January 18, 2013
By MP MUELLER
As we learned in the recent presidential election, it’s always a good idea to connect with Hispanic Americans. In many parts of the country, this is as true in business as it is in politics. But for some reason, many businesses seem hesitant to try to appeal to this big and important demographic.
At my boutique advertising agency in Austin, Tex., I see lots of opportunities for businesses to set themselves apart and pick up some market share by reaching out. But I am often puzzled by the number of retail and professional service businesses that pass up these opportunities. When we have broached incorporating Hispanic outreach with retailers, we have explained why outreach makes business sense and how subtle shifts in their marketing programs might appeal to Latino consumers. The initial reaction has been one of surprise, intrigue and excitement — followed by little or no action.
Here’s what we know about the size of this large and growing market: According to the Selig Center for Economic Growth, Hispanics control $1 trillion in annual buying power in the United States. By 2015, Selig projects that power to grow to $1.5 trillion, basically the size of the economy of Mexico. So why does this large and desirable population continue to be overlooked by many businesses?
Over a recent lunch of tortas de hongo and nopales at an East Austin Mexican restaurant, I posed this question to Juan Tornoe of Cultural Strategies, a multicultural marketing and communications firm my agency has partnered with. Mr. Tornoe is chief marketing officer at Cultural Strategies and also writes a Latino marketing blog called Hispanic Trending. His insights have been quoted by The Times, NPR, CNN and many others, and as you’ll see, he is quite passionate about Hispanic marketing.
Continue reading @ the New York Times' You're the Boss blog