As we are getting closer to the end of the year, many companies are planning and seeking how they can maximize their marketing efforts in 2018. In some cases, CMOs have targeted the Hispanic market as a new stream of revenue, but they haven’t seen a strong return on investment (ROI) because they haven’t been fully committed.
Some of the most common trends I have seen in the marketing and advertising industry are that for some CMOs or executives, they have to increase sales and revenue first to then consider the Hispanic market as part of their marketing efforts.
As we all know, getting new customers in the door is essential to increase revenue. America is changing and evolving where minorities are driving the growth of some major markets besides the nation.
So, why shouldn’t you consider the Hispanic market as a venue to increase sales and revenue? How can you justify that by investing all your advertising dollars in the general market; a market that is getting more fragmented and consumers have more options to choose from you foresee to sale more and increase revenue.
Forecast, planning and budget it is not solely based on what you have done previous years. It is also based on future consumption patterns, loyalty and growth market trends. When you take a look of age, life stage and family size, the cumulative lifetime spending of Hispanics households is greater than white non-Hispanics households, according to Geoscape.
Doing what you’ve always done is easier and more comfortable. But, this behavior lacks vision. As author John Maxwell says, “A leader is one who knows the way, goes the…
