Mom Invented

If there is any one word that describes the Hispanic market in the U.S. it is "growth."

According to a special report, "The U.S. Hispanic Economy in Transition" by HispanTelligence, Hispanics are our largest ethnic group, totaling 15.1 percent of the population. There are 45.5 million Hispanics in the United States--many Spanish-speaking countries have fewer people than this. And their growth rate accounts for nearly half our total population growth. Hispanic purchasing power, at approximately $841 billion in 2006, is predicted to reach $1.1 trillion by 2012. The same report estimated that by 2008, there were nearly 3 million Hispanic-owned firms with receipts of $389 billion.

Numerous consultants and media outlets have the expertise to help you break into this market. Hispanic marketing expert Mayra Donate of Stet Inc. offers these three tips if you are considering this market:

1. Do some market research to ensure interest before launching to the Hispanic market. Even the name of your product could create a problem. One example is Tropicana's attempt to sell orange juice to Hispanic customers in Miami using the marketing materials and packaging--Jugo de China--it had used in Puerto Rico. In Puerto Rico, "china," rather than "naranja," is the word for orange. But Miami-based Cubans didn't what to buy what they thought was orange juice from China.
2. Literal translations of your existing marketing message to Spanish don't necessarily work. So have your marketing and product packaging copy written and the design work specifically oriented to this market.
3. A little outside advice is essential. Just as there are differences between English speakers from the United States, England and Australia, and even between different geographies within the United States, there are differences in language, culture and traditions among Hispanics from different countries.

It doesn’t take that much extra effort. According to HispanTelligence’s report, "only 24 percent of U.S. Hispanics have little or no command of the English language." And even those who don't often do have family or friends they rely on for translation when necessary. I simply put a single Spanish sentence on my product's packaging and have received positive feedback from our retailers concerning the effect it's had on our sales to Hispanic customers.

Read more about reaching the Hispanic market in my new Entrepreneur.com article, "Embrace the Hispanic Market"...

Tagged as: Business Advice, business growth, business marketing, hispanic marketing, latino marketing, market research