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					Targeting the United States Hispanic Market

Ethos Group, Inc.

Targeting the United States Hispanic Market

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Table of Contents

Targeting the United States Hispanic Market………………………………………..……………3 The Hispanic B2B Market…………………………...…………………………………………....4 The Hispanic Business-to-Consumer Market……………………………………………………..4 Marketing Strategically to U.S. Hispanics………………………………………………………..5 Selecting the Target Segment……………………………………………………………..6 Focusing on Cultural Appropriateness……………………………………………………6 Developing Linguistically Appropriate Materials………………………………………...7 Committing to a Comprehensive Plan…………………………………………………….8 Selecting Products and Services that Meet the Target Segment’s Needs…………………9 How the Banking Industry Can Access the Hispanic Market……………………………………..9 Demonstration of Commitment……………………………………………………….…10 Challenges Experienced by U.S. Hispanics……………………………………………...10 Best Practices in the Banking Industry………………………………………………......11 Summary……...………………………………………………………………………………….12 Ethos Group, Inc.………………………………………………………………………………...12 Endnotes………………………………………………………………………………………….13

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Targeting the United States Hispanic Market Targeting the United States Hispanic Market

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The visible transformation of the ethnic landscape of the United States since the 2000 census has caused many companies to shift gears in how they attract new clients. Dependence on traditional marketing strategies to attract business within the burgeoning Hispanic community is beginning to make way for a more strategic targeted approach that is taking into account the special nuances of this diverse group. Hispanics currently represent 13.45 percent of the U.S. population and are now the largest minority group in the country. By 2050, approximately 25% of the country will be of Hispanic descent. Within this emergent market, Hispanic purchasing power is currently $450 billion, and expected to rise to $970 billion by 2007. The number of Hispanic-owned businesses in the United States reached 2 million in 2004, generating revenues totaling approximately $274 billion, according to Hispanic Business Magazine.1 Over the past 20 years, the most significant research available on the Hispanic market primarily focused on the Business-to-Consumer (B2C) relationship. The amount of research available on Hispanic business owners in the B2B (B2B) sector is increasing as entrepreneurial trends rise among this population. Large corporations conducting research on Hispanics have utilized considerable resources to accurately gauge the habits and composition of this target audience within key categories such as household, automotive, telecommunication and packaged goods. Some of these findings apply to marketing as a whole, while others are industry specific. Vital characteristics discovered in the research of this segment of the U.S. population include:     There is an indisputable variation in national and racial backgrounds among Hispanics, with ancestral links to native populations, European, African, and Asian groups, as well as language and regional preferences. The acculturation levels among Hispanics are linked strongly to immigration flows, with a noticeable variation occurring by region. The median age among Hispanics is younger than the rest of the U.S. population. Hispanics demonstrate consistent brand loyalty. Upon gaining confidence in a particular product or service, Hispanics tend to establish a commitment to the brand.

Effective marketing campaigns geared to the Hispanic market, whether focused on B2B or B2C sales, must take into account the multiple variations existent within this target population.

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Targeting the United States Hispanic Market The Hispanic B2B Market

