| What Does this Mean to Business?
This means big opportunity! Hispanics’ purchasing power is over $1 billion and this is expected to exceed $1 trillion by 2012. This is greater than the entire Mexican economy. According to the U.S. Census Bureau, Hispanic purchasing power in the U.S. is growing at triple the rate of the overall US population.
Top retailers and product manufacturers are recognizing this and reaching out to the Hispanic community. Pepsi has embraced Shakira as its dancing celebrity spokes model, Kmart is promoting merchandise with pop singer Thalia, Kraft has its own Hispanic marketing team, Hallmark Cards is growing its line of Spanish-language greeting cards and JetBlue built a Spanish-only Web site and purchasing process. Opportunity in a Down Economy!
So, the population is growing at a faster rate than the general population (3% a year to 0.8% for everyone else) and the disposable income is growing faster than the general population. There’s no denying that these facts point to great opportunities for businesses and professionals.
Down economies are a perfect time to evaluate where you are, where you want to be and what opportunities you want to pursue. The Hispanic market is the only market seeing real growth right now! This one seems like a “no brainer”! Tapping into the Market!
Ok, now you know this incredible market opportunity exists; but how do you tap into it? Here’s a list of suggestions to get the cash flowing to your business:
Translate Marketing Materials into Spanish. (websites, brochures, flyers, packaging, etc)
Learn Key Spanish Phrases for your Industry. (“Can I help you?” “The property is for sale.” etc.)
Learn about the Hispanic Culture. (tons of info on the internet, books, etc.)
Hire Spanish Speaking Employees. (Try LatPro.com)
Make Sure your Product Addresses the Needs of Hispanics. This is the Time!
Don’t miss the boat on this one. Many businesses are starting to realize the immense potential in this large and quickly growing market. Hispanics are a largely underserved market and you’re just the business or person to help bring products and services to them.
“I wish you great success!” Stacey Kammerman is the founder and CEO of KAMMS World Wide. KAMMS is an international publisher and distributor of job-specific language learning audio and video programs that help Spanish and English speakers immediately improve communication at work. Stacey brings over 10 years of language teaching experience and language acquisition research to KAMMS Worldwide. She uses this extensive knowledge and experience to create the most effective, comprehensive and easy to use language programs on the market. Stacey is committed to ensuring excellence and accuracy in KAMMS job-specific language programs as well as providing exceptional customer service.Kammerman graduated from The Richard Stockton College of New Jersey earning a degree in Romance Languages and Literatures and Latin American Studies. In order to enhance her Spanish language ability and to experience the culture of Latin America, Stacey lived in Costa Rica with a host family, while attending a Spanish language immersion school. Since then, she has visited and explored many other Spanish speaking countries including Mexico, Panama, Dominican Republic and Puerto Rico.Stacey is an enthusiastic leader in her community. She has received the NJ Small Business Development Center’s Success Award in 2006, the NJ Association of Women Business Owners’ Teal Heart Award for Outstanding Service in 2007, South Jersey Magazine’s Top 10 Woman in Business in 2007 and Atlantic City Magazine’s Top 40 under 40 in 2008. Stacey resides in Ventnor, NJ with her wonderful husband Chris and their three children, BriAnne, Haley and Shane. Visit WWW.KAMMSWORLDWIDE.COM for more information
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