From Bank of America to your local Corner Store, taping in to the growing Hispanic market is becoming more important every day to improve their Bottom Line. With the rapid growth of the Hispanic population, (Hispanics accounted for about half the growth in the US population since 2000), NOT knowing Spanish can actually be a liability to your business.
In the past, the only reason to learn Spanish was to get "Comida" and a "Cerveza" during a trip to Mexico or to show off while ordering food at a Mexican Restaurant, but that has changed drastically. In some cities in the US, the Hispanic population is so big, that you regularly see signs at stores that say "English Spoken".
The growth of the US Hispanic population, now numbers 40 million – 13.7 percent of the US population, according to the US Census. Demographers forecast that figure will at least triple by 2060. Jupiter Research predictions 8 million Hispanic households will be online by 2007, almost twice as many as in 2001. The group's buying power is expected to top $ 926 billion by 2007.
With numbers like that, even if you currently do not sell to the Hispanic Market, learning Spanish could make a big difference to your bottom line. Yankelovich Inc., a leading marketing research and consulting firm, states in its 2006 predictions that the Hispanic market is "a main driving force" and "catalyst for growth" in the American economy, and that it will receive greater attention from marketers this year and beyond.
A strategic advantage you can gain against other companies, who are targeting the Hispanic market, is to speak "Their" native Spanish, not regular "Castellano Spanish" taught traditionally. A majority of US Hispanics are from Central and South American descendants and speaking directly to them will dramatically improve your success rate.