 The burgeoning Hispanic market in the United States has resulted in one of the greatest shifts of purchasing power of this millennium. According to data from the Census Bureau, the Hispanic population in the United States currently stands at 32.8 million (approximately 12% of the total population of the country; 44.7% of the population in the western part of the country). And, depending on the source examined, the current spending power of this market ranges between $380 and $630 billion dollars. Let's face it, Hispanics are here to stay and they are spending! In spite of this, few organizations are taking the necessary initiatives to go beyond the advertising phases of the entry process to develop the infrastructure necessary to establish a long-term relationship with a Hispanic client base. Traditionally, organizations have attracted Hispanic consumers by launching Spanish advertising campaigns and distributing translated materials. Unfortunately, many ads and translations contain inaccurate information, regional vernacular that may be comical or offensive to a particular segment of the market, or literally translated passages, in which the words are correct but the meaning is wrong. Furthermore, many ads disregard the cultural reality of the Hispanic or incorporate inappropriate marketing tactics. Such materials can be offensive, drive the client away and/or damage corporate image — not to mention the potential losses associated with inaccurately translated contracts and agreements.
A crucial first step for a company that has committed itself to remedy these shortcomings and go beyond advertising to develop the infrastructure necessary to build a long-term relationship with Hispanic consumers is the naming of a "champion". This would be a senior company officer or manager with the appropriate background and authority to drive the organization to undergo the required organizational change. The ideal champion must be a Spanish-speaking Hispanic who understands the needs, as well as the cultural and linguistic reality, of the targeted market. If the company assigns this role to an individual who does not speak Spanish or does not understand the cultural dynamics of the Hispanic consumer, arrangements should be made to contract with Spanish-speaking consultants who can provide such understanding.
The initial task of the champion would be to organize and lead a task force in designing and implementing the required corporate infrastructure. These activities would include: assessing market potential, identifying internal and external resources, and analyzing consumers' needs. Thereafter, the organization would look to hire a senior company officer to head the Hispanic market division, configure the necessary corporate infrastructure, and recruit and hire the required bilingual/bicultural staff. |
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Extreme care should be taken to select champions or consultants whose claim to speak Spanish and understand the Hispanic soul is not based on self-ascribed attributes that may not be accurate. Given that the faÁade presented by some individuals could be deceptive, it is important to verify that the person or persons selected understand the mission and have the insight to pursue this important commitment.
At the onset of the venture, it is unlikely that an organization would have all of the required technical expertise to launch the venture. In the absence of such expertise, the organization should consider recruiting the services of Hispanic market consultants, a translation team and a group of facilitators to provide training and workshops for company staff on the activities associated with penetrating the market. Using a multinational team of professional translators and specialists that represents the four corners of the Spanish-speaking world would avoid the potential shortcomings of substandard translations and ads. The selected team must be sensitive to the cultural reality of the U.S. Hispanic market, understand the company's line of products or services and have a handle on marketing tactics necessary to reach the Latino. In addition to that, the contracted team should certify its translations and be covered by liability insurance to safeguard against detrimental errors and omissions.
The blueprint of the infrastructure and cadre of bilingual/bicultural employees hired will depend on the nature of the business. Notwithstanding, most organizations would look to hiring public relations staff, customer service representatives, technical specialists, marketing professionals, sales agents and representatives, and the corresponding managers. Organizations that have succeeded in recruiting and hiring such staff begin by contracting the appropriate managers. The channels for identifying prospective candidates would include employment agencies, ads in Spanish language periodicals, recommendations from existing staff, or resume banks. An excellent source of qualified bilingual/bicultural staff is the Hispanic employee data bank available through Saludos.com.
After committing itself to creating the organizational changes required to enter the market, a company needs to allocate the necessary resources to do so. The formula for the allocation takes into account the fact that the returns derived from sales and investment income counterbalance the operating expenses incurred. An organization can lose valuable time by deferring action to project expected returns or jump on the bandwagon with corporations that recognize the potential of the Hispanic market.
For more information about this subject, visit CC Scientific to learn about their upcoming Hispanic Marketing Symposium.
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