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For many companies already targeting this lucrative market segment and for those who are considering it, success is not always guaranteed. Even companies with a reputation for well-planned and implemented marketing programs often fail to do the upfront homework, apply the necessary analytical frameworks and set the foundation; often resulting in false starts and initiatives that do not achieve the necessary internal traction necessary for a succesful and sustainable strategy.
In Marketing to Hispanics: A Strategic Approach to Assessing and Planning Your Initiative, Terry Soto provides an in-depth view of the strategic planning process companies need to apply to effectively create market entry strategies that are in sync with not only the environment in which companies compete for a share of this market, but also with their strategic, operational and organizational goals and metrics. Terry Soto's book provides a practical, systematic approach to preparing your company to target and serve Hispanic America and to setting realistic goals by which to measure your success. Buy it. Read it. Use it.
Far from being a tactical marketing "how-to-guide", Marketing to Hispanics helps marketers ask the critical questions and address sensitive business planning issues including:
- Failure to recognize the initiative as a corporate growth strategy rather than a tactic and to align the initiative with your organization's core competencies and corporate goals
- Effectively sizing up the opportunity and setting realistic goals and objectives based on Hispanic market characteristics, your company's business model and an understanding of ever changing competitive and industry environments
- Market entry alternative strategies, including acquisition and specialized business units
- Fully preparing your company to leverage its strengths to capture opportunities for entering this new market segment
- Considerations for managing and controlling implementation, risk mitigation and measurement
Marketing to Hispanics is packed with real life successes and critical miss-steps from Walgreens, Wells Fargo Bank, PacifiCare Health Systems and others. These case studies support the sound strategic advice Soto gives, making this book an important management resource for new and experienced executives charged with driving forth this type of initiative.
- Sales Rank: #2017083 in Books
- Brand: Brand: Kaplan Business
- Published on: 2006-03-01
- Released on: 2006-03-01
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x .58" w x 6.00" l, 1.09 pounds
- Binding: Hardcover
- 224 pages
- Used Book in Good Condition
Review
Terry's book reflects a trend toward Hispanic marketing maturity. Her strategic perspective and cases take Hispanic market understanding to a higher level of sophistication.
--Felipe Korzenny, Ph.D., Author Hispanic Marketing: A Cultural Perspective
Terry's book is a conscientious and strategic approach to entering the greatest "foreign" market within our borders. All the resources necessary to get started marketing to Hispanics are here. --Russell Bennett, United Healthcare Group
Marketing to Hispanics treats Hispanic marketing as a key strategy within the broader context of a company's overall corporate objectives and strategies - the only approach to ensure efforts are effective and enduring.
--Lou Nieto, ConAgra Foods
The magic of Soto's book is she takes you beyond the numbers, providing American businesses with a strategic blueprint for connecting with Latino consumers; a must-read especially for U.S. retailers.
--Don Longo, Convenience Store News
Terry skillfully shares her in-depth knowledge in context of the real business world in a no-nonsense, step-by-step approach - a must read for committed, seasoned executives and students alike. --M. Isabel Valdez, Author Marketing to American Latinos
From the Author
The Culprits at the Heart of an Under-Performing Hispanic Market Strategy
If you've got a Hispanic strategy that hasn't managed to get off the ground, is evolving ever so slowly or is going nowhere fast, don't give up on it. The market is robust. Instead, consider the three most common culprits: Commitment, Competency, Capability and Compensation.
The Hispanic marketing community is abuzz about the 2010 Census numbers and the double and triple digit growth seen in states for which Census data is already available. You've heard the rhetoric before: Corporate America is missing the boat by not waking up to the Hispanic market opportunity. The argument is the same as it's always been: the market is huge, the market is growing faster than the non-Hispanic market and the market will cease to be a minority in our life time. Pundits are already trying to leverage Census numbers to grow media budgets and all the while, many marketers are "tuned to another channel."
Walking the Talk
Why? Because in the scheme of things, if a company CEO hasn't called out the Hispanic market as a strategic growth driver and hasn't committed to optimize his organization to make it competent and capable to execute against this growth driver and has tied rewards systems to its success, it might as well be Charlie Brown's teacher talking. Everyone just hears the same noise (read: lip service) and goes about managing the business priorities they're being rewarded to grow.
