As marketers continue the uphill struggle to ignite consumer spending during this recessionary economy, not everything should be gloomy. Recessions have historically instigated certain business corrections that fuel innovation and creativity.
Additionally, many of the brands that have weathered the test of time have been those that continued business as usual during rough times. They took advantage of their competitors’ retreat and invest to extend their market share. To a certain degree, that’s when leaders are made to last.
Many brands are looking at international markets. There are also some golden spots at home. A unique opportunity currently exists to increase the investment in the Hispanic market, which constitutes a domestic emerging market.
Here are some reasons why you should engage the Hispanic market:
• Already at 15% of the population, the nation’s largest minority is fueling over half of the population growth during the next ten years
• The Hispanic population is also, on average 10 years younger, allowing you to also make a strong impact in seeding market share with both a current and future consumer base
• Hispanics are perfect for pilot marketing programs. They are more centralized geographically and with least costly consumer acquisition costs including media, it’s more practical to engage them then other groups.
• On average, the average Hispanic family is bigger and is supported by a larger extended family allowing them to lend a hand to jointly manage difficult budgets as a result of the economy.
• Focused on quality as part of their
• Finally, U.S. Hispanics, strongly connected to their home countries, can also serve as a gateway for international expansion into emerging markets such in Mexico and South America.
So. Go ahead and say “que tal” to this local emerging market.