| Answer: The Latino market has a wonderful way of remaining under the radar. It is a latent market that may probably already be impacting your business (positively or negatively) without your knowing it. Fooey, you say? Not so? Often when marketers pull the data, they aren't convinced by the numbers, the ones and zeroes. Why is that?
Part of the answer lies in the purchasing behavior of much of the Latino market. The point here is not so much in what they buy but how they buy. Latinos, for varied reasons, still utilize cash more often than the rest of the United States. Because dollars aren't bar-coded and data cannot be mined effectively, all the segmentation studies, market share analyses and geographical projections are under-reporting the actual impact that Latinos mean to a company's portfolio and to the category in which it markets.
Some companies advertising in certain cities and/or states are extremely late if they aren't marketing to Latinos today. If a baby products marketer does not have a solid effort in California, or even throughout the United States for that matter, they are at a disadvantage. Why? Because nearly 20% of the women expecting a baby right now are Latinas (50% of the mothers to be in California are Latinas).
Perhaps you are in a strange category that does not need to be embracing the Latino market yet. That is possible. If you have any doubts, contact us and we'll help you evaluate the potential of your growth in this invisible corner of this nearly invisible monster of a marketplace. Contact us at marketpotential@latinomarketing.org
Be sure to visit latinosoftware.com for more extended forums on the Latino marketplace.
|