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Marketing to Hispanics

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Marketing to Hispanics

A Strategic Approach to Assessing and Planning Your Initiative

Kaplan Publishing,

15 min read
10 take-aways
Audio & text

What's inside?

How to understand, target and capture a portion of the $700 billion purchasing power of the Hispanic market.

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Editorial Rating

7

Qualities

  • Analytical
  • Well Structured
  • For Beginners

Recommendation

The Hispanic market is the fastest growing ethnic segment of the U.S. population. Its purchasing power is projected to enter the trillions by 2007. Many American businesses are hungry to capture a piece of this exciting, lucrative market. Multicultural strategist Terry J. Soto provides a thorough account of the strategic planning process companies need to employ to understand and attract Hispanic consumers. She cautions that your strategy for marketing to Hispanics must be in sync with your overall business objectives. Soto explains how to conduct demographic and market research, analyze the competition and deploy your internal resources to reach this market. She also tells you how to muster the reports, tables and statistics you need to persuade corporate higher-ups that it is all worthwhile - although the complete marketing re-tooling she suggests may be over the top for many companies. She also favors marketing jargon, but if that is the language you speak every day, you’ll sail right along. Soto doesn’t focus on the creative aspects of marketing to Hispanics, but if you want a rundown on all the technical aspects, getAbstract recommends this complete manual.

Summary

Potent Potential

The Hispanic market is growing faster than any other U.S. population segment. In 2000, the Census Bureau reported that 13% of the country’s 281.4 million population was Hispanic. That translates into 35.3 million people, a number which is expected to grow 34% 2010. Businesses of all kinds are tapping into the lucrative Hispanic market. Yet, to reach this market successfully, your company must develop a well-researched, integrated strategy that works within its operating framework and aligns with its other goals.

Who Are Hispanics?

Hispanics are not an easy group to categorize. They come from a variety of ethnic, racial and socioeconomic groups, religions and nationalities. Immigration, particularly from Mexico and Latin America, is expected to account for half of the U.S. Hispanic population’s growth over the next two decades, while U.S.-born Hispanics will account for the other half. Hispan Telligence, a division of Hispanic Business magazine, currently estimates that Hispanic purchasing power is about $700 billion; it is projected to reach $1 trillion by 2007. Sixty-six percent of the U.S. Hispanic population lives in the major cities of ...

About the Author

Terry J. Soto is a multicultural strategy consultant and president of a marketing agency. She wrote the pioneering industry report Grow with America - Best Practices in Ethnic Marketing and Merchandising. Soto also is a public speaker and a consultant for Fortune 500 companies.

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