Commentary

The Latinspired Strategy: A Novel Way to Capitalize On The Bigger Latin Opportunity

Everybody in the marketing world that hasn’t been living under a rock knows about the huge and growing Latino market in the U.S. If you are looking to capitalize on it you probably have heard all about the $1.3 trillion buying power, the 52 million Latinos, etc. You are probably very excited about this fantastic market opportunity, but then you stop and ask yourself the question: How do I go about capitalizing on it? 

You’ll find that the road to understanding, choosing and being able to execute a successful solution to capitalize on the Latino market is not easy. It is filled with complexity. There are a number of schools of thought on solutions: the Latino, multicultural, and, more recently, the total market approach. These approaches are mostly born out of a question marketers have been asking for many years:

How do I sell more of my brands and products to Latino/multicultural and general market consumers?

The total market approach aims to reach a brand’s target market regardless of ethnicity, race or language. It requires extensive organizational alignment and a large resource commitment, which is why only the most sophisticated companies like Wal-Mart, Target and Pepsi have executed it successfully. 

The Latino and multicultural approaches require relevant marketing mastery, a dedicated team with sufficient budget and strong organizational alignment. Despite the huge market opportunity many times there is still resistance to making it a priority: A new study by the AHAA, shows 57%+ of the top 500 advertisers spend less than 1% of their advertising budgets targeting Latinos at a time when Latinos represent 17% of the population.

So what is the success model to capitalize on the Latin opportunity? In the absence of clarity, the search for a success model continues.

What is a marketer to do?

1. Redefine the problem by asking a different question:

Instead of asking the same question marketers have been asking for a long time, ask: 

What brands and products do I need to sell to fully capitalize on the Latin opportunity?”

By asking this different question you’ll come to a very different solution that can help you tap into an even bigger market opportunity without being constrained by your current brands and products.

2. Realize that the Latin opportunity is larger than the Latino market:

The Latin opportunity is not only the Latino market opportunity it is also the opportunity to win with the mainstream consumers that are being influenced by Latinos and are adopting Latino purchasing habits, beliefs and attitudes.

If you have been following consumer trends you have seen that consumers are increasingly choosing brands and products that inspire them. In fact one of the 10 top trends for 2013 is that the culture and inspiration from emerging markets is being updated and embraced by global consumers. 

It turns out that the Latin world offers some of the most fascinating, beautiful and flavorful inspiration in the world and most Americans love it if they have experienced it. 

Introducing the Latinspired Strategy

This simple strategy answers the question: 

What brands and products do I need to sell to fully capitalize on the Latin opportunity?”

It is about creating and infusing brands and products with the beautiful, colorful and flavorful inspiration of the Latin world to appeal to Latinos and mainstream consumers. It starts from the premise that you need the right products and brands to win with the Latin inspired American consumers. A number of marketers across categories are already using the Latin inspired strategy with success: Café Bustello (Bustello cool), 5 Rabbit Brewery, Sol de Janeiro, Pizza Patron, Osklen, Frontera Foods, Tsimani Studio, Glam Belleza Latina

If you haven’t found a solution, it is time to redefine the problem and ask a different question.

Next story loading loading..