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The analysis of historical and current data indicates the increasingly critical role of Hispanic-owned firms within U.S. economic development, as this strong and developing market continues to gain access to the economic and social mainstream. The catalysts for this trend are the growing number of Hispanic entrepreneurs and the increasing affluence within the nation's largest minority population. Data from the U.S. Economic Census Survey of Minority-Owned Business Enterprises shows that the number of Hispanic-owned firms soared by 76 percent between the years of 1987 and 1992. While growth slowed to 30 percent from 1992 to 1997, the number of Hispanicowned businesses in the United States surpassed 1 million for the first time, rising from 862,605 to 1,121,433. According to a study by the Advocacy Office of the U.S. Small Business Administration, many Hispanic, Asian-American, African-American and female employees abandoned their jobs to pursue self-employment last year. Total self-employment, defined as a legally incorporated business with no more than one employee and an owner not working at another job, reached 12.2 million people in the United States in 2003, up from 716,000 in 2000. Between 2000 and 2003, the self-employment rate for women grew by nearly 7 percent to 3.8 million; African-Americans achieved their highest self-employment in 2003, reaching 710,000 (up nearly 2 percent); and the number of self-employed Asian-Americans increased by 26 percent to 590,000 business owners.2 The most dramatic increase in self-employment was by Hispanics. The Advocacy Report found that, in 2003, 1.3 million Hispanics reported as self-employed, compared with 241,000 in 1979—a fourfold jump. “The increase was sparked, in part, by the growth of the Hispanic population in the United States,” said Thomas M. Sullivan, chief counsel of the Advocacy Office. “The increases were good news. The United States is a place where it is very easy to be your own boss and start a small business.”3 The Hispanic B2C Market The steady increase of the U.S. Hispanic population has impacted all 50 states, more than doubling in 21 of them between 1990 and 2000. As of 2005, Hispanics comprise 13.45 percent of the country’s population. Within this group, 66% are of Mexican descent, 9% of Puerto Rican descent, 9% of Cuban descent, and 16% from other Spanish-speaking countries. Hispanics are typically portrayed as a single homogeneous Spanish-speaking group, which is understandable considering the visibly larger group of Mexican U.S. Hispanics. However, the make up of the Hispanic market actually represents 20 countries in total, creating several variances within this consumer market. In addition to divergent national origins, U.S. Hispanics differ by racial background, with ties to ancestral native populations, African, European, and Asian groups.4 Significant language preferences are also apparent. As of 2004, experts agree that seventy-one percent of the U.S. Hispanic population is Spanish-dominant, while twenty-nine

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percent are English-dominant. Between the sexes, 68% of Hispanic males feel more comfortable communicating in Spanish, while the same is true for 80% of Hispanic women.5 Diversity in language usage and regional preferences are prevailing factors determining the level of acculturation of the Hispanic population. By 2025, there will be a significant proliferation in the amount of English-dominant Hispanic speakers as more generations of Hispanics are born within the borders of the U.S. each year. The acculturation of Hispanics—the extent to which American traits have been adopted—is gradual, due to strong ties to cultural roots. Acculturation levels are linked strongly to immigration flows, with a noticeable differentiation occurring by region. The Hispanic communities within California and Texas are largely of Mexican descent, while New York and Florida are largely of Caribbean origin. Among the cities heavily populated by Hispanics, Miami is the least acculturated city; it also happens to be one of the nation’s biggest gateways for immigrants, with new arrivals originating from South America, Central America and Mexico. Los Angeles is noted as another top entry point for new immigrants, followed immediately by the city of McAllen, a Texas border town.6 The most acculturated Hispanic city is San Antonio, Texas, where many MexicanAmerican families have resided even before the historic battle at the Alamo. Chicago leads in the moderately acculturated category, likely due to the fact that it is not surrounded by a heavily Hispanic region. In total, 85% of the U.S. Hispanic population consists of a group of individuals who are partially acculturated. Another interesting factor regarding the U.S. Hispanic community is the age of this target group. With a median age of 27 (versus 35 for the general population) and one out of every 5 babies being born of Hispanic descent, the impact of the Hispanic market on the U.S. economy is reminiscent of the Baby Boomers phenomenon. Currently, more than one-third of the Hispanic population is under the age of 18. These factors contribute significantly to Hispanics serving as the fastest growing market segment for almost all consumer goods.7 One of the most important factors to consider with the U.S. Hispanic market is its commitment to brand loyalty. Once Hispanics find a brand that they like, about 61% find it difficult to change to another brand. Due to a lack of time to investigate the quality of other similar brands, 59% maintain their commitment with the brands they have come to rely upon.8

Marketing Strategically to U.S. Hispanics For more than two decades, Hispanic marketing consisted mainly of U.S. advertising agencies translating their mass-market, English-language ads and TV spots into Spanish. Although this broad-brush approach has proven to have limited effectiveness, it has not entirely disappeared. However, many U.S. businesses now realize the need for creative strategies aimed at the U.S. Hispanic population and its specific subgroups. A strategic Hispanic marketing campaign must contain five components:

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1. 2. 3. 4.

