When clients ask if there is a business opportunity within the Hispanic market I secretly roll my eyes in a here-we-go-again way. I’ve had it with that question for many reasons but mainly because it’s the wrong one.
That’s like a client/corporation asking “We’d like to sell some Peanuts. Will Americans like peanuts?”Well Mr. Client…No. Not ALL Americans will like peanuts.Some won’t like them and other will downright hate them. Heck. Some are even downright allergic to them. Now, does that mean peanuts shouldn’t be targeted and sold to Americans?
NO. No one would take than answer and halt all efforts meant to reach that market. So if that is the case, why do they continue to do so for the Hispanic market? In terms of numbers that is like turning down the opportunity to approach the 2nd largest Hispanic “country” (the only country in the world with more Hispanics is Mexico).
Going by Pareto* (some smart Italian economist guy) and Joseph M. Juran (another equally smart econo-geek), 80% of your business revenue/sales come from only 20% of your clients. 20%. With this being the case why are clients expecting to have revenue generated by 100% of U.S. Hispanics or the deal is off??
And anyway, assuming there isn’t an already existing specific taste or affinity towards a certain product, that doesn’t mean there won’t be one. That’s our job as marketers. To create a need and a want. It’s not to just speak to people who are likely to fancy what we are advertising…You already have those people in the bag. Lets start casting the net further out to get those people who aren’t considered an “opportunity” because of the weak and unfounded assumption that they just won’t like what you are selling.
After all, no one ever got laid by not asking the other person out on a date first, right? Same goes for brands…Ask someone the right 20% of consumer to go on a date with your brand and you’ll get lucky.
Ok, I feel better.
Laters!
L
*I had no idea about the Pareto thing until my finance geek boyfriend brought him around and introduced us. Who would’ve thought I’d end up dating a complete and total nerd.
strategicliz 