A recent survey conducted for management consulting firm Garcia Trujillo LLC found that 64.7% of U.S. Hispanics would show greater loyalty to companies that establish strong, visible ties to the Latino community, while over 66% indicate that they would be more likely to purchase products and services from such companies. Although survey respondents are interested in seeing companies create or tailor products and services to make them more culturally relevant to Hispanics, characteristics such as a greater number of Latinos in important corporate management roles and more community involvement rank much higher in importance for consumers.
Findings from the study include:
- Almost 42% of Hispanic consumers think that American companies have little respect for them as customers.
- 94% feel that products or brands in the U.S. should be represented by Spanish-speaking spokespersons in marketing and informational campaigns.
- 15.5% want to see products and services developed specifically for Hispanics.
- Over 60% think Latino workers face major obstacles to climb the corporate ladder. Language (almost 60%) and a college degree (21.7%) were cited as the biggest hurdles to advancement.
- 60% think companies show commitment to their Latino employees, yet survey respondents estimated that less than 10% of leadership positions in U.S. companies are filled by Hispanics.
Sol Trujillo, chairman of Garcia Trujillo, notes: “This data demonstrates the strategic opportunities for companies and brands to connect with Latinos in meaningful ways.” With the Hispanic population in the United States growing at breakneck pace, American corporations would be wise to start wooing this segment of the market sooner rather than later.
For a copy of the full study, visit www.garciatrujillo.com.
