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February 2005 posts

Hispanic Beverage Tastes Are Influencing a Nation

February 23, 2005
Source: Retail Wire / Symrise

El gusto latino es muy caliente!
With a population that has grown in the U.S. by 77 percent over the last 12 years, it’s no wonder that the influence of Hispanic taste is being felt on the mainstream population. We use the term "taste" literally, as experienced in everything from the tropical fruit varieties in supermarket produce to the thermal intensity of spices used in industrial recipes. Based on the Productscan Online database, more than half of the new products launched last year in the ethnic category had a Hispanic influence.

Loco para los sabores de la fruta
In 2004, Symrise conducted a nationwide online survey to better understand the current U.S. Hispanic population’s taste preferences and taste expectations in various beverage and sweet food categories. Some of the more interesting findings revolved around fruit flavorings.

For instance, most assume that tropical fruits are preferred among the Hispanic population, but it may surprise some to learn that Hispanics’ taste expectations include watermelon, kiwi and pineapple across beverage categories.

Soft Drinks: Ethnic Preferences
Ethnic preferences such as these are particularly evident in the soft drinks category.

Generally speaking, soft drinks have a high penetration in the Hispanic population, but acculturation levels are apparently also a factor. Immigrants are less likely to drink diet cola compared to native-born Hispanics. As with African-Americans, Hispanic immigrants are more likely to prefer regular cola and other regular soda flavors.

Symrise
Source: Symrise study

However, compared to the general population, Hispanics tend to enjoy more fruit flavored soft drinks. When it comes to conventional fruit flavorings, Hispanics have a higher preference for strawberry, fruit punch and grape in soft drinks than the general population.

Look for growing popularity in these new soft drink flavors among the different ethnic groups:

  • Hispanics: Pineapple, mango, watermelon, cream, citrus
  • African-Americans: Watermelon, mango, cherry/blackcherry, peach, grapefruit
  • Causasians: Fruit and cream combinations, cherry vanilla, peach.

Posted by on February 28, 2005 in Hispanic Culture, Hispanic Health, Hispanic Marketing & Advertising, Strategy | | Comments (1) | TrackBack (0)

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The Great Spanglish Controversy

February 2, 2005
By Rochelle Newman-Carrasco

(Susanna Whitmore, SVP Business Development, New American Dimensions and Laura Sonderup, Director, Heinrich Hispanidad contributed to this report.)

The number of conferences dedicated to the topic of US Hispanic marketing has increased exponentially over the past two to three decades. When I entered this industry in 1979, there were about 8 million Latinos living in the United States and I could count the annual conferences on one hand. Today, there are upwards of 40 million consumers loosely defined as Latino or Hispanic and it feels like there may be as many conferences in a given year.

At one such event held this past week in Miami, the 11th SRI Hispanic Marketing Conference, I was struck by a shift in the content of the program and the attitudes of the attendees (which included top level marketers from Citibank, GMAC Mortgage, Ballys Fitness, Coors Beer and others).

Historically, marketers have been presented with demographically detailed presentations about several tried and true topics which included: the growth of the US Hispanic market (fueled by birth rate and immigration), the brand loyalty of the US Hispanic market (full of personal anecdotes about choosing a cereal in the US for the very first time) and the important role that the Spanish language and Spanish language media played in the lives of Latinos nationwide (accompanied by reassuring research that indicated that ads in Spanish were significantly more effective with this target than ads in English).

So how was this conference different?

Continue reading “The Great Spanglish Controversy” »

Posted by on February 22, 2005 in Hispanic Culture, Hispanic Marketing & Advertising, Language | | Comments (7) | TrackBack (2)

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Mariví Chong on Hispanic Marketing and Advertising

Wonderrmujer_2Right after starting Hispanic Trending, while searching for good information sources to share with you, I ran into the "Ask Mariví?" Blog. It immediately caught my attention. Featuring observations & comments about design for Latino appeal, Mariví Chong shares great insights with her readers and because them has been featured in Packworld Magazine, Shelf Impact and Entrepreneur Magazine.

