Consumer Market
Entering the “Hispanic” and “Latino” market is more than translating advertising from English into Spanish. It is imperative to craft a message that speaks to the values and ideals of the consumer, and this means that it has to be a culturally nuanced message. That “Hispanic” is an umbrella term which includes subset of identities – “Latinos,” “Latins,” national identities (“Mexican,” “Cuban,” “Dominican,” etc.) and ethnicities (“Puerto Ricans,” “Gallegos,” etc.) – complicates the process.
At Hispanic Economics, we provide a road map to understand the mosaics of identities that constitute “Hispanicity”: Hispanics versus Latinos versus Latins; “Mexican Hispanics” versus “Caribbean Hispanics”; and the nature of the “Hispanic Diaspora” in the United States and Canada. Once these differences are understood, it is possible to develop a program to position your good or service in the Hispanic market with a sustainable competitive advantage. Specifically:
- Identify the major components of placing the product or service in the Hispanic market
- Evaluate unique marketing opportunities
- Develop a culturally appropriate message that is crafted to the nuances of the specific Hispanic market or markets identified
- Identify and analyze the most relevant market research for the product or service
- Refine an advertising and public relations program that is tailored to the specific Hispanic consumer or consumers
- Create a “Hispanic-friendly” shopping environment consistent with the principles of retail anthropology
- Develop a customer service strategy that is sensitive to Hispanic cultural values
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| We wrote the definitive book on Hispanic consumers |
| Not only are Hispanics the largest minority group in the United States, but Mexico is fast becoming our major trading partner, surpassing even Japan. In fact, the U.S. now has the fourth largest Spanish-speaking population in the world, after Mexico, Spain, and Argentina. How has this demographic group transformed the U.S. into a bi-lingual nation within the span of a generation? Why do Hispanics resist assimilation and insist on speaking Spanish in public life? And how can businesses effectively reach the emerging Hispanic consumer market with its estimated purchasing power of USD1 trillion by 2010? These questions constitute the single-most important marketing challenge for corporate America in the twenty-first century. This book examines the Hispanic worldview and how it informs people's economic decisions, both in the United States and across North America. It challenges the viewpoint that American culture will soon dominate its NAFTA trading partners, looks carefully at the market for Hispanic goods in the U.S. and the market for our goods throughout the Spanish-speaking world, and shows how marketers are now reaching the Hispanic community domestically.
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