Excerpt from Chapter 4
Whether you are thinking about marketing to Hispanics for the first time or if you are a veteran marketer who’s “been there, done that,” I strongly recommend that you seek the advice of Hispanic marketing experts who can help guide you through the right-sizing of your specific market opportunity. Too often the knee-jerk reaction to “selling” the Hispanic opportunity is to do a quick, back-of-the-envelope analysis of what your “fair share” of the Hispanic market ought to be, based on your performance in the general market. Don’t go there, you are doing yourself no favors.
“By now, most companies have succeeded in communicating that this is an attractive opportunity to go after, but execution challenges often lead to unclear ROI, which in turn causes spotty commitment and an on-again, off-again approach to the market,” warn Michael Klein and David Wellisch, co-founders and managing partners of Latinum Network, a business network that assists brands in taking advantage of the growing U.S. multicultural market through strategic analytics, cutting-edge research, and peer-to-peer collaboration. “Justifying incremental spending for ‘just 17 percent of the U.S. population,’ answering questions about general market backlash, and dealing with reflex responses like ‘won’t we just get them anyway?’ typically distracts organizations from paying the right level of attention to the U.S. Hispanic market.”
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