No matter what business you’re in or what your position, chances are you have interactions with Hispanic consumers, co workers and/or employees. This is due to the fact that the Hispanic population is the largest minority group in the U.S. with approximately 50 million people and the population continues to grow at a rate faster than all other groups. This number is expected to increase to 102.6 million people by 2050.
This means big opportunity!
Hispanics’ purchasing power is over $1 billion and this is expected to exceed $1 trillion by 2012. This is greater than the entire Mexican economy. According to the U.S. Census Bureau, Hispanic purchasing power in the U.S. is growing at triple the rate of the overall US population.
Top retailers and product manufacturers are recognizing this and reaching out to the Hispanic community. Pepsi has embraced Shakira as its dancing celebrity spokes model, Kmart is promoting merchandise with pop singer Thalia, Kraft has its own Hispanic marketing team, Hallmark Cards is growing its line of Spanish-language greeting cards and JetBlue built a Spanish-only Web site and purchasing process.
So, the population is growing at a faster rate than the general population (3% a year to 0.8% for everyone else) and the disposable income is growing faster than the general population. There’s no denying that these facts point to great opportunities for businesses and professionals.
Down economies are a perfect time to evaluate where you are, where you want to be and what opportunities you want to pursue. The Hispanic market is the only market seeing real growth right now! This one seems like a “no brainer”!
Tapping into the Market!
Ok, now you know this incredible market opportunity exists; but how do you tap into it?
Here’s a list of suggestions to get the cash flowing to you or your business*:
• Translate Marketing Materials into Spanish. (websites, brochures, flyers, packaging, etc)
• Learn Key Spanish Phrases for your Industry. (“Can I help you?” “The property is for sale.” etc.)
See www.spanishonthejob.com for job-specific language programs.
• Learn about the Hispanic Culture. (tons of info on the internet, books, etc.)
• Hire Spanish Speaking Employees. (Try LatPro.com)
• Make Sure your Product Addresses the Needs of Hispanics.
*KAMMS World Wide can help you with all these suggestions and design a custom plan for you or your business in order to optimize sales with the Hispanic Market. Contact us at firstname.lastname@example.org for more info.
This is the Time!
Don’t miss the boat on this one. Many businesses are starting to realize the immense potential in this large and quickly growing market. Hispanics are a largely under served market and you’re just the business or person to help bring products and services to them.