Companies that ignore the Latino market will disappear
Companies who really want progress can no longer afford to ignore Latinos, that is, if they truly have a vision of the future. Photo: Krakenimages.com / Adobe Stock

It's no secret, Latinos the secret to the growth and future success of America. But for too long, this group has been viewed by companies as a single segment. Aside from being the largest racial or ethnic group in the U.S.; Latinos are a diverse, intersectional group with different experiences, perspectives and expectations, this is something that companies that want to grow in the future cannot afford to ignore.

History tells us again and again how prominent politicians, empires, and even large corporations have fallen from grace or lost millions of dollars due to the simple fact of not having a vision.

They thought the phone was a “toy”

A famous story says that when Alexander Graham Bell invented the telephone in the late nineteenth century; he looked for a way to spread his new device to the masses and strengthen his patent in order to prevent other companies from copying his idea. Since this all this required huge amounts of money, he tried to find investment partners.

In 1876, Graham Bell offered the patent for the telephone to Western Union Telegraph Company, which handled the largest telecommunications monopoly of the time: the telegraph.

According to a Forbes magazine article, the president of Western Union Telegraph Company, William Orton, said, “What use could this company make of an electrical toy?”

Given this humiliating rejection, Alexander Graham Bell created the Bell Telephone Company in Boston, later called American Telephone and Telegraph (AT&T); which became the largest supplier of telecommunications worldwide. Western Union, meanwhile, focused on money orders and transfers.

A rejected quartet

Jumping to another event in history, in 1962, the lead talent scout at the music company Decca Records, Dick Rowe, rejected a quartet of young musicians; arguing that “guitar groups are on their way out.” He instead chose to sign another group called The Tremeloes.

The group that was rejected, named The Beatles, is now considered the most popular and successful band in history, with over 2 billion albums sold worldwide.

Will they continue to ignore Latinos?

The Latino community in the United States is an extraordinary demographic and economic force. According to a 2021 Nielsen study, Latino buying power is projected to be $2.6 trillion over three years; an increase of nearly 150% over the last decade.

This figure makes the Latin American community one of the first economic powers in the world. This gives us an idea of the enormous potential of this niche market; not only in the U.S. but also worldwide.

A market strategy aimed at this community does not consist only of “translating” a message into Spanish. It must take into account the complex cultural peculiarities of this diverse group, it must work hand in hand with respected organizations and media, which walk shoulder to shoulder with Latino families.

The Latino community is the demographic and economic future of the country. Companies and governments who really want progress can no longer afford to ignore this group; that is, if they truly have a vision of the future.

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Diego Barahona A.

Diego Barahona A.

Periodista, editor, asesor, y presentador. De 2016 a 2019 el periodista más galardonado en Estados Unidos por los Premios José Martí. Autor del best seller: ¿Cómo leer a las personas? dbarahona@lanoticia.com