Mariviglasses_1Mariví, with 10 years of professional experience, is a communications designer at R.BIRD, New York. She has a Bachelor of Arts and a Master in Computer Graphics.

Bilingual and Latina by birth and heritage (born in Lima, Perú) she has first hand experience designing consumer products for both the Latin and US markets. Her unique mix of expertise includes Brand & Package Design, a background in Corporate ID and Advertising.

To reactivate the “Wonder Mujer / Super Hombre OnHispanics” interview series it is my pleasure to share with you Mariví’s take on Latino Marketing and Advertising.


Hispanic Trending: What trends are you observing in the Hispanic market growth?

Mariví: I am seeing more new products, variants or line extensions inspired by Latino tastes or scent preferences. A good example is Beech-Nut Naturales baby food (click on Hispanic Variety, under search by type), which besides introducing unique baby food flavors that are more appealing to Hispanics, they have taken care to extend their Brand with a new label.
Examples_1
Another trend is greater numbers in translation for everyday brands like Tide laundry detergent or Folgers coffee, among others.

And more magazine ads in Spanish from brands like Aveeno, Matrix, Neutrogena, L’Oreal, Clairol, Kellogg’s, Toyota, Verizon, Colgate, etc.


How do you refer to the largest minority in the country, Latino or Hispanic? Why?

I use the term Hispanic most of the time. I find it more accurate and proper to use because of its main significance which is people whose country’s official language is Spanish. I use the "Latino" term in instances where I am talking about a cultural theme. Latino is a warmer word that carries tradition, feelings, language, memories and many other good things.


What language should be utilized when marketing to Latinos Spanish, English, or Spanglish? Why?

English should be utilized overall when younger generations more educated audiences prefer it. Spanish should be a complement and is very useful for those who feel more comfortable in this language or for those who don’t speak English. Consider who your target audience is and how you want the message to be understood.


Which source of information would you recommend to someone interested in learning more about the Latino Market?

The Hispanic Almanac and The Census Bureau.


Who is doing a great job marketing to Hispanics? Why?

McDonald’s is doing a great job with their "Me Encanta" advertising campaign. Instead of translating literally "I’m lovin’ it" they have found the right thing to say. Why? The "Me Encanta" expression in Spanish hits the right spot because it has a very positive attitude. It’s a very nice thing to say something "enchants" you in Spanish, the meaning is so much different from English.

Ford is also doing a great job with its "Amigos-Familia" ads. Hispanics enjoy sharing almost every event with their friends and family, even if it is very small. If you are getting a car, it is a big deal. Focusing the ads in the joy of sharing it with your "Amigos and Familia" it is just great.

Univision.com is full of special interest themes, from "How To Buy a House" to "Immigration" to "Entertainment". It is one of few sites I have found with Hispanic relevant content that is up to date. They have articles I don’t find in any English-only web or TV channel.


Should businesses have a multicultural/bilingual staff?

Big or small companies will have a better relationship with the Hispanic customer if the staff of your company is part of that same culture and understands the language. My multicultural background had a positive influence in my hiring as a designer for R.BIRD.


What social and cultural similarities would you say exist among all Hispanics?

There is a long list of cultural similarities, like language, faith, food dishes made from scratch, music, telenovelas, architecture, environment and history.

Many Hispanic families have arrived in the US in the last 30 years so the attachment to things in their country of origin is fresh. Many want to advance in life to support themselves and their families. They buy groceries and other products in small bodegas or Latino markets.

The other day I was reading a Latin magazine and it caught my attention that there are many traditional products we have inherited from Spain and that are still common among Latinos today. Subtle similarities using Maja soap, Heno de Pravia, Agua Florida or just having the same friendly attitude and catching all "dichos".


Should companies offer options to their customers to access their Website/Literature/Answering Services in Spanish? Why?

