In order to enter the market successfully, you need to not only understand the environment in which you will compete for this market, but also ensure alignment between your Hispanic strategy and your company's strategic, operational and organizational model, goals and metrics. In Marketing to Hispanics: A Strategic Approach to Assessing and Planning Your Initiative, I guide you through in-depth strategic assessment and planning processes and frameworks companies need to apply to create effective market entry strategies that will lead to greater value creation through their Hispanic initiative.
Address critical business issuesThis book is far from a tactical marketing "how-to-guide." Marketing to Hispanics helps management ask the critical questions and address sensitive business planning issues including:
Case Study Excerpts from Marketing to HispanicsMarketing 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 exemplify the strategic process I follow with clients, making this book an important management resource for both new and experienced executives charged with driving forth this type of initiative. Wells Fargo Bank AbstractThe third area the bank looked at was the organization as a whole and its ability to support the product in the past and future. WFB had several conversations with its regional leadership, and its operations, systems, and marketing groups. Essentially, the team approached every area that potentially could have anything to do with the product. The goal was to ensure that the company was ready to take the next step in this business and that, if it were to invest more aggressively, that all facets could and would work together to support the product. The team's approach was to take the gathered information and meet with key stakeholders to obtain their reaction and involve them in the process... Walgreens AbstractWalgreens decided to analyze the Hispanic market several years ago; but its Hispanic efforts are not grounded on having a Hispanic program, per se. Rather, understanding the Hispanic opportunity is and always has been about implementing its corporate strategy to achieve its objective of becoming the neighborhood store in any neighborhood, including Hispanic neighborhoods. As such, Walgreens' assessment work to understand the Hispanic market stems from its need to understand all its customers' needs. Walgreens' major point of differentiation among nearby direct competitors-supermarket pharmacies and mass merchandisers-is not to be the type of store that is everything to everybody. Rather, the assortment is very selective and is based on the customer shopping patterns. This is how Walgreens leverages customization to attract all consumers, including Hispanics, to its stores... |
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The growth of the Hispanic population and its increased purchasing power (estimated to be $1 trillion by 2007) will make it one of the most sought-after market segments of the 21st Century. 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 necessary upfront assessment and analysis when it comes to their Hispanic strategies, often resulting in false starts and initiatives that do not achieve the necessary internal and external traction.