Hispanic B2B: The next frontier
30 Aug 2005|spalacios
Hispanic marketing continues to grow explosively, with new segments and microsegments emerging as the market increasingly becomes more sophisticated and mature. What’s the next big opportunity in the U.S. Hispanic market? Business to business offerings to Hispanic small and medium-sized businesses.
Estimated currently at 2.2 million, Hispanic-owned small and medium-sized businesses are, similar to the Hispanic population as a whole, growing at an incredible rate. In fact, conservative government estimates suggest that there will be 3.3 million Hispanic owned small and medium-sized businesses by 2010. Recently, Ken Mehlman, the Republican National Committee Chairman, told the National Council of La Raza that Hispanic small businesses could grow to as many as 8 million in the next decade.
As with the Hispanic consumer market, this presents an enormous opportunity to certain market actors. Business services, supplies, financial services, insurance, healthcare and other specific industries have the greatest ROI opportunity. There are several issues and challenges to consider, including the size and nature of these businesses; their locations; the relative lack of information and infrastructure to assess and address these businesses; the cultural relationship selling models; and the right value propositions – all typical characteristics of a newly emerging market.
The Hispanic B2B market opportunity is just being defined, but it will move quickly. First movers have the most to gain!prev next