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June 21, 2011

   In the last couple of weeks the term’ The Hispanic McKinsey & Company’ was brought to the forefront by an article in Ad Age about how Univision has brought in experts in different brand development categories to help position and promote their business.

Been giving some thought to the effort and I have come to the conclusion that it is not only an effort Univision should be doing.

I believe there should be a report by McKinsey & Company the most reputable business & opportunity consultancy in the world about our Industry.

First,  the reputation of McKinsey & Company and the fact that they put out a piece on the US Hispanic Market would create a lot of interest.

Second, the opportunity to expand the knowledge base of key advertisers on the opportunities, challenges and rewards that targeting US Hispanic Consumers offers, is needed and helpful.  Analyzing the opportunities available through diverse language and media models to effectively and efficiently reach ALL US Hispanics would help lay out some ground work for future opportunities.

Third, it would the the most reputable study our Industry ever undertaken.  Regardless of where the chips fall.  We have relied on too many second-tier, but well intentioned studies to defend the status-quo.

Fourth, it will help our ad agencies and media company better understand the opportunities for the next decade. It would help us translate opportunity into growth.

Between all the ad agencies, the media and yes, including us at HispanicAd.com, there would be more than enough to cover the fee.

Maybe this could be an Industry project that the Association of Hispanic Advertising Agencies could use to re-unite or re-invigorate the association and our Industry.

Instead of the media and ad agencies competing for their share of the dollars, we unite together to make it BIGGER !

What do you THINK ?

Gene Bryan - CEO - HispanicAd.com

Comments

The value of a report on our segment of the industry by the “most reputable business and opportunity consultant in the world” would be nourished or diminished by who pays for it. Why hasn’t McKinsey come up with this on its own? Over the last three decades McKInsey has worked day-in and day-out with U.S. manufacturers and marketers and still today connecting brands to consumers in the U.S. that happen to be of Hispanic lifestyle context still faces the misperceptions, misunderstandings, ignorance and biases that keep brands leaving money on the table or bleeding volume share. Who would pay for this re-energizing and re-uniting initiative? AHAA? Hispanic targeted media? Hispanic agencies? Would the mainstream, holding company owned agencies and media companies contribute to or benefit from the “most reputable study in our industry”?

Well, perhaps McKinsey should invest some B2B dollars on Hispanic and Latin American media to promote themselves to Hispanic companies. Riding on the coattails of Univision does not make me want to call them and hire them.

Gene- Thank you for broaching the subject and YES while I applaud Univision for what they are doing...I do agree with you and think that this is the responsibility of our entire industry. The disappointing fact that McKinsey lacks the Hispanic market knowledge when they have the ears of Corporate America is unacceptable. In fact their last published report on Hispanic consumers and our market was in 1998. They and other so-called "market experts" should have been at the AHAA and the Census' co-sponsored event this past Monday, "The 2010 Census: Beyond the Números" and learned a thing or two. We need to take our expertise to the next level and not only tell them what they don't know but tell them why they need to know it - if we all want to survive.

Thank you, Gene. I agree. It is imperative that we unite to provide an acclaimed tool for marketers who are seriously interested in the pursuit and development of their US Hispanic market initiatives to use. US census figures will continue to grow for decades to come, and discourse regarding diverse language usage patterns, media models, and formulaic acronyms, continue to confuse advertisers...

Gene, it would be great to have a McKinsey study about the potential and opportunities that the Hispanic market offers, but wouldn't you think that the incredible US Census numbers would eventually start to wake up marketers? I see excellent wake-up articles about the Hispanic market in all kinds of prestigious and well-read general market publications, but I honestly think that most readers (including savvy and well-respected marketing and advertising professionals) just pass them by, and continue to live in a world where all their potential consumers are urban, English-speaking hipsters, or stereotypical general market (oops, I meant "non-Hispanic white" since "general" should now mean "multicultural") households. So many great presentations and reports just continue to reach the same core audience, missing the audience for whom they are really intended. I guess all of us who are Hispanic marketing aficionados just keep on hoping that there is still some magical formula, presentation angle or spokesperson that will finally wake up the still-clueless marketers, and when it does, that will be a happy day!

WELL SAID GENE! The times when simply a translation or adaptation was enough to "play" the Hispanic game are long long gone. We need to elevate the conversation beyond translating insights into campaigns, but diving deeper into leadership, organizational readiness and internal marketing cultural competency development. I believe strongly that the game will be won by those that realize that multicultural and Hispanic excellence is not about the most creative campaign idea, but the most culturally inclusive mindset that impacts all markets with Hispanic-led efforts. More to come for sure... Liliana Gil Host, Moments2CultuRise www.youtube.com/liligil

Not only do we 'can', but also 'ought to' be the leaders in the profession of marketing and communicating to diverse segments in the U.S., as a new mainstream, and as catalysts for global (at least Latin American) reach. Loida Rosario Edelman Global Public Relations Multicultural Strategy

This is a MUST for McKinsey as well as our industry. Gaining a comprehensive understanding on the Hispanic Market can be groundbreaking for advertisers. Too many times you see big time players take a gamble and lose due to lack of understanding or effort to understand the Latino segment

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