So how do Commitment, Competency and Capabilities impact the degree of interest, momentum, financial support and sustainability of a Hispanic Market Strategy within an organization?
Commitment means that, upon a CEO's communication to his organization, the Hispanic market is a critical business driver for the company. Key leadership is given a directive to mobilize the organization, to conduct its due diligence and to understand the market's situation vis-à-vis the company's business model and current state.
Competency means that all areas of the organization responsible for delivering value to the company's consumer targets participate in the due diligence such that each area leader acquires a deep understanding of market requirements and what that means in terms of adjustments to each area during the planning, implementation and on-going management phases.
Capability means that each area leader understands the implications of existing area shortcomings, understands the necessary organizational and infrastructure interdependencies to deliver against this consumer base and can recommend and implement the necessary processes, headcount and or infrastructure resources.
Compensation means that each area leader's compensation and rewards are tied to Hispanic strategy success outcomes.
Clear Priorities Lead to Action
We know it's possible. We see companies do this every day. They do it when leadership wants to win against a host of business growth trends including outsourcing, green, technology, social media, health, organic/fresh or private label. No one has to beat them over the head with the size of the segments, with how they're missing the boat, or with how much they're under-spending against these opportunities.
When companies address a market opportunity as if their survival depends on it, they make the commitment at very high levels. They conduct the necessary due diligence, they build the necessary knowledge and skill sets among key leadership and areas, and they synergistically create and enable an organization that is capable of winning in a given market space - the right spend is not even an issue.
About the Author
Terry J. Soto, president and CEO of About Marketing Solutions, Inc., is a well-respected voice in multicultural strategy consulting. Her expertise spans a broad range of industries, including food and beverage, food service, retail, financial services, healthcare, technology. and entertainment. Among numerous white papers on ethnic strategy, she was recently lead author of the ground-breaking industry report Grow with America—Best Practices in Ethnic Marketing and Merchandising. In addition to consulting to Fortune 500 companies on entry strategies into multicultural markets, she is a frequent conference speaker, a key resource to industry publications, and is a regular contributor to retailwire.com. A native of Guayaquil, Ecuador, Soto grew up in Los Angeles, California. She holds an MBA from the Graziadio School of Business and Management at Pepperdine University.
Most helpful customer reviews
1 of 1 people found the following review helpful.
Get ready to do business in the lucrative Hispanic market
By Rolf Dobelli
The Hispanic market is the fastest growing ethnic segment of the U.S. population. Its purchasing power is projected to enter the trillions by 2007. Many American businesses are hungry to capture a piece of this exciting, lucrative market. Multicultural strategist Terry J. Soto provides a thorough account of the strategic planning process companies need to employ to understand and attract Hispanic consumers. She cautions that your strategy for marketing to Hispanics must be in sync with your overall business objectives. Soto explains how to conduct demographic and market research, analyze the competition and deploy your internal resources to reach this market. She also tells you how to muster the reports, tables and statistics you need to persuade corporate higher-ups that it is all worthwhile - although the complete marketing re-tooling she suggests may be over the top for many companies. She also favors marketing jargon, but if that is the language you speak every day, you'll sail right along. Soto doesn't focus on the creative aspects of marketing to Hispanics, but if you want a rundown on all the technical aspects, we recommend this complete manual.
0 of 0 people found the following review helpful.
Look no further - it's all right here
By Sandy K
Terry's book gives great insight into the Hispanic market - it's a must read for anyone who wants to learn more about developing a plan of action on reaching this lucrative market. I recently purchased several books on this topic, and this one was the first one I read. After doing so, I felt like I didn't have to read any more. She certainly points you in the right direction, and gives you a litany of things to think about.
0 of 0 people found the following review helpful.
A much needed practical, well informed and thoughtfully structured book.
By Otis S. Farry
Ms Soto does an excellent job of integrating her obviously extensive knowlege of and experience in hispanic marketing with a vital strategic framework. This book provides both the novice and the experienced a valuable opportunity to formulate and critique their own efforts and interests. This approach allows them to proceed from a solid footing rather than merely on the basis of the latest marketing fad.
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