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Teaching Midwest Hispanics how to Fish through Benevolence and Information

By Sven Rischbeith, Sosa Group

"Give a man a fish, feed him for a day. Teach a man to fish, feed him for life." — Chinese proverb

 “He who sleeps catches no fish.” — Italian proverb

How do these apply to Hispanics in the United States today?

The idea of luring and chasing after Hispanics’ perceived purchasing power may move businesses to widen their horizons and give fish away to them by handing out free gifts at events and paying large lump sums for banners without information. But when it comes to actual advertising and marketing to the Hispanic market, not all American businesses are entering the Midwest pool awake enough or well equipped with benevolent and informational tools to teach Latinos how to fish for life.

“I think what most Latinos want is education,” said Martha Pabón, Hispanic Outreach Liaison & Constituent Service Representative for U.S. Sen. Evan Bayh. “According to the statistics that I last read, immigration actually comes fourth or fifth.”

“Hispanics want education and information because with education one can actually become somebody in the United States,” Pabón continued. “We know that we can’t become anybody without being informed of things.” 

Gauging the Hispanic economic power can be stunning. But it can get lost when that purchasing power is managed without proper information on many products and services offered in the United States, like insurance, financial literacy and credit, among others. With a current purchasing power of about $700 billion (turning to $1 trillion by 2010 and $3 trillion by 2050), overlooking this market and without an educational endearment towards its community would be obtuse behavior.

At the current growth rate, Hispanic spending power and their endearment patterns will determine the success or failure of many products and services in America’s market. According to the Selig Center Report, Hispanic consumer waves are shifting from the standard markets of New York, California, Texas and Florida to newer places, of which the Midwest is perhaps the next lucrative step.

Concentrating in Kentucky, Ohio, Indiana and Illinois respectively, Kentucky’s annual current Hispanic purchasing power is $1.3 billion, however, that number will substantially double in five years. With Ohio’s larger economy, Hispanics currently claim $4.4 billion of Ohio’s Hispanic market. In 2010, Hispanics in Ohio will account for a generous two percent of the state’s $400 billion in that year alone. Hispanic’s grip on Indiana’s buying power moves up the scale with a substantial $4.6 billion market share today, and by 2010, Hispanics in Indiana will spend $7.3 billion annually. Illinois ranks above all when eight percent of its state’s purchasing power comes form Hispanics. With $31 billion worth of Hispanic buying power, Illinois awaits for it to rise to nearly $50 billion in only five years.

Even with these predominant figures, Midwest American corporations seem still hesitant in spending advertising or marketing dollars to its booming Hispanic population.

The SosaGroup, a leading communications design and brand development firm located in Indianapolis, Ind., understands the concern. Because the SosaGroup has been in Indianapolis for more than 20 years and studied the Midwest Hispanic Market, the agency has a unique cultural understanding of where the market is coming from, making them a top choice for secure and strategic market investments.

“Latinos are breaking the rules of most marketing strategies and are challenging marketers to develop more intelligent strategies to reach them,” said Carlos Sosa, principal of the SosaGroup. “The method of using one vehicle, one message no longer seems to be doing justice to U.S. companies; a new mode of reaching audiences needs to be found.” 

With statistical information about the Hispanic purchasing power in the Midwest and the SosaGroup’s professional knowledge about how to add a benevolent approach by informing this market, companies in Middle America no longer need to face concern and uncertainty in reaching such an important market. And instead of “giving a man a fish for a day,” corporations can counter that, and show a man how to fish for life, and at the same time, be awake and catch some fish!

Businesses can now efficiently reach out and educate to Midwest Hispanics on how to use their products and services in a way where corporate communication is stripped away and capitalize on the Hispanic market through sound and personal advice.