Brokers, or anyone else interested in investment, sales or marketing a service or product in the U.S. – would you love to tap into “an emerging market within the world’s biggest economy”?
Let me give you a hint on how to do that: Pay attention to Mexico.
According to a recent article from Financial Times, many big corporations are successfully targeting America’s Latin Americans, the country’s most important emerging market. And how are they targeting these clients? Well, having seen what works in Mexico, they can successfully apply very similar strategies in the U.S. to target Latin Americans:
The world’s biggest consumer goods companies are applying lessons from Latin America to their sales strategies in the US, as they try to woo the country’s 53m Hispanic consumers, whose spending power now tops $1tn.
Products ranging from Clorox bleach to Kimberly-Clark’s Huggies nappies and Nestlé hot chocolate are now being tailored to Hispanic tastes using knowledge the companies have gleaned in Mexico and elsewhere.
Hispanic people are the US’s largest ethnic minority, accounting for 17 per cent of the population, according to the Census Bureau. They are expected to reach 31 per cent – or 129m people – by 2060.
Until recently, many companies had sold generic products to US Hispanics without doing anything specific to cultivate them.
But as economic growth in the developing world slows, companies are becoming more eager to win extra business from the group, which some see as an emerging market within the world’s biggest economy.
Read the entire Financial Times article here.
Successful businesses are paying attention to Latin America and Latin Americans. I think that many more of us could learn something from this.
-by Thomas Lloyd