Marketing to Hispanics: A Strategic Approach to Assessing and Planning Your Initiative.

The growth of the Hispanic population has made it one of the most sought-after market segments in this decade. Because Hispanic purchasing power in the U.S. is estimated to reach as much as $1 trillion by 2007, it is obvious why so many businesses want to capitalize on this growth.

For many companies already targeting this lucrative market segment and for those who are considering it, success is not always guaranteed. Even companies with a reputation for well-planned and implemented marketing programs often fail to do the upfront homework, apply the necessary analytical frameworks and set the foundation; often resulting in false starts and initiatives that do not achieve the necessary internal traction.

In her new book, Marketing to Hispanics: A Strategic Approach to Assessing and Planning Your Initiative, Terry Soto provides an in-depth view of the strategic planning process companies need to apply to effectively create market entry strategies that are in sync with not only the environment in which companies compete for a share of this market, but also with their strategic, operational and organizational goals and metrics.

Carl Kravetz, Chairman of the Association of Hispanic Advertising Agencies stresses, “…not all firms are ready to actually service the Latino customers they attract. It is critical to ensure that you are able to ‘walk the walk’ before you begin to ‘talk the talk.’ Terry Soto’s book provides a practical, systematic approach to preparing your company to target and serve Hispanic America and to setting realistic goals by which to measure your success. Buy it. Read it. Use it.” Far from being a tactical marketing “how-to-guide”, Marketing to Hispanics helps marketers ask the critical questions and address sensitive business planning issues including:

Failure to recognize the initiative as a corporate growth strategy rather than a tactic and to align the initiative with your organization’s core competencies and corporate goals
Effectively sizing up the opportunity and setting realistic goals and objectives based on Hispanic market characteristics, your company’s business model and an understanding of ever changing competitive and industry environments
Market entry alternative strategies, including acquisition and specialized business units
Fully preparing your company to leverage its strengths to capture opportunities for entering this new market segment
Considerations for managing and controlling implementation, risk mitigation and measurement

Marketing to Hispanics is packed with real life successes and critical miss-steps from Walgreens, Wells Fargo Bank, PacifiCare Health Systems and others. These case studies support the sound strategic advice Soto gives, making this book an important management resource for new and experienced executives charged with driving forth this type of initiative.

Terry J. Soto, president and CEO of About Marketing Solutions, Inc., is a well-respected voice in Hispanic market strategy consulting, working with Fortune 500 companies to improve their chances of Hispanic market entry success. Her expertise spans a broad range of industries, including companies such as Kraft Foods, Ringling Bros., Walgreens, Dean Foods, Coca Cola, Vivendi Universal, T-Mobile and Disney. Author of numerous articles on Hispanic strategy, she was also lead author of the groundbreaking report Grow with America – Best Practices in Ethnic Marketing and Merchandising. She is a frequent speaker, a key resource to industry publications and a regular contributor to www.retailwire.com. A native of Ecuador, Soto grew up in Los Angeles, California and earned her MBA at the Graziadio School of Business and Management at Pepperdine University.