01/ 20/ 2006
by Glenn Townes
Being able to effectively communicate with as many people as possible is a key element in promoting and maintaining a business. One way to do this is to consider the needs of the fastest growing minority group in the country––Hispanics. A good place to start is by learning the fundamentals of the Spanish language. Not only could this improve workplace efficiency by helping you communicate with Spanish-speaking employees, it could yield an abundance of marketing opportunities for your small business in a global market as well as increase your profit margin.
Entrepreneurs who do not learn even the most basic or rudimentary elements of the Spanish language are missing out on the estimated $700 billion Hispanic market in the country. With about 40 million people, Hispanics now make up the largest minority population in the country. According to the Selig Center for Economic Growth at the University of Georgia, Hispanic buying power is growing faster in North Carolina, for example, than any other state in the country.
Some small-business industry experts contend that entrepreneurs who neglect to include the Hispanic market when establishing and promoting their businesses will find themselves losing ground and valuable dollars to businesses that, at the least, invest in learning Spanish. For example, in the real estate and financial services sector, a hot market for new businesses, having a bilingual staff or speaking Spanish yourself may be critical to the success or demise of your business. For some entrepreneurs, in order to maintain a ubiquitous and successful business, learning Spanish or employing a bilingual staff is crucial. This can be difficult, however, for a business that has specialized needs or a limited budget. But businesses should include this expense in their annual budgets.
Another aspect to consider is the diversity among Hispanics, as in other cultures. Regional accents and differences between Mexican, Venezuelan and Argentine style in such things as cuisine, for example, should be considered when marketing your business to Hispanics. Another tip to consider is that, generally, most Hispanics prefer personal or face-to-face contact when conducting business, as opposed to the telephone or Internet. Being able to effectively converse in Spanish in person will definitely give you an advantage in selling and promoting your product or service.
A recent study by TheLadders.com, an online job search service, revealed that out of nearly 1,500 executives in the $100,000-plus job market, more than half––about 60 percent––found that Spanish would be the most useful foreign language at their jobs. Chinese came in a distant second, and French was third.
Learning any foreign language––especially Spanish––is a way for the savvy and wise business owner to tailor a cogent marketing strategy and draw a specialized and burgeoning consumer market. Similar to the corporate world, people who speak multiple languages have more employment advantages, including promotions and happy colleagues and clients. Business owners who speak multiple languages will have more customers and fatter profit margins. It is important, however, to approach speaking Spanish to your customers sensitively. Never assume that a Hispanic customer does not speak English.
There are plenty of options and programs available for you to learn the basics of Spanish. They include Berlitz (www.berlitz.com.), which has more than 500 centers worldwide, and (www.acceleratedspanish.com), an online study program.
