Thursday, July 1, 2010

Telecom Services Are Getting Hispanic Dollars - How Will Other Industries Fare?

This blog post was written by Paul Sangalang who is an intern at Conexión Marketing.  He has received a B.A. in Business Administration from Washington State University in International Business and in December he will receive a second degree in the Spanish language. 

In a 305-page report by Insight Research Corp. titled US Hispanic Use of Telecommunications Services 2010-2015, it concluded that Hispanic buyers will account for “17 percent of all residential telecom expenditures.” With the number of Hispanics in the US estimated to surpass 50 million, it’s apparent that this demographic will become a major target for marketers outside of only telecommunications services. Telecommunication companies, as well as other industries, have been aggressively marketing towards the Latino population for years, but the question is: when will all the other industries tap into this market segment?

It’s important to note that the Hispanic ethnicity is the youngest segment in the US, with the largest percentage of citizens under the age of 18. It was also found that Hispanic-Americans are very social online, which can be attributed to the youthfulness of the segment. If marketers play their cards right, they will be able to obtain long-term consumers and reap the financial benefits of lifetime customers.

According to early Census predictions, US Latinos will hold $1 trillion in buying power. It will be paramount for companies and industries, which haven’t already, to recognize the immense potential that the US Hispanic segment holds. It’s not too much of a stretch to presume that those companies who fail to recognize what the Hispanic market holds for their business will fall to the wayside, while those that do prosper.

It will be interesting to see how these companies market to the Hispanic segment and who will succeed in gaining the most market share. I’m sure that these industries are all thinking the same thing and will be working furiously to outmaneuver their rivals. So let the games begin…or better yet: ¡que comience el juego!

To view the article click here.

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