Appropriate selection of the target segment; A focus on cultural appropriateness for the target segment; Development of linguistically appropriate materials; A commitment to a comprehensive plan inclusive of all necessary marketing elements; and 5. Selection of products and services that meet the needs of the target segment. Selecting the Target Segment The Hispanic market cannot be approached with a one-size-fits-all approach. To effectively reach this group, Ethos Group, Inc., a marketing and advertising agency in Los Angeles, CA, recommends that companies acquire a thorough understanding of the intricacies of its local Hispanic population, and then determine which subgroups will be targeted. To gain knowledge regarding the composition of the local Hispanic community, information may be gathered through the following access points: 1. Obtain research conducted by local government agencies to acquire the most recent data available regarding community characteristics. 2. Meet with opinion leaders of local non-profit organizations and churches serving the Hispanic community. Although several non-profits may not be organized well enough to produce accurate statistical data, many are capable of providing this information. 3. Utilize publicly available statistical data such as the U.S. Census, Federal Financial Institutions Examination Council's Geocoding System, and Community Development Financial Institutions Fund Help Desk program. Reports from organizations such as the Brookings Institution’s Metropolitan Policy Program and Pew Hispanic Center also function as valuable sources of information for this population. Focusing on Cultural Appropriateness Many companies have turned to Hispanic ad agencies that employ what Isabel Valdes, a Hispanic marketing expert, calls "in-culture" marketing techniques. These techniques utilize key values and cultural traits—for example, family, music and food—to connect with specific Hispanic subgroups, such as Puerto Ricans who live along America's East Coast, or Mexicans in the American Southwest. A well-designed Hispanic marketing program will take into consideration the cultural traits of the segment it is intended to capture. These traits include: 1. 2. 3. 4. The strong connection to countries of origin; The importance of family; The preservation of culture and heritage; The role of religion in the daily life; and

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Targeting the United States Hispanic Market 5. The level of acculturation.

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The research conducted when selecting the target segment will provide useful information regarding the segment’s cultural traits. The more acculturated a segment is, the more influential traditional marketing approaches become. The level of acculturation will guide the determination of the most appropriate marketing strategy for each subgroup. While language use and acculturation levels are inextricably intertwined, Ethos recommends that the level of acculturation of the target population be determined prior to deciding on language use. Developing Linguistically Appropriate Materials Recent studies demonstrate that major companies continue to improperly execute marketing strategies when targeting Hispanics. A significant percentage of the ineffective campaigns relate specifically to improper language utilization or a blatant lack of Spanishlanguage resources. One of the most marked examples of poor marketing execution is the Internet access point. Currently, almost 13 million Hispanics have access to the Internet. Of this population, approximately 42% of the online population is Spanish-dominant, 26% is English-dominant and 31% are bilingual.9 According to a survey by Forrester Research, more than 80% of Fortune 100 companies do not offer Spanish-language Web sites. Of the remaining 19%, there is a consistent failure to provide useful Spanish-language navigation and content online.10 Even when companies do add Spanish to their Web sites, many limit it to an overview page, which provides links directing consumers back to the associated English-language pages. “That says, 'We know Spanishspeakers are important, but we're not going to do anything for them,'" stated Mr. Rogowki from Forrester Research.11 The limited quantity of Spanish-language marketing communications is rivaled only by the poor quality of many of these communications. A 2003 survey by TransPerfect found that 57 percent of people who speak Spanish as their first language—and speak English as a second language—said they have seen advertising that is incorrectly translated into Spanish from English.12 The capacity to alternate between English and Spanish is important among the Hispanic market. For instance, although a Hispanic consumer might begin exploring products and services in English, they might need to switch to Spanish as the information and options provided become more complex. Whether or not they speak English, many Hispanics prefer to utilize the Spanish language when discussing important matters. A common misconception about Hispanics is that the Spanish language translates identically across all Hispanic countries and cultures. However, due to diverse cultural differences among Hispanic countries, including regions within a nation, the meaning of certain terms or phrases can be remarkably disparate. An effective Hispanic marketing program will utilize the appropriate language of choice of the target subgroup.

