4 Tips for Tapping the Power of the Hispanic Market

Latinos in the U.S. are far from a niche market. Consider that there are 60 million Hispanic people in the U.S., generating more than $500 billion in annual sales. Connecting with this large segment of the population and harnessing its consumer power is good for all businesses, Hello Alice co-founder and CEO Carolyn Rodz said in a lively Hispanic Small Business Town Hall hosted by Hello Alice and Inc. Friday.

Rodz moderated a panel on the challenges and opportunities facing Hispanic-American entrepreneurs. Here are three key takeaways.

1. Validate. One of the most important things Hispanic business leaders can do is validate their community, said Beatriz Acevedo, a serial entrepreneur whose latest venture is an in-development fintech called SUMA. When she co-founded Mitú, an entertainment company aimed at the bilingual, English-dominant youth market, it sought to communicate: “I see you, I hear you, this is the place for you.”

2. Listen. Reach out directly to customers and listen to their needs, says Kim Gamez, founder and CEO of Mi Padrino, an event planning and ecommerce platform. As she built her business, Gamez went on a listening tour to hear what Latinx consumers needed while planning events like weddings and Quinceañeras.

“I built my platform for them, not for me,” Gamez said. To better serve your audience, listen for cues and ask, “What are these people really saying?”