U.S. LDC Latino GDP Report, the U.S. Economy and U.S. Businesses
Six key factors regarding LatinX U.S. consumers and employees.
I recently attended a breakfast at the L’Attitude conference in San Diego, CA and had the opportunity to hear a panel of speakers, facilitated by Sol Trujillo, who spoke specifically about the most recent LDC Latino GDP Report. I believe this information is important to all business in the U.S.A. Let me share with you some of the highlights of the report, as they pertain to business in the United States. I would then like to make some suggestions as to why you should pay attention to this segment in your own business. Strength of Economic Numbers within the Latino population:- Consumption:
- Employment:
- Education:
- You might want to have some of your employee manuals, training, and guides prepared in Spanish.
- For success with employees, you might want to take into consideration some of the differences that might exist in Latin culture, not just about their language.
- Make sure you look at your marketing plan and make decisions about what you should have available in Spanish and English. You might want to start with your website. As I have indicated in previous articles, make the investment to have the information professionally translated in the version of Spanish that meets your marketplace, not Google Translate.
- If your local population has anywhere near the number of Spanish speakers that Dallas or San Diego have, you definitely need to think about employing someone who can help you with your business overall, with the cultural and language considerations.
- Get involved in the local Latino organizations. This morning I was invited by the Hispanic e-Chamber of Commerce, a national organization that is helping businesses work with each other and learn how to better perform on the web.
- Ignore the negative news about border, the wall, and the political poker chips being played on the news. I myself am a Latino that legally came across the Canadian border. Yes, Jaime Hernandez was born in Canada, and as a business owner I successfully support and help businesses in almost every country in Latin America, and across the United States, in 3 languages. Like myself, most of this population was raised speaking English, educated in America, and, like most Americans, their ancestors came from another country. Latinos are a tremendous opportunity for business.
5 Demographic Megatrends To Drive Business Success