The best thing about the address delivered by Chiqui Cartagena during the New England Hispanic Market Summit at The Westin in Providence on Feb. 18 was that it pulled no punches.
Cartagena, senior director of Club Musica Latina for Columbia House and the former editor of People En Espanol, is one of the country’s leading experts on the growing Hispanic market.
Her message to the local business community was simple – yet, direct.
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Yes, there is a rapidly growing market out there to be had. But whether you are selling blue jeans, automobiles or subscriptions to a magazine – do not take that market for granted. Do not simply pay it lip service. Because if you do, said Cartagena, you will most assuredly miss out on the immense buying power that comes with it.
“One size does not fit all,” said Cartagena. “Culturally, we are different. We buy food differently. We buy cars differently. The way we travel … our family values, these kinds of things are not going to come through in research.”
The numbers are inarguable. That saves a lot of you a lot of time. There is little question that the Hispanic market is already big – and getting bigger. Consider the following Census numbers for New England and Rhode Island:
• The total population of New England grew 1.7 percent between 2000 and 2002 while the Hispanic population grew 8.9 percent.
• The purchasing power of the New England Hispanic population was estimated at $14.6 billion in 2002 and is projected to grow 68 percent by 2008 to reach $24.6 billion.
• The Center for Women’s Business Research estimates that in 2002 there were 14,629 firms owned by Hispanic women in New England (and 1,318 firms owned by Hispanic women in Rhode Island).
• The population of Rhode Island grew 2.1 percent between 2000 and 2002, while the Hispanic population grew 9.1 percent.
• In 2002, Hispanics totaled 96,510, which constitutes 9.4 percent of the population of Rhode Island and is 111 percent higher than the population of Hispanics in the state in 1990.
• The purchasing power of the Rhode Island Hispanic population was estimated at $1.4 billion in 2002 and is projected to grow 72 percent by 2008 to reach $2.3 billion.
So there you have it – by the numbers. There is no question as to whether a market for new business exists. The question is how to best capitalize on it.
Cartagena told her luncheon audience that the best approach is one backed by time and money. Make a real commitment to the market, she said.
“Just test it and you will fail,” she said. “Be respectful of how large we are. Give your project enough time to measure results.”
Cartagena, who recently finished writing a business primer for executives titled “Ay Chihuahua: What Every Executive Needs to Know About the U.S. Hispanic Market,” suggested that if you really want to tap into the Hispanic market you hire bilingual individuals or contract out to Hispanic-run businesses.
It’s simple, really. The market is there. But it takes a real commitment – not lip service – to take advantage of it.
Volunteer for the arts
The Arts & Business Council of Rhode Island is seeking business professionals for this spring’s new class of Business Volunteers for the Arts.
The BVA program offers professionals the opportunity to use their skills to make a significant impact on an arts organization while broadening personal and professional horizons. It challenges individuals to apply their expertise in new ways and introduces participants to new people and experiences.
Each year, the Arts & Business Council trains a select group of business professionals to serve as volunteer management consultants. The BVA training program is designed to educate volunteers in the basic components of nonprofit arts management and in the art of effective consulting.
Volunteers devote a minimum of one year of service to the BVA program. In 2002 alone, the program provided 3,800 hours of consultants’ time, valued at more than $627,000, to 40 Rhode Island arts organizations.
Expertise is being sought in the areas of marketing and public relations; computers and technology; strategic planning/business planning; fund raising and development; accounting and financial management; Web site and graphic design; legal; organizational development; and economic research/feasibility studies.
The next BVA training is scheduled for Tuesday, March 16 from 5 p.m. to 7 p.m.; Wednesday, March 17 also from 5 p.m. to 7 p.m.; and Thursday, March 18 from 4 p.m. to 8 p.m., all at the Greater Providence Chamber of Commerce.
If you are interested in learning more about the program, contact Tonya Langford at 621-6108 or visit www.artsandbusiness.org.