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Spanish commonly found on Spanish-language television and most nationwide Hispanic ads, utilized by companies such as Sprint PCS, Toyota and Heineken, now frequently use regional accents and slang, based on the geographic location and country of origin of the target audience. "It makes it come home to the consumer, who thinks, 'These people are like me'," stated Manuel E. Machado, president of the Association of Hispanic Advertising Agencies.13 In instances where a particular consumer segment is largely heterogeneous from a country of origin standpoint, or where a company is seeking to appeal to a broad Hispanic audience, it is best to use a neutral or “universal” form of the Spanish language to prevent alienation of any other segments. One method practiced by marketers to relate to the Hispanic demographic is the utilization of Latino spokespersons to tout products, which has become commonplace practice. Ethos highly advocates the utilization of “Transcreation”. Transcreation is the creative translation of copy to allow for the attention to and application of the nuances within the Hispanic culture. Utilization of transcreation is a significant improvement in the execution of communications over the traditional direct conversion of English language advertising into Spanish. Generally speaking, however, effective Hispanic marketing programs choose the language used based on the characteristics of the subgroup being targeted. For Hispanic-owned businesses, the in-language requirement does not apply to the same degree as it does for the Consumer sector. A significant percentage of business owners are fully bi-cultural and bilingual. The key component in a B2B Hispanic marketing campaign becomes understanding the target. Once the target audience and its needs are determined, the message to be communicated can be provided in English, Spanish or both. The overall appearance and nuances expressed in the communications are important because they express to consumers how well a company understands their needs. Some studies reflect a reduction of language as a key issue in developing a marketing strategy. In a 2002 Pew Hispanic Center poll of third-generation U.S. Hispanics, 78 percent of the respondents said that English was their primary language.14 According to several Hispanic marketing experts, whether or not you deliver the message in English or Spanish, or any other language for that matter, a marketing campaign can still be successful if the creative appeals to the hearts and minds of the Hispanic consumers. U.S. Hispanics naturally share common linguistic and cultural traits; however, with changes in the marketplace, experts are favoring highly targeted campaigns.15 Committing to a Comprehensive Plan Within any marketing plan, there are multiple access points and strategies utilized to create a complete experience for consumers. Effective plans incorporate the development of a plan and strategies for implementation, timely execution of the strategies as intended, and a commitment by top-level management to a long-term marketing effort over time.16

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Strategic plans focused on the Hispanic community will apply everything discussed in this white paper to their marketing mix, including: advertising, public relations, promotions, media efforts, in-store activities, Internet dissemination, and grassroots efforts that reach out directly to the community. A significant amount of the difficulty encountered in marketing to this target segment derives from the approach and lack of commitment to continuous marketing efforts and a good plan. Ethos recommends the utilization of a credible, outside agency to reduce overhead and ensure that each element is incorporated into the marketing plan for the length of time it is intended to be executed. Consistent involvement in the community by a company will create trust within the Hispanic segment. Selecting Products and Services that Meet the Target Segment’s Needs In order to effectively market any product or service, a company must first review its existing products and services, and compare them to what is currently available on the market. Then, due to segmentation of the market by age, income, language, etc., analysis of the specific segments must occur to create a product that truly addresses the needs of the target population. Existing products and services may need slight variations or a complete overhaul to better serve the Hispanic population.

How the Banking Industry Can Access the Hispanic Market If the banking industry seeks to effectively increase its market share among U.S. Hispanic businesses and consumers, a strategic marketing campaign, as delineated earlier in this white paper, will require becoming involved in and informed about the Hispanic community. Trust must be achieved within the community before Hispanics will respond to marketing efforts. An effective marketing program must focus on developing trust between the bank and the consumer. Before Hispanics decide to walk in the door, bankers will have to seek them out through interaction with trusted leaders and organizations. Bankers should seek out organizations that serve the needs of the local Hispanic community, including local churches, community centers, and non-profit organizations for respected opinion leaders and community research. One of the most visible ways a bank becomes involved in the Hispanic community is by conducting Spanish-language outreach. Grassroots efforts can include varied activities, such as financial literacy courses provided by the bank and marketing-related events such as hosting a booth at local church and community fairs. Visibility within the Hispanic community lends credibility to the financial institution, particularly at events focused on educating the public and increasing access to community resources. Within the business sector, Hispanic business owners select banks based on their business needs. Whether it is proximity to the business, expertise on a specific industry, line of services provided, familiarity of banking representatives with the Hispanic market or Latin America, availability of Small Business Administration loans, lines of credit, or other needs, a Hispanic business owner is more likely to select a bank that has earned a high level of trust within the community.

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When learning about the target segment, community analyses that have been conducted by agencies such as the Community Affairs Office at the local Federal Reserve Bank, as well as the district office of the Bank’s supervisory agency, can become integral to a Hispanic marketing campaign. Opinion leaders—particularly those focused on economic development and financial literacy—are very willing and interested in working with businesses seeking to improve their service within the Hispanic population. Demonstration of Commitment A strong indicator of a bank's commitment to the Hispanic consumer market is the utilization of Spanish-speaking personnel and other Spanish language resources. This means that banks must be able to provide Spanish-speaking assistance within all areas that Hispanics are likely to utilize, including Spanish-speaking branch and call center personnel, as well as some senior bank officers. In addition to personnel, banks should ensure that ATMs and electronic services, including Web sites, are also fully equipped to deal with Spanish-speaking customers. Hispanics respond best to high-touch banking—particularly at lower levels of acculturation. Marketing materials must be linguistically and culturally appropriate. Word-for-word translation sends a negative message about the bank's commitment to the Hispanic consumer; therefore, all materials should be translated with the target market in mind. Due to nuances within the Spanish language, banks should utilize professional agencies that specialize in financial translations. It may be useful for marketing materials to include a brochure that highlights the bank's full range of services and the skills of bank employees relative to the needs of Hispanic consumers. A bank may also include details regarding its outreach programs within the local Hispanic community to support the development of trust and visible communication of commitment to the target population. Banks that are fully committed to reaching the Hispanic consumer also provide applications and disclosures in Spanish. While this is not a requirement, it further emphasizes a strong message of commitment to the Hispanic market. Due to the legal and compliance risks associated with applications and disclosures, competent legal counsel should also review any Spanish-language applications and disclosures. Bankers should be aware of any applicable state laws that may require Spanish-language disclosures and applications in instances where financial transactions are negotiated in Spanish. Challenges Experienced by U.S. Hispanics Some consumers experience great difficulty when attempting to access available services. The issues that arise can be in relation to conditional requirements that must be met, or apprehension by the consumer. Effective resolution of these barriers can develop a sense of trust within the target segment and increase bank utilization.

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Targeting the United States Hispanic Market

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Hispanics tend to be heavy users of banking services. Whether a business client or a consumer, once a relationship is developed with a specific bank, banking activity among Hispanic account holders will generate an incremental interest and fee income.17 One barrier to Hispanics developing a relationship with a bank is the necessary presentation of traditional forms of identification to open up a bank account. Some U.S. Hispanics do not possess social security numbers, making it difficult to conduct business through a banking institution or to establish a line of credit. In general, the Hispanic consumer market consists of a significant number of unbanked individuals who do not maintain deposit accounts with mainstream financial service providers. If a bank creates or accepts other adequate forms of identification, many individuals that are unbanked can begin utilizing banking services. An effective Hispanic marketing program will require banks to actively pursue this unbanked market. A significant number of Hispanics, particularly recent immigrants, are intimidated by banks due to their experience with corrupt financial institutions within their home country. Some Hispanics fear that banks will report them to immigration authorities. Some feel that U.S. banks neither value them as customers nor are interested in their business. Efforts aimed at debunking assumptions about banks will need to occur to dispel concerns and mistrust of financial institutions. Best Practices in the Banking Industry Several different banking companies have begun utilizing best practices in marketing to the U.S. Hispanic population, and are creating programs and activities that are increasing Hispanic banking activity, as well as developing credibility and trust within the community. For example:  Bank of America is spending $30 million in Spanish-language advertising this year. o In 2002, it launched SafeSend, which lets customers send up to $1,500 to Mexico for $10. The money is deposited onto a card that can be accessed through an ATM. Citibank Global Transfers, introduced in April, is a funds transfer service targeted at customers of Mexican descent. There is a $5 transaction fee on top of the standard foreign exchange commission to send money to an account in Mexico at Banamex, which Citigroup acquired in 2001. o Citigroup's acquisition last year of Cal Fed Bank added 335 branches in California, increasing its access to the Hispanic population. In May, Merrill Lynch announced an expansion of its Hispanic focus. "Hispanic-Americans are accumulating significant wealth, and they are facing complex issues related to retirement planning, estate planning and tax





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Targeting the United States Hispanic Market planning," says Mario Paredes, Director of Hispanic Business at Merrill Lynch. o The firm has about 350 Hispanic-American financial advisors.  Credit unions are working on a check-cashing pilot project. Many credit unions in Border States also offer low-cost services for wiring money. Daniel Mica, at the Credit Union National Association, states, "We're looking at an underserved group that is often overcharged and preyed upon by check cashers and predatory lenders."18

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Summary The presentation of the 2000 Census results is clearly the turning point that introduced changes into how products and services were marketed to the U.S. Hispanic community. In some of the top markets, the dominant Hispanic minority is quickly approaching the majority. Markets like Los Angeles now have Hispanic communities that account for close to half of the population. The continued growth of the Hispanic community cannot be ignored, as purchasing power steadily increases among this target segment. This increase in economic power will also bring an increase in political power, as Hispanics gain more representation through political appointments. Any business intending to access the Hispanic market must practice due diligence, both internally and externally. The availability of an established infrastructure that includes human, capital, and support services will determine the ability of a company to support a Hispanic marketing campaign. Marketers will also need to review their line up of products and services and determine if the solutions they provide answer the needs of Hispanic consumers. As the Hispanic market share increases, marketing campaigns focused on this target segment become more sophisticated and strategic. The steady disconnection from direct translation of English materials to one, potentially faulty Spanish version is making way for the transcreation of marketing efforts that communicate, not only in specific dialects of Hispanic subgroups, but that reproduce the nuances relevant to the Hispanic community. Marketers frequently utilize segmentation strategies to support their general marketing campaigns. The benefits of the use of these strategies are clearly visible in the Return On Investment. Marketing to the U.S. Hispanic population must be viewed under the same lens if a significant share of this $450 billion and growing market is to be achieved. Companies seeking to pursue this market will benefit from consultation with experts and agencies that can provide sound advice on the planning and execution of a strategic Hispanic marketing campaign.

Ethos Group, Inc. Ethos Group, Inc. is a full service advertising agency with offices in Los Angeles and Miami. Ethos is a group of talented and expert partners with highly creative ideas and

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innovative concepts that integrate marketing strategies and effective communication tools that transcend culture and geography while helping our clients enhance and build their brand value and identity. Our multicultural understanding will ensure that you connect to the unique as well as common characteristics of each ethnic group. The result is a strong marketing program that will enable you to reach your marketing and sales goals, and maximize the return on your investment. Ethos specializes in serving these ethnic markets: Hispanic/Latino; Latin America; Asian, including Chinese, Japanese, Filipino, Korean, Vietnamese and Asian Indian; and others. Our services are geared to yield the maximum return for our clients’ investment in the form of brand loyalty, increased customer base, higher per capita consumption, increased enrollment levels and overall customer satisfaction. Ethos works in all media, including broadcast, print and online.
1 2

Hispanic Business Magazine. Advocacy Office Report. 3 Ibid. 4 Torres, J. (2005). Community banker’s guide to hispanic marketing. January. Available from: http://www.bankersonline.com 5 language 6 acculturation of cities 7 age 8 brand loyalty 9 internet use and language 10 Wentz, L. (2005). Big markets get it wrong with Hispanic web sites: Forrester research critiques fortune 100; auto web sites rated best. 22 March. Available from: www.ifthen.bitz/market-news.php 11 Ibid. 12 TransPerfect Study. 13 Alsever, J. (2004). Latino trends fuel media, ad changes. Denver Post. 11 July. 14 Malcom, B. (2004). A race to win america’s hispanic consumer. Newsweek. 17 November. 15 Ibid. 16 Lowry, J., Ulanov, A., Wenrich, T. (2003). Advancing to the next level of latino marketing: Strike first, strike twice. [online]. BCG Publications. Available from: http://www.bcg.com/publications/files/Advancing_Latino_Marketing_OfA_Feb03.pdf 17 Torres, J. (2005). Community banker’s guide to hispanic marketing. January. Available from: http://www.bankersonline.com 18 Dugas, C. (2003). Banks pay attention to rising wealth of hispanics. USA Today. 21 July: B.03.

Sources: California National Bank, Hispanic Outreach and Marketing Council Hispanic Business Magazine 2005 U.S. Census TransPerfect Survey?

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