The Untapped Hispanic Market: Hispanicowned Businesses By now, many marketers have heard of the tremendous opportunities the United States. Hispanic consumer represents in terms of numbers and purchasing power. However, in the age of hypersegmentation and targeting, Hispanic Millennials and bicultural Hispanics have risen to the top of marketer’s go-to Hispanic sub-segments. While most companies focus on this target, there is an untapped consumer segment that has serious growth potential, Hispanic business owners. Many consumer marketers dismiss this segment as a B2B target. What they fail to remember, however, is that there are people behind businesses; Small business owners are people too, making them a unique B2C marketing opportunity. Per a recent study by the Stanford Latino Entrepreneurship Initiative (SLEI); Latino firms continue to be created at faster rates than the national average. While new business creation slowed through the recession overall, Latinos continued to create firms at similarly high rates as before. The 2012 Census counted 3.3 million Latino firms, making up 12% of all U.S. firms. When you factor in Hispanic firms owned by two or more Latinos and family owned and operated businesses, that translates into almost 1 in 10 U.S. Hispanics being business owners. Coupled with another statistic from the SLEI study, Latino firms are located all over the United States, with 75% in majority non-Latino neighborhoods serving mostly non-Latino customers, the halo effect of targeting Hispanic business owners is tremendous and has implications for potentially reaching non-Hispanics. Read the full blog here – ENGAGE: HISPANICS
Share3 May 22nd, 2017|Blog, Hispanic Market Research, Hispanic Millennials, Hispanic Online Research, Online Market Research, Small Business, Total Market Research, Total Market Views
About the Author: Mario X. Carrasco
Mario X. Carrasco is Co-Founder and Principal of ThinkNow Research, an awardwinning culturally-integrated market research agency based in Burbank, CA. The agency integrates Hispanic, African-American, and Asian insights into custom market research for companies and government agencies looking to thrive in a changing demographic environment.Under his co-leadership, ThinkNow Research has successfully launched several innovative market research initiatives, such as
DigaYGane.com, one of the largest and most representative Hispanic online panels in the industry as well as the first Minority Business Owner (B2B) Panel in the U.S.