Latino customers’ impact on South Florida businesses. Turning businesses into huge successes!
Latino customer’s impact on South Florida businesses it’s a fact. To clarify, Florida is home to many Latinos, making it the state with the third-largest Latino population in the United States. That’s to say, they make up for the nation’s largest racial or ethnic minority group and command 17.6 percent of the total population of the United States.
Moreover, over the years, Latinos became successful in carving a place for their community in the business industry. It helped them to contribute directly to the economy of the country as a whole. South Florida accounts for approximately 70% of Latino businesses in the country. In other hand, Much research and study on Latino customers’ impact on South Florida businesses show a considerable profit that keeps increasing every year.
Consequently, many banks are also starting to approve loans for small Latino-owned businesses, which grew by 22% in recent months. It also encouraged many companies to put faith in and produce targeted advertisements at Latinos of their companies.
Also, it’s evident that the success of all such small companies gives confidence to the banks and companies. But it also influences other Latinos to start their business as well. In the same vein, the Latino customers’ impact on South Florida businesses results in increased capital and growth variety of trade and commerce.
The financial strength behind the Latino customers’ impact on South Florida businesses
According to many sources, the Latino customers’ impact on South Florida businesses helped to increase the financial budget over the years. That’s to say, compared to other growth in the previous years. Also, well-known brands have started to open businesses with other Latino owners. But there are still some that are unaware and lagging.
For every apprehensive investor, it is crucial to understand the reasons behind Latino customers’ impact on South Florida businesses which skyrocketed in the following years. And why it is wise to invest the dollars in such an enterprise.
Also, it