Extra information and extra service is of great value. It shows you care and people respond to that positively. It could be as simple as a few words that attract or make a connection between you and a customer. Even if someone speaks very good English, sometimes they are more comfortable speaking and thinking in their first language.


What are the most common misconceptions, bad assumptions and mistakes that you have encountered made by non-Hispanics about Latinos?

There is a misconception that everything Latino should be a "Mexican fiesta". There is also the poor assumption that Hispanics look only for inexpensive items and that is not true. We appreciate and buy high end, quality products just like everyone else.

What is your perception regarding Hispanics and their use of general market/English media?

Younger and more educated Hispanic generations are becoming attracted to English media. Two good examples are Latina Magazine and Voy Network. Both target the Hispanic audience in English and the message is getting across.

Posted by on February 20, 2005 in “OnHispanics” Interviews | | Comments (2) | TrackBack (0)

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Closed Doors / Puertas Cerradas

A couple days ago Ryan, a self proclaimed gringo, sent me an email asking for my take on why Spanish Language Media just wouldn’t hire him, a fully (and I mean fully) bilingual journalist. I was astonished; could definitely identify with whatever he was feeling, and felt compelled to share his story with you. I know this is not necessarily the focus of Hispanic Trending, but y’all have to read this:

“So what are you looking to do when you graduate?” 
Confused
I had been talking with my professor in Spanish.  Her question kind of came out of left field; I had come to her for pointers on how I might improve my Spanish for use in media interviews.   

“I’ve identified three broad areas,” I said.  “Radio, TV, or PR, in English or Spanish.” 

“How serious are you about Spanish-language media?” 

When I switched my major to journalism and mass communications at Arizona State University nearly two years before, I was interested in using my language abilities.  I had already been speaking Spanish fluently for nearly nine years, and what I may have lacked in terms of formal certification I more than made up for in real-world experience: I had experience interpreting (both consecutive and simultaneous) and translating in a variety of office and vocational environments.  I have interpreted in call centers and offices, and translated everything from simple office signs (“Food will be cleaned out of this refrigerator every Friday”) to multipage employment packets. 

By the time I ended up in front of that PR professor, I had tested out of 12 hours of Spanish, was politely kicked out of a 300-level grammar class for excessive language proficiency, took 400-level composition and grammar classes, and worked four internships, even spending a fall semester at a local Spanish-language cable news station.  I had worked assignment desks in TV and radio, done radio and TV reporting solo, and helped produce Spanish-language newscasts. 

So, in short: I love speaking Spanish.  A lot.  And I love the culture: look on my iPod, and you’ll find Evanescence, the Foo Fighters and Collective Soul alongside Shakira, Ricardo Arjona, Maná and Los Caifanes. 

Naturally, I felt very driven about SLM.  I had the language ability: in virtually every respect, I felt my Spanish was better than ever.  Besides, with the demographic explosion among Latino communities throughout the nation, SLM was a hot growth industry.  Only a fool, I reasoned, wouldn’t want to jump in. 

So my professor’s next remarks had my complete and undivided attention.  “I’ve talked to news management in both print and TV in the area, who have expressed vital interest in bringing more diversity in their newsrooms.”  She smiled.  “That means gringos like you.” 

I was a bit skeptical.  “Even for on-air positions?”  Yes, she answered, including on-air reporter slots. 

I felt it would be an ideal career move.  Regardless of what I went on to do, time spent in a SL newsroom would be an obvious asset.  If I could legitimately say that I had reported, written, interviewed and gone on camera—and that I had done it all in my second language—I could gain incredibly valuable (not to mention unique) experience.  I knew the pay was lower across the board than in English-language media.  I didn’t care.  I wanted the experience. 

