August 29, 2014
By SCORE’s Lucia Acosta
Latinos play an important role in business and economic development in our society, with a purchasing power estimated to reach $1.5 trillion by 2015.
The majority of the purchasing power lies with English-speaking second and third generations. This is reflected in industries from real estate to consumer goods over the last decade. Do not miss the mark on engaging the customer of the future.
With internet marketing and social media, business owners can reach consumers in faster and cheaper ways than ever before. The following are steps to help your business reach more consumers by building trust, and valuing Latinos as viable, business model worthy customers.
1) Stay current with what is happening within the Latino community and be involved. For example, make appearances at community events and fundraisers; make sure at least one member of your staff speaks Spanish and has marketing materials in both English and Spanish and that they are familiar with other attendees.
2) Make an effort to authentically network with Latino serving entities such as media outlets, networking groups, and professional groups.
4) Create an inviting and interactive consumer atmosphere. In a study conducted by PeopleShop, findings revealed that Latinos enjoy: immersing themselves in a store atmosphere, sharing opinions about their experiences and writing reviews. Latino’s also use social networking sites, and enjoy shopping online with mobile devices. Latinos are more than twice as likely vs. non- Latinos to follow trends.
5) Invest in radio, billboards and infomercials as they still rank high amongst Latino consumers.
Source: U-T San Diego