What Hispanic and Latinx Business Owners Need Right Now [REPORT]
The Aspen Institute reports that if Hispanic business owners were provided the resources to scale at the same rate as white-owned businesses, “an estimated $1.47 trillion dollars could be added to the economy.” What additional challenges are these owners facing during the COVID-19 pandemic, and how can we all help? Hello Alice decided to take a look at those questions in a new report titled “The Impact of COVID-19 on Hispanic & Latinx Business Owners.”
Latinos make up the fastest growing share of entrepreneurs in this country, creating new businesses at multiples the rate of other groups, and contributing more than $700 billion in sales to the economy each year. But, of the approximately 4.65 million Latino-owned businesses (LOBs) in the United States, only three percent of those have scaled; that is, reached $1 million or more in revenue annually.
In 2020, 77% of people say wellness is very or extremely important to them. Yet, consumers are still hungry for more: Hungry for more wellness—80% of people want to improve their wellness; Hungry and expecting—75% feel brands could do more for their wellness; Hungry and frustrated—only 46% feel that brands take their wellness as a priority.
2020 is not only a critical turning-point year because of a pandemic, racial and social movements, or an election, 2020 also marks the first time the 0 to 17-year-old segment—or any generation, for that matter—is a multicultural majority. Building on more than 20,500 consumer touchpoints to date, the Culture Marketing Council: The Voice of Hispanic Marketing (CMC) released the first part of a comprehensive study on Gen Z (ages 13 to 17), IT’S TIME: Ready (or Not) for the Multicultural Majority.
Advertisers are realizing anew that where their ad appears is just as important as what the ad says.
The events of 2020 have been a catalyst for a focus on humanity over technology
“The Business Case for Relationship Management,” survey was conducted jointly by the ANA and the 4A’s and serves as a follow-up to an April 2019 4A’s report, “Relationship Management Best Practices Guidance.”
The next phase of the data game is upon us. Winning will require a new playbook.
A study on how the pandemic is affecting the world’s leading brands.
The experience of the fast movers out of the last recession teaches leaders emerging from this one to take thoughtful actions to balance growth, margins, and optionality.
In the first half of 2020, revenues from Latin music in the U.S. grew 18.6% to $296.1 million at retail value, the fourth consecutive year of double digit percentage growth. Latin music continued to grow its share of overall U.S. music revenues to 5.2%.
In looking at how streaming video consumption has grown this year, Easter Sunday stands out as the peak streaming day that Nielsen has ever measured. From there, especially as stay-at-home orders eased and warmer weather came around, total media usage began to normalize. That doesn’t mean, however, that media consumption today looks like what it did before March, especially when you look at the video streaming space. In fact, Brian Fuhrer, SVP, Product Strategy at Nielsen, says the streaming enablement that took place during the stay-at-home periods was like multiple holiday enablement periods all at once.
Never has trusted news been more important in our society. Over the past year we have seen significant growth in news consumption as we increasingly rely on news to keep us safe, connected, and informed. The IAB study sought to understand the brand impact of advertising in the news.
This report corroborates the demise of the Total Market approach, a marketing process that short-changed Multicultural & Inclusive Marketing growth, and resetting marketing as we have known it.
Marketing organizations must adapt to the rapidly changing world. The Gartner Marketing Organization Survey 2020 provides marketing leaders with the latest insights to optimize their organizational structure, transform their existing project management approach using agile marketing practices.
Now I understand the LatinX phenomena …….
Young, diverse, busy, empowered, and family-centered, Latinas are one of the fastest-growing segments among the U.S. population and will represent more than 20% of U.S. women by 2024. They are responsible for more than a trillion dollars of household spend, yet less than 3.6% of U.S. ad spending is invested on them. Are you ready to earn these super shoppers’ business?