Continue reading “Closed Doors / Puertas Cerradas” »

Posted by on February 16, 2005 in Hispanic Media | | Comments (11) | TrackBack (3)

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Retro-Acculturation’s Impact on Market Research

By Sylvia Nieto-Vidal
(Special thanks to Suzanne Irizarry de Lopez for sharing this article with me)

For years marketers have been focusing on whether Hispanic consumers are acculturating vs. assimilating.  Well we are beginning to see a new phenomenon occurring among Hispanics in the U.S.:  Retro-Acculturation.  With the rapidly growing number of Hispanics in the U.S., many Spanish speaking consumers are increasingly holding on to their language and customs.  In many cities throughout the U.S., Spanish dominant consumers are able to live and work without having to learn English or give up their culture and traditions.

In addition to the less acculturated Hispanics holding on to their culture and traditions, we are seeing a possible trend emerging among some of the more acculturated, bilingual Hispanics as well.  As a result of much of the research we conduct, we get to analyze and interpret data from thousands of consumers annually and are starting to see what might be the beginning of a larger trend.  Many bilingual or Hispanics that are considered acculturated…those who live their lives in English, watch English-language television and for the most part are very similar to the general market consumers…go through an interesting metamorphosis when they begin to have their own families.  When this segment of the Hispanic population has children they begin to exhibit a strong yearning to pass on their Hispanic heritage to their offspring.  Their desire to pass on cultural traditions, Spanish-language and music sees a resurgence.

As a result of this “metamorphosis”, this Hispanic consumer begins to speak more Spanish in the home in an effort to pass on their native language to their kids, they view Spanish-language programming with their children (i.e., such as Plaza Sesamo, Dora la Exploradora), as well as show an increased tendency to listen to music from their homeland.

So what does this “metamorphosis” mean to marketers targeting this segment?  For one, the traditional criteria for defining and speaking with Spanish-dominant consumers may need to be augmented.  As the Hispanic market changes, so must the tools and research techniques to adequately identify the “target” consumer.  The standard “speak Spanish at home the majority of the time” and “Spanish-language media usage standard hours” may no longer ensure reaching Spanish dominant consumers.  Adding new techniques and out of the box thinking for pinpointing “truly” Spanish dominant consumers should be considered.  Some examples of additional screening questions we frequently recommend to our clients include:

In what language do you think or process information?  Truly Spanish dominant consumers will think in Spanish as opposed to English.

What language do you speak with friends and relatives in social occasions?  Spanish dominant consumers tend to revert to the language they are most comfortable speaking during social occasions (i.e., parties, family gatherings, get-togethers).

Do you purchase and consume products from your country of origin?  Consumers with strong ties to their culture are more likely to purchase and consume products from their homeland (i.e. native foods and dishes).

How often are you in contact with relatives from your country of origin?  A less acculturated Hispanic consumer will have more contact either via telephone or via yearly trips to their countries of origin.

These questions used in conjunction with other analytical queries will provide a more holistic view of the truly “Spanish dominant,” “less acculturated” Hispanic consumer.  The time is approaching when Spanish-language usage and media consumption may no longer guarantee that market researchers are speaking with a lesser acculturated Hispanic consumer.  As the market changes, so must we.



About the Author: Sylvia Nieto-Vidal is the Managing Partner of Multicultural Insights, a minority-owned market research company whose focus is specialized market research for multicultural and niche markets.

Posted by on February 15, 2005 in Hispanic Culture, Hispanic Marketing & Advertising, Language, Strategy | | Comments (1) | TrackBack (0)

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Concepts for developing Spanish language web pages

It makes good marketing & PR sense to give your customers the OPTION of getting the information they need from you in the language they prefer; be it because they don’t know any other language, they feel like it at that particular moment, or for that specific subject they are more acquainted with your "industry’s" lingo in English OR Spanish. It just shows both your current and future customers that you care enough and that you want their business enough to go the extra mile. Be it on a website, telephone answering service, brochures, signage, etc… If you are interested in serving a specific "group" whose native language isn’t English, providing your company’s information in their mother tongue is the way to go. When all is said and done it will be their decision, but you will have given them the OPTION; that’s what’s important.

You have to start somewhere… A simple couple of pages with the basics will do it at the beginning, as long as you let people know you are working on it and you keep adding more pages at a constant pace (independently of the speed) making sure to make a big fuss every time you add more pages (on your home page, newsletters, invoices, email campaign, the media, etc).

