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According to an article posted on MSNBC, companies who wish to gain a footing in this harsh economy really should pay attention to the Latino community. Why, you may ask? Well, Hispanics, being the United States’ largest minority group, have an incredibly powerful economic presence. “Nuevo Hispania”, as the article calls it, “wield $1 trillion of buying power in the marketplace.”
Pretty incredible given the hard hits we as a national community take during these hard economic times. However, allow me to speak to the influential ground that the Latino market actually has: for years this once ignored community is now the epicenter of major companies like Wal-Mart and Coca Cola. The Hispanic community is where the money is. And the companies that target various Latino communities go far beyond just the dollar. There needs to be an understanding of each individual Hispanic micro market. This includes not only Spanish language itself, but varying cultural differences, as well as age differences as well. The marketers do not just need to translate their products, they seriously need to understand and develop things that pertain to particular demographics they reach. This also means for companies to understand the immigrant narrative.
The Latino presence does not only show through votes, but also through the dollar sign as well.