This article was published in the Orlando Business Journal

A couple of months ago, my wife and I were babysitting my 11-year-old niece, and I took her out for breakfast to a local bakery.

After seeing her cruising along the glass counter, looking at all the different pastries and cakes, I asked her, “So tell me…what would you like to eat?”

She looked at me indecisively. She was so excited to see the delicious selection of fine cakes and pastries, their different shapes, colors and flavors. But her silence and expression told me that although her eyes wanted to taste each and every one of them, she didn’t know which one to choose.

When I asked her again which one she wanted, she replied, “Just a chocolate cookie, uncle.”

“Out of this amazing selection of pastries and cakes, all you want is a chocolate cookie?”

She answered, “Well, I know I love the taste of chocolate cookies. And even though the rest of these pastries look great, I know I won’t like them.”

Confused, I asked, “How do you know if you haven’t tried them yet?”

This is exactly how some marketing executives react in regards to the U.S. Hispanic market. Even though current market research and statistics show how lucrative this consumer can be to their business, they still can’t decide when, how, or where to start. In many cases, they don’t want to do anything about it because it is something new and out of the norm for them. They try to convince themselves that there is no money to make with this audience, ignoring what the market trends are showing. They tend to classify Hispanics not as a top priority, even though they are trying to figure out how to increase sales, revenue and market share.

So let’s break down what is going on in the consumer market:

* According to the latest report from Claritas, “The Grow Majority: Understanding the New American Mainstream,” today 37.5 percent of the U.S. population is multicultural.

* Right now minorities represent the majority in more than 400 U.S. counties. By 2024, they will represent the majority of the population in 420 U.S. counties, including the most highly populated areas in the nation, such as Los Angeles, Miami and Dallas, just to name a few.

* Hispanics account for the largest multicultural segment in the U.S. (19.6 percent) in 2019. They also contributed more than 68 percent of the U.S. population growth between 2010–2019. By 2024, Hispanics will represent more than 21 percent of the U.S. population and over 49 percent of U.S. millennials will be multicultural. Hispanics currently account for over 24 percent of the U.S. millennials. Also, by 2060, the Census Bureau projects that 30 percent or more of the U.S. population under the age of 35 will be Hispanic.

* America is evolving and multicultural consumers are becoming the majority of the expected growth in America. Hispanics represent one of the most immediate growth opportunities for your business. And in some cases, they could be your entire growth opportunity.

While you are absorbing that thought, here are three important tips that will help you find your business opportunity within this growing audience:

1. Understand your market: When executives are asked, “When was the last time you did a multicultural qualitative or quantitative market research,” the average answers are: “Between 5 to 10 years ago” or “We have never done one.” Many of those who have done market research are not implementing most of the recommendations, yet they still are trying to figure it out why sales and market share have been shrinking. Understanding your market is pivotal to your business success. Your sales and revenue growth will depend on how deeply you engage with minorities, and in particular, with Hispanics. They tend to spend almost 90 percent of their disposable income, and by 2022, their expected purchasing power will reach $1.9 trillion.

2. Know your consumer: Culture is more important than language. Sociologists believe technology contributes to the demand for authentic cultural connectivity. According to the Nielsen report, “Descubrimiento Digital: The Only Lives of Latinx Consumers,” 60 percent of Hispanics grew up in the Internet age. Not only are they over index on smartphone ownership compared with non-Hispanics, they also spend more time on social network sites. So understanding how to connect with them, how to influence them with cultural relevant content in English and Spanish

will be crucial to your business success. According to Nielsen, traditional media among U.S. Hispanics ages 18 and up is still very influential. Radio continues to be No. 1, with the highest reach among this group. No. 2 is live and DVR/time-shifted TV. Mobile/digital is No. 3. This offers marketers and advertisers a diverse media option to culturally engage with them more effectively and efficiently.

3. Execute accordingly: Benjamin Franklin said, “Never leave till tomorrow what you can do today.” Your business growth will depend on how deeply engaged your brand will be with multicultural consumers, especially with U.S. Hispanics. You might be successful now, but the market is not the same as it was five years ago, and it won’t be the same five to 10 years from now. Surround yourself with experts in the industry and companies that have been very successful at it. Learn from them, train your employees and offer the best customer experience to your clients. Create a multicultural marketing plan and execute accordingly. The U.S. Hispanic market should be a big part of your marketing plan and budget. Reallocate your marketing dollars accordingly. Investing in Hispanic consumers will return a better ROI over time if you do it right.

You already can see a strong Hispanic influence throughout our current pop culture, music and food. Hispanic entertainment personalities have never been more prevalent than they are today. As a matter of fact, Latin music surpassed country music in album consumption in 2018. Take advantage of this cross-over of U.S. Hispanics to the mainstream. As Jeff Olson, founder and CEO of Nerium International, owner of Live Happy and the author of “The Slight Edge” said, “It’s never too late to start. It’s always too late to wait.”