Be straightforward about the fact that the translated information is still a work in progress, if that is the case, and encourage your customers to give you feedback on how to make the information better. Always, but specially during this period, clearly provide a phone number, mailing address, and email address to which people could direct their questions and comments in Spanish; never assume that they can find this information elsewhere, it should be available on every “Spanish” page they visit.

The beauty of the web is that you don’t need to get it right the first time; you are ALWAYS able to tweak and edit your site in order to make it better.

One big mistake done by many companies on the “Spanish” part of their website is that hyperlinks in Spanish lead to pages only available in English. This is OK only if it is a temporary situation and if you clearly and openly inform readers that this is the case.

Embrace yourself to have people offended on both sides; one group will say, "If you live in this Country, learn its language!"; while others will say, "Just because I’m from [Country of Origin] you immediately assume I can’t fully understand English?". It’s impossible to make everybody happy; still, the majority of people will appreciate your efforts.

Be sure you have an accurate translation; pay the extra investment… it is definitely worth it. It is not a simple translation job; you have to make sure you are addressing Spanish-speaking Hispanics with the correct words, phrases, sentences, but most importantly, the correct industry terms they utilize; the ones they are already acquainted from.

It is not only having a couple of pages translated into Spanish… Is eventually having your entire website (at least the most critical parts of your website), forms, customer service, terms of service, glossary of terms, search, FAQs, and other contact information available in both languages.

In most situations I recommend utilizing neutral and formal (Usted) Spanish. Even if it is proven that a high percentage of the Hispanic Population is from a specific country of origin this type of Spanish speaks clearly and directly to all.

There is as much, if not more, diversity among Hispanics as there is among Non-Hispanic Whites. In fact, Latinos are present in every segment of society. So always present the information as clear as possible, but not in a manner that may be interpreted as condescending by a more knowledgeable customer. Give options, through Hyperlinks to get more specific and technical/financial information, whenever needed.

It is not only offering a glossary of industry terms, but offering it in Spanish and offering a link that provides a translation of each term (both English-Spanish & Spanish-English).

Each customer must be able to have as much as a unique experience surfing your site as unique the necessities for which they visited in the first place. This can be accomplished by the use of two techniques: Developing of personas and the accurate use of hyperlinks. (My friends Jeffrey and Bryan Eisenberg from Future Now Inc. are a great resource of information on this matter).

Even if you make an outstanding job with your online presence, it is not worth much if at the brick and mortar level, as well as over the phone you can’t walk the walk you talk about in your website.

As far as Icons and colors are concerned, do try to keep the same overall appearance of the English pages while succinctly incorporating warmer hues of the colors utilized as well as including, if appropriate, faces of both your actual employees and REAL Latino clients instead of models.

Have your multicultural staff (I am assuming you have one; if not… what are you waiting for) participate in the development of the Spanish pages, and have them take ownership of it.

Latinos are jumping in the internet bandwagon in high numbers and at a fast pace. This is being catalyzed  by aggressive initiatives like the one from AOL Latino, offering bilingual computer systems along with 1-year’s worth of dial-up internet service, for a total cost of less than the price of a comparably equipped PC elsewhere. On top of connecting Latinos AOL is rapidly establishing strategic alliances in order to provide relevant products, information and services to their new clients in their mother tongue. There are also several other portals fighting for the Hispanic market: Univision.com, Yahoo! en Español, Terra.com, and MundoTeq.com in Spanish. On top of that several Bilingual and/or English language sites catering to Latinos are now available: Searchlatino.com and QuePasa.com to name a few. These facts help reinforce the fact that a Spanish language website is of primary importance in order to sustain and increase our presence among the growing Hispanic population.


Note to regular readers of Hispanic Trending: This article contains bits and pieces of several past articles posted on this site.

Posted by on February 09, 2005 in Hispanic Marketing & Advertising, Hispanic Websites, Language, Strategy | | Comments (5) | TrackBack (0)

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Changing US Perceptions of The Spanish Language

February 8, 2005
By Suzanne Irizarry de López

“The so-called "maiden speech" of a new senator is a historic moment for a newcomer and is often used to define his or her priorities. When Martinez broke into Spanish, followed by his own English translation, the stunned Senate stenographer looked up quizzically and just typed: "speaking Spanish."

This is an excerpt from the article in the February 4, 2005 edition of the Sun Sentinel on the historic moment where Cuban-born Hispanic senator Mel Martinez broke the 216 year tradition of making Senatorial inauguration speeches solely in English.

This stroke me as the beginning of change in the US system as we knew it.  With a growing Hispanic population, Spanish is slowly asserting its place in the USA as a native and all-American language.  Spanish was the first European language spoken in the US (since the late 15th century) particularly in Southern and Western states (most of whose names are still in Spanish).  It is the language many Americans are and have been learning “natively” from birth, and it is an official language, next to English, in New Mexico and Puerto Rico (Puerto Ricans born in Puerto Rico are US natives).

With the proliferation of media (TV, magazines, newspapers, radio, online) in Spanish, and more than 20 million US Americans speaking it regularly, sooner than later Spanish will pass from being associated with a foreign language option at school and an immigrant language, into being just one of the two languages most widely used in the US.  It is not for no reason that the USA is ranked number 5 among the countries in the world where Spanish is spoken, and Spanish number 2 or 3 (depending on methodology used and source) in the rank of languages most spoken on planet Earth.

In the meantime, we are going though “growing pains”, which is what I refer to the pain of being in the midst of the “Spanish is a foreign language” perception and “too many customers are speaking it!” realization.  A daily vignette of many US stores, government and health establishments reveals receptionists, sales and customer service representatives, legal and medical professionals, and their customers, unable to communicate with each other.

For instance, I went into a Dallas county, Texas Department of Motor Vehicles center in a highly Hispanic area, which, as many other states’ DMVs, offers the driver’s license written test in Spanish.  I observed a long line of people, close to 50% who spoke mostly Spanish, and observed how the English dominant receptionist could not understand the customers’ reasons for being there, one after another.  I am bilingual and although I can communicate in English, it rubs me wrong when I presence this lack of bilingual preparedness in places with high Spanish speaking customer traffic!

This picture applies every day to the marketing experience.  Particularly with the increasing interest in marketing to Hispanics, many companies jump the gun, and others (even Fortune 100’s) are still advertising in Spanish and spending a big penny to engage Spanish speaking consumers to visit them and/or buy their products but do not ensure that they put enough truly bilingual staff to serve the needs of the Spanish speaking consumer, and even less maintain the relationship, in Spanish.

The USA is beginning to see the birth of charter bilingual schools, but it will take at least a generation or two to change the more widespread placing of Spanish as a foreign language department elective.  Concurrently, Marketing to Hispanics, in their choice of language, can’t wait that long.  Those who chose to think within the common framework, that English is the only language of US business, will and are likely losing a lot of money, and positioning.

If marketing is about romancing the customer, and there is no effective communication skills in place, at all points of contact, customer relationships with Hispanics just may join the ranks of divorce.

“Tapar el cielo con la mano”, a popular Spanish saying that means covering the sky with one hand, or sticking your head in the ground like an ostrich, doesn’t mean reality will cease to exist.  And reality is that Spanish is a commonly used language, with deep socio-historical roots, in the USA.

About the author:

Suzanne Irizarry de López is Board Member of the Hispanic Marketing and Communication Association and Director of Business Development for Bilingual Research Services. She can be reached by email at [email protected].

Posted by on February 09, 2005 in Hispanic Market Size, Hispanic Marketing & Advertising, Hispanic Media, Language, Strategy | | Comments (0) | TrackBack (0)

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The American Dream

On the January 27 – February 2 edition of the Austin, TX weekly ¡Ahora Sí!, I found the following letter to the editor, which succinctly captures the feelings and struggles of many Latino immigrants. Even though most of my posts are in English, I decided to transcribe this one in its original language; it just felt right…

El Sueño Americano

Cuando tomamos la decisión de salir del lugar de origen para venir a alcanzar el famoso sueño Americano, salimos con la mente llena de pensamientos positivos y muchas ilusiones difíciles de obtener en nuestro país.

Hacemos planes  nos forjamos metas que desafortunadamente vamos olvidando conforme pasa el tiempo una vez que logramos cruzar la frontera y nos estabilizamos aquí. Poco a poco nos empezamos a conformar con trabajar para pagar la renta y los recibos que nos llegan mes a mes. Lo primero que queremos es conseguir un trabajo de tiempo completo de lo que sea. Y cuando miramos atrás nos damos cuenta que contamos con un trabajo de ocho horas y otro de cuatro. Llegamos a casa rendidos y sólo pensamos en comer, dormir y descansar para el día siguiente, olvidándonos de nosotros mismos y aún peor, olvidándonos de la familia.

Pasa el tiempo y nos acostumbramos a esa rutina de trabajo y no nos damos tiempo para apapachar a ese ser tan hermoso que somos; nos olvidamos de jugar con los niños, de comer en familia, de darnos tiempo como pareja, de fortalecer nuestro espíritu y nuestra mente convirtiéndonos en máquinas de trabajo frías y vacías, sintiendo una soledad interna y añorando el día en que regresaremos con los nuestros, viviendo de los recuerdos y esperando el futuro, pero siempre olvidándonos de vivir el maravilloso presente.

Erika Argelia Martínez Martínes
Austin, TX

Posted by on February 05, 2005 in Hispanic Culture, Immigration | | Comments (2) | TrackBack (0)

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Tales of a Recent Immigrant

Laura Martinez, editor of Adweek’s Marketing y Medios, honored me with an invitation to write an article for the February, 2005 issue of her magazine, which by the way has been selected as a finalist in the 51st annual Jesse H. Neal National Business Journalism Awards Competition in the category of best start-up publication.

Mym_feb05_coverThe title of this post is the same as that of the article; I invite you to check it online or on the print edition.

I hope you enjoy it and will greatly appreciate your feedback.

Posted by on February 02, 2005 in Hispanic Culture, Hispanic Marketing & Advertising, Hispanic Media, Immigration | | Comments (2) | TrackBack (0)

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Banks Look for Cut of Mexican Market

January 26, 2005
By Oscar Avila

Miguel Hernandez makes just $7 an hour, but the Waukegan factory worker and other Mexican immigrants have been wooed relentlessly in recent years by the nation’s richest and largest banks, who see a growing, almost untapped market.

On Thursday the competition will intensify when Bank of America rolls out a program that allows immigrants to send money to Mexico without paying any fees, believed to be a first among major banks.

The program will begin in Chicago and spread to other cities later this year.

Although the free service is limited–to qualify, senders must hold checking accounts at the bank and recipients can pick up the money only at certain Mexican banks or ATMs–financial regulators say the decision is a milestone.

Michael Frias, who works with 37 Midwest banks and Mexican government officials to promote financial access for immigrants, said he knows of no other banks that offer money transfers without fees.

"Ten years ago, they were paying 12 to 15 percent," said Frias, community affairs officer for the Federal Deposit Insurance Corp., a government regulator. "Others were literally taking thousands of dollars [in cash] and giving it to a relative going to Mexico during Christmas."

Bank officials hope to entice immigrants with a cheap way to send money to relatives in Mexico and then steer them toward more lucrative services such as credit cards and home mortgages.

Mexico has a stake, too, because it receives more than $13 billion annually from immigrants in the United States, the second-largest source of revenue for Mexico.

Continue reading “Banks Look for Cut of Mexican Market” »

Posted by on February 01, 2005 in Hispanic Business | | Comments (0) | TrackBack (0)

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