Should you attack the Latino Market? What’s your strategy?

Latino FamilyAre you missing the boat in  the U.S. Latino Market?

According to census data (2010), there are 309 million people living in the United States. 265 million were born here, and 43.9 million were born elsewhere. Of those 43.9 million, 47 percent are Latinos; which is quite high when you compare it with census data of the 1950s. During that decade, Latinos weren't even 8 percent of the total foreign-born population in the US.

If we take a look at the US total population between 2000 and 2010 we find that the Latino population born outside the country grew 29.75 percent, while non-Hispanic immigrants, native-born, and total population grew 25.57, 7.29 and 9.96 percent, in that order.

So to make these numbers simple, the Latino U.S. population has grown about 30% (rounding) over the past 10 years.

Additionally, the Latino population is set to grow and outnumber whites in the US, by a projected 2025.

Here is some census data.

http://quickfacts.census.gov/qfd/states/00000.html

What opportunities are there for you, your products and services?

Here are some things to look at:

a.      Do you have Spanish speaking staff?

b.      Is your product or service being marketed to this population in Spanish/English?

c.       Who is the target within the Latino population?

d.       Men, Women, Youth, Kids?

e.       Ages?

f.       Geography?

g.       1st, 2nd or 3rd generation?

h.       Are they Spanish dominant, some English proficiency or bilingual?

i.       Level of education?

These are some things to consider when developing a sales approach to attack this market. Additionally, the sales strategies to get them to buy differ from the typical strategies for those customers born in the U.S.

Are there opportunities for you in this fast growing market? We ask again.

Many businesses are missing the boat on this fast growing market.  Because they don’t know how to start, or were to start.

Need help, give us a call to discuss your needs, services and products.

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