Hispanic Marketing Recession-Proof?

Que piensan? (Translated: Whatcha'll thinkin?)

I know you know that I know that you know that I think about alot of things...but I've just spent some time researching this and it's a toss up.  Everybody's cutting back right now.  So I could say...no...it's not recession-proof.  However, there is a bonus when it comes to Hispanics, in that most of them engage in cash-only transactions, meaning the credit crisis has a less significant impact to them.  (Yen, dollars, euros, it's all good...none of that devaluing money stuff though thank you very much.)  Will that take a foothold in Hispanic's attitudes toward spending? Recent studies are inconclusive. (I.E. experts dunno) 

US is Tight? Go to Latin America

So the U.S. market recession is getting pretty tight.  (Who would have thought we'd see the day when companies like Goldman Sachs, Google, Citigroup etc. were laying people off like last year's lunch...ok even yesterday's lunch ain't that hot we gotta admit)  But there is a whole new world in Latin America.  Now could be a time to bone up on your plans to expand or gain more consumers based in Latin America.  (You know you wan'em.)

 How to do it?

 Here are a few thoughts in no particular order. (Being flow that way today...as my brother would say.)

-Be sure and target los grandes major metropolitan areas and vacation areas especially if you are just starting to penetrate the Latin American market.  (I mean after all do you really wanna spend a million dollars to target a big country field and some trees 500 miles from the nearest phone?...Yeah, I no think so.)

-Understand your target group - Ideally use market research to understand your target group's interests, tastes, purchasing habits, shopping areas etc.  Latin American consumers can come in many shapes and sizes.  Dependent on your product and services, knowing your target is muy importante! (Ye-es, have coffee, bring a gift...ok that may be a little much...but you get my drift.)

-Transform this market information into useable and active action for your Latin American target market penetration.  (Do it - get movin'.)

 -Additionally, you'll want to promote your product or service, monitor your market concentration increase, and fine-tune your results to obtain optimal goals for your product or service. (Ooooh, measure measure measure, sooo importante.)

And So the US is Tight? So What?

Maybe your old advertising dollars used to trend towards certain markets in the US, which may now be seeing spending hemorrhaging.  Why not take some of those dollars and invest in Hispanic marketing (or my 401K... just let me know, I'll send you a deposit slip).  With Hispanic marketing, it's not an instant return (Ay-eeee, patience mijitos).  It takes time and effort to build a Hispanic market for your product.  And work started today, could begin to see fruit about on par when the market starts taking a turn around....(Or it could go upside down, sideways...do the boogie...)

Many brand leaders who started out with small Hispanic marketing budgets years ago are now well-recognized in the Hispanic marketplace and reaping the benefits of their early efforts.

Thoughts for today.  We'll all survive this. (With the help of a few margaritas of course)