With Hispanic purchasing power expected to reach $1.5 trillion dollars by 2015, Hispanic marketing has become a hot topic across all U.S. businesses – especially for those in the telecommunications industry. Of particular interest to marketers are tech savvy next generation Hispanics. According to Selig Center for Economic Growth, 1 in 5 teens in the U.S. is Hispanic, and by 2020 their numbers are predicted to grow 62 percent compared to just 10 percent for the overall teen population.
But though there’s a lot of industry buzz around Hispanic marketing, it’s not yet backed by much of any sustainable substance. By and large companies are seeing the need for Hispanic marketing but aren’t doing a very good job of going about it, instead many are still settling for the quick but ineffectual fix of only translating existing marketing messages into Spanish. As The Economist reported in May, 2013 one in every six Americans is Hispanic. If corporations continue to apply an outdated go-to-market approach to the Hispanic segment, they are certain to experience a competitive disadvantage for their brands. This is why corporate leaders must properly invest in building a profitable Hispanic Business Model.