Hispanic consumers have been a priority for marketers in America because they are the largest multicultural minority, are young and passionate about technology and have $1.2 trillion in purchasing power. It’s well known that Latino population growth is unstoppable, it has doubled in size in the last 15 years; however, did you know Hispanic-owned businesses have nearly quadrupled in the same period?
Every five years, the U.S. Census Bureau releases its most recent Survey of Business Owners, which provides “a detailed portrait of America’s businesses and business owners from the national to the local level.” After conducting their 2012 Survey, and tallying responses from approximately 1.75 million businesses in the United States, the Bureau released its final figures on December 15, 2015.
After analyzing these final figures, we have learned that marketing to Hispanic B2B represents an enormous opportunity; a full 12% percent of businesses in the United States are Hispanic-owned and they generate more than 15% of this country’s sales, and pay $80 billion in payroll. In addition, Hispanic businesses are an easily-accessible market that’s being inexplicably ignored by 80% the Business to Business marketing community.
- They are rich: 30% of Hispanic “small business owners” have incomes higher than $100,000—placing them in the top 20% of U.S. households.
- They are connected: Approximately 75% of the customers who are patrons of Hispanic businesses are Latinos.
- They speak your language: Approximately 75% of Hispanic business owners are at least bilingual.
To find out more about this opportunity, click to download our FREE whitepaper “Unlock the Hispanic Business-to-Business Market.” You will receive useful information, backed by a powerful combination of numbers and anecdotal experience that will help you penetrate this lucrative market, maximizing its potential and increasing your company revenues.
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