latino lingo

All things related to effective Hispanic marketing, Hispanic advertising and Hispanic public relations.

Tuesday, October 19, 2010

Tactics are good, but let's focus on the strategies

ClickZ has a good article that outlines some facts about the Hispanic market as well as what some companies are doing to capture the market.

What the article, and many that I read in the industry, misses is focusing/discussing the strategic shifts that many companies are taking to make the Hispanic market a key and, in some cases, core aspect of their growth strategies in the short- and long-term.

Examples of what companies are doing serve the industry well by raising awareness and building credibility. However, we can't just focus on the tactical "what" that companies are doing ... we need to focus on the strategic "why" and the results they are attaining.

The "why" is often predicated on the fact that for many of the companies, certainly those cited in the article, their customer base has dramatically shifted ... and so has their revenue streams. For example, General Mills knows that Hispanics spend more on groceries than any other demographic and Quest knows that Hispanic mobile phone usage is helping to fuel the industry as a whole. These are some of the reasons "why" they are doing what they are doing.

Smart companies like these know that they need to "fish where the fish are" and these are the companies that will thrive in a rapid-changing demographical landscape.

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