This post is also available in: Spanish
Hispanic Market no longer a gamble
I want to tell you a story that I read in a book by Dr.Paul McKenna (I Can Change Your Life in 7 Days) in which the author references to a story from the book Don’t Worry, Make Money by Dr.Richard Carlson. Carlson’s book tells a story about two men who were offered the same job by the same company. The job offered was not paid well, but with a large amount of stock. One man turned down the job, stating that the low salary was too risky. The other one took the job. The company was Microsoft, and in a few years the man who had taken the job had made a huge fortune.
We are living that story once again, except, this time it’s not Microsoft; it’s the Hispanic market. Earlier tonight I was looking through People en Español and realized that a lot of top brands are making an effort to reach the Hispanic market. Some of the advertisers are not billion dollar companies, yet they know that Hispanics are vital for their bottom line. Actually, there are a lot more advertisers who should be advertising in People en Español, in other magazines, on TV or online to the Hispanic community. They miss out on a great opportunity. There’s no making up for the time lost in trying to reach the Hispanic consumer.
The rapid growth of the Hispanic market is not only evident to smart advertisers, but to smart publishers as well; a good example is Break Media. They have eight different sites focused on attracting a male audience, subjects covered range from sports to girls and even games. According to Break Media’s CEO, Keith Richman, the opportunity to expand to the Hispanic market was too good to miss out on it. The Hispanic population has grown by over 40% in the last decade, and their spending capacity has past $1 trillion, increasing significantly each year. This information made Break realize that they had to start playing the game. So after hiring Fidel Martinez, a Mexican-American to be their editor, they launched Tu Vez, a site dedicated to Hispanic males in the US. While the advertisers preferred the site to be in Spanish, they eventually decided that it would be an English site. They were able to attract some big advertisers and in the first two months of existence they attracted 6.5 million page views.
Break Media could have ignored this market and stayed to what they were good at. But, despite not having a single person of Hispanic descent on their staff, they realized that they needed to find a way into the Hispanic market. Therefore, Break is an excellent example for how the Hispanic market can boost your business.
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