Fortune 500 Companies Target the Hispanic Market

In this day and age, Hispanics constitute the largest demographic group in America, and one with an ever-expanding buying power. The rapid growth of this population has made it a lucrative target for many Fortune 500 Companies. Based on data from the U.S. Bureau of Economic Analysis, Hispanic purchasing power in the U.S. is estimated to reach as much as $1 trillion by 2010, which makes it obvious why many businesses want to capitalize on this growth.

A key example is IBM, a leading multinational computer technology corporation. During an annual event advocating the increase of the Hispanic population’s access to educational, employment, and entrepreneurial resources called La Familia Technology Week, IBM launched a campaign to target Hispanic business owners. As part of this campaign, IBM distributed a complimentary toolkit that aimed to spur profitability and growth in small businesses. Furthermore, they initiated a program called TradúceloAhora that funds several hundred schools and non profit organizations in the North America. The program aims to enhance communication between Spanish-speaking families and English-speaking officials.

IBM does not stand alone in its quest to tap into this sought-after market. Other Fortune 500 companies including Microsoft, Aetna, and AT&T have taken action by either outsourcing customer services to locations that provide Spanish-speaking and bilingual agents or hiring, training, and managing bilingual agents internally. As the purchasing power and number of Hispanics continues to grow, it will strengthen their position as one of the nation’s most attractive population for companies to target. As a result, there will be an increased demand for bilingual services in the country to cater to this market’s needs.

By Karina Lairet