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Targeting Hispanics starts with organizational readiness, says Terry J. Soto, who recently wrote the book Marketing to Hispanics.

The rapidly growing Hispanic population in the U.S. is one of the most sought-after market segments this decade, with purchasing power in the United States expected to reach as much as $1 trillion by 2007.

But for many companies targeting this lucrative marketing segment, success isn’t always guaranteed.

Even companies with a reputation for well-planned and –implemented programs often fail to do their homework, apply the necessary analytical frameworks, and set the foundation, resulting in false starts and initiatives that don’t achieve the necessary internal traction.

In her book Marketing to Hispanics: A Strategic Approach to Assessing and Planning your Initiative, Terry J. Soto, President and CEO of About Marketing Solutions, provides an in-depth view of the strategic planning process companies need.

‘It’s critical that you begin your strategic planning process with some groundwork that involves assessing your organization’s readiness to serve Hispanic consumers’, says Soto. ‘Unless your company specifically targets Hispanics, your business model wasn’t created with Hispanics in mind, so there will be areas within your organization that aren’t set up to integrate this market’s requirements into their daily operations.’

Start by asking yourself a series of questions:

- Do you know what your company needs to deliver? You’ll know this from having done an extensive external assessment that covers not only the market’s needs and preferences, but also what your competition is doing to address them based on industry trends.

- Do you know which parts of the organization will be affected or will affect your ability to create a competitive advantage? In other words, do you know where your strengths and weaknesses are across your strategic, operational and organizational areas?

- Based on this discovery process, what critical issues or barriers will surface, that will need to be addressed within your Hispanic market strategy and the implementation plan that result from it?

Unless you’ve assessed what’s possible in your organization, you won’t be able to develop, much less implement, a strategy that your organization is willing, able and ready to carry out.

Source: Progressive Grocer