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Marketing to Hispanics: A Strategic Approach to Assessing and Planning Your Initiative Hardcover – March 1, 2006

4.7 out of 5 stars 4 ratings

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From the Author

The Culprits at the Heart of an Under-Performing Hispanic Market Strategy 
If you've got a Hispanic strategy that hasn't managed to get off the ground, is evolving ever so slowly or is going nowhere fast, don't give up on it. The market is robust. Instead, consider the three most common culprits: Commitment, Competency, Capability and Compensation. 
The Hispanic marketing community is abuzz about the 2010 Census numbers and the double and triple digit growth seen in states for which Census data is already available. You've heard the rhetoric before: Corporate America is missing the boat by not waking up to the Hispanic market opportunity. The argument is the same as it's always been: the market is huge, the market is growing faster than the non-Hispanic market and the market will cease to be a minority in our life time. Pundits are already trying to leverage Census numbers to grow media budgets and all the while, many marketers are "tuned to another channel."

Walking the Talk
Why? Because in the scheme of things, if a company CEO hasn't called out the Hispanic market as a strategic growth driver and hasn't committed to optimize his organization to make it competent and capable to execute against this growth driver and has tied rewards systems to its success, it might as well be Charlie Brown's teacher talking. Everyone just hears the same noise (read: lip service) and goes about managing the business priorities they're being rewarded to grow.

So how do Commitment, Competency and Capabilities impact the degree of interest, momentum, financial support and sustainability of a Hispanic Market Strategy within an organization?  

Commitment means that, upon a CEO's communication to his organization, the Hispanic market is a critical business driver for the company. Key leadership is given a directive to mobilize the organization, to conduct its due diligence and to understand the market's situation vis-à-vis the company's business model and current state.

Competency means that all areas of the organization responsible for delivering value to the company's consumer targets participate in the due diligence such that each area leader acquires a deep understanding of market requirements and what that means in terms of adjustments to each area during the planning, implementation and on-going management phases. 

Capability means that each area leader understands the implications of existing area shortcomings, understands the necessary organizational and infrastructure interdependencies to deliver against this consumer base and can recommend and implement the necessary processes, headcount and or infrastructure resources.

Compensation means that each area leader's compensation and rewards are tied to Hispanic strategy success outcomes.

Clear Priorities Lead to Action
We know it's possible. We see companies do this every day. They do it when leadership wants to win against a host of business growth trends including outsourcing, green, technology, social media, health, organic/fresh or private label. No one has to beat them over the head with the size of the segments, with how they're missing the boat, or with how much they're under-spending against these opportunities.  

When companies address a market opportunity as if their survival depends on it, they make the commitment at very high levels. They conduct the necessary due diligence, they build the necessary knowledge and skill sets among key leadership and areas, and they synergistically create and enable an organization that is capable of winning in a given market space - the right spend is not even an issue.

About the Author

Terry J. Soto, president and CEO of About Marketing Solutions, Inc., is a well-respected voice in multicultural strategy consulting.  Her expertise spans a broad range of industries, including food and beverage, food service, retail, financial services, healthcare, technology. and entertainment. Among numerous white papers on ethnic strategy, she was recently lead author of the ground-breaking industry report Grow with America—Best Practices in Ethnic Marketing and Merchandising. In addition to consulting to Fortune 500 companies on entry strategies into multicultural markets, she is a frequent conference speaker, a key resource to industry publications, and is a regular contributor to A native of Guayaquil, Ecuador, Soto grew up in Los Angeles, California.  She holds an MBA from the Graziadio School of Business and Management at Pepperdine University.

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