travel the country working with many different businesses, I have found a significant lack of cultural training. The Hispanic market is one comprised of many cultures and is valued at $875.5 billion dollars. Your entire staff, across all operations, must have cultural training. You cannot just hire one or more Spanish speaking salespeople and expect to achieve success. This is so important. Your business will not get better at working with the Hispanic market just by adding a couple of Hispanic salespeople.
You also need to make sure that all of your employees are trained on different Hispanic cultures. This must be incorporated in your corporate training as a mandatory training program. Multi-cultural training might not prevent potential legal ramifications like a sexual harassment training program or policy would, but it will be worth the revenue it generates.
It bears repeating, the Hispanic market is the fastest growing market, and it’s growing faster than any other market – so fast, predictions have repeatedly come up short. Hispanic Business Inc. reported that by 2010, Hispanic purchasing power in the United States is expected to reach as much as $1 trillion.
If you’re not reaching out to the Hispanic market, ask yourself today if you can afford to miss out on your piece of what is soon to be a trillion dollars. What are you waiting for? Get in and enjoy the success.
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