There is a huge market than many businesses need to tap into: the Hispanic market. The Hispanic population of the United States totals 42.8 million people, has increased by 3.6% annually each of the last 10 years, and has outpaced the population growth in society as a whole by 3 to 1. This group spends hundreds of billions of dollars every year.
Many businesses fail to reach the market for two main reasons:
> They delay longer than necessary to enter the market
> They lack a comprehensive plan to reach the market
Examples of those business who have reached the Latino market successfully
While some small businesses and medium-sized businesses have not reached out as well as they could to the Hispanic market and Hispanic online consumers, some have. One business that has demonstrated it pays to enter the market quickly and that it pays to have a comprehensive plan to reach the market, other than just using advertisements, is Zions Bank in Utah.
Yvette Diaz, former executive director of the Utah Department of Development, said in an interview that the bank has provided a “good example” of a company using a comprehensive plan to reach the Hispanic community. According to Mrs. Diaz, the company has modified its products for the Hispanic community, has hired Hispanic personnel, has attempted to provide a culturally significant banking experience, and has pursued legislative and cultural priorities.
Success in reaching the Hispanic market and Hispanic online customers is possible for any small business. It is possible when a business has a comprehensive plan and displays the necessary commitment to reach the market.
Those who are experts in marketing to Hispanics can provide valuable guidance in advertising in the media, advertising online, and can provide other helpful advice.