Sounds pretty obvious, right? But, when it comes to growing revenue and market share, too many companies are ignoring the Hispanic population and thus, are not fishing where there are fish.
This point was made recently by the Association of Hispanic Advertising Agencies' "Right Spend Study," conducted with the Advertising Research Foundation, using Nielsen Company data.
The AHAA report outlined some troubling examples of not "fishing where the fish are" such as toy manufacturers who spent 1.1% of their advertising budgets in the Hispanic market in 2007 despite the fact 25% of the population under five is Hispanic, according to the U.S. Census. Apple launched iTunes Latino and then invested a whopping 1% of its advertising power in the Hispanic market, despite the fact Hispanics now spend more time online than other demographics.
Where I live in the Northeast, supermarket chains have essentially ignored the Hispanic market, despite the fact we spend more per week and more per product than any other demographic. Well, they do put the Goya products on sale during Hispanic Heritage Month and Coronas on sale for Cinco de Mayo, so perhaps I shouldn't complain too much.
Many large insurance companies based in Hartford -- considered by some to be the insurance capital -- have completely ignored the market. Others have gone as far as rounding up Hispanic employees -- possessing skills in areas like underwriting, information systems and actuarial sciences -- to spearhead multibillion-dollar corporations' Hispanic marketing "efforts" despite bringing little more to the table than a Hispanic surname.
In today's economic climate, there is no room for inefficiency. This means ensuring you're fishing where your fish are, and allocating the appropriate budget as your bait. Here are some tips:
In case you're wondering, I did okay, reeling in a couple of beautiful rainbow trout on opening day -- using worms.