Are American businesses ready to benefit from the Latino market?

According to U.S. Census statistics, the American Hispanic population stands at approximately 40 million today and is projected to grow to nearly 50 million within the next 5 to 6 years.  Additionally nearly half of all minority-owned businesses are owned by Hispanics (over 1.2 million), generating approximately $200 billion in annual sales. Add the fact that nearly one in three Hispanic households have internet and you begin to see why this rapidly growing demographic group, already larger than the entire population of Canada, represents a major economic force with amazing opportunities for forward thinking businesses. Despite these statistics, less than 1% of all U.S. websites offer text in Spanish. Knowing that, the question is, "Are you ready to benefit from this market?"

Mainstream businesses have struggled to identify the most effective ways to reach the Hispanic market. Many have learned that at a minimum they must offer some translated materials welcoming Spanish speakers but advising that most of the business/information will be in English.

A more advanced and effective method uses marketing efforts modified for Hispanics. The distinctions created by culture, heritage and practices require a more sophisticated approach for optimal results. A business following this approach understands that things such color choices and imagery may need to be different.

Additionally, businesses should recognize that there is a distinction when marketing to American Hispanics as opposed to international Spanish-speaking markets. American Hispanics are influenced by the U.S. culture even if they are relatively new to this country. That fact makes them unique. Being exposed to the broader U.S. business environment impacts them and many businesses have learned the hard way that just because something works in Mexico City or Bogotá you can't assume it will work equally here. Effective marketing requires identifying and understanding these distinctions and adjusting your efforts accordingly.

Even in the business-to-business environment, understanding the distinctions that will impact the decision process and tailoring your efforts to those variations can make the difference between failure and success. Often the business people you will deal with are bilingual but most proficient and therefore more comfortable reading and/or speaking Spanish.

The numbers are too large to ignore and the potential too great to walk away from. If you're not already integrating Hispanic efforts into your internet marketing, you're losing sales and customers. Giants Google and Yahoo have growing Spanish language search engines serving primarily the U.S. market. They join a number of smaller search engines that exist. These search engines work just as their English counterparts but search and rank in Spanish.

The advantages of using the internet and your website to reach the growing U.S. Hispanic market are numerous. Changes are relatively inexpensive, can be made quickly, and the results are measurable. A business that decides to have a presence in the Hispanic market can have a Spanish language website and optimization program in place within a surprising short period of time. The key is working with a Search Engine Marketing firm that understands your business, the internet and the Hispanic market.

The Latino Consumers effect on the electronic marketplace.

 

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