I recently read a blog post by Terry Soto, author of “Marketing to Hispanics: A Strategic Approach,” where she mentioned the 4 Cs for assuring success in a Hispanic marketing initiative.
The Cs were Commitment, Competency, Capability and Compensation. You can read the entire post in the Hispanic CMO website.
Of all the Cs, however, the harder to achieve is Commitment.
Corporate America is by nature impatient. This reflects not only on the constant drive to hit quarterly numbers, but also how quick companies are to kill new programs and products when they don’t work. A very commonly quoted number is that only 1 in ten new products succeed.
Don’t get me wrong, I’m all for quickly eliminating losing products.
(Well, I’m all for it with a few glaring exceptions. Yes, Fox, I’m talking to you about Firefly).
The problem comes, however, when companies confuse new products or programs with new strategic initiatives.
The decision to enter the Hispanic market cannot be taken lightly. But once they start, corporations need to be aware that entering the Hispanic market is a significant addition to the corporate strategy.
Deciding to target Latinos is not unlike entering a new foreign market: you’ll need a plan, you’ll need to know how you will measure success and you’ll need to allocate the right amount of money and time to make the initiative successful.
That’s where “commitment” becomes critical. Any Hispanic marketing initiative needs to be allowed time to get its root deep into the soil and bloom. Results will rarely come overnight, but they will always come to those who stay the course.