The Hispanic community has significant purchasing power, and businesses are beginning to take notice. Today, established non-Hispanic-focused companies are actively working to reach the Hispanic consumer.
So what’s behind the growth in the Hispanic buying power?
Below are my top three reasons why the Hispanic buying power is increasing:
• Hispanics are
more educated today. More education means better jobs, and that equates to more money. More money = more buying power.
• The young Hispanic population (
currently estimated at 12 million nationwide) are either entering the workforce or moving up in their career ladders. They are looking for fulfilling work and growing in their careers.
• There are an increasing number of Hispanic sole proprietors and small business owners creating successful companies and more jobs. Many of these business owners also hire from within their community
So the question now is: What is the most important variable when tapping into this growing buying power?
“Relationship building!!!” Why is relationship building so important? Well, for a couple reasons:
(1) A majority of Hispanics only do business with people they know on a personable and social level;
(2) Hispanic customers remain loyal to your business once a relationship has been established; and
(3) Hispanics have a tendency to pass along information to their family and friends via word of mouth. New business through word of mouth does exist – especially when dealing with the Hispanic market.
Some key points for building your relationship (as stated in my
last post) with the Hispanic market are:
(1) Be a culturally competent communicator - it is a MUST to understand that Hispanics are culturally sensitive;
(2) Speak and write in fluent Español, not Spanglish or Google Translated;
(3) Latinos living in America – and other countries – are taking advantage of the many free and easy-to-use online networks. So make sure you don’t leave social media out of your marketing strategies; and
(4) Get to know them! When dealing with Latino clients and prospects, remember the key to their hearts is by personally engaging with them.
If you have any opinions feel free to email me at
dgonzales@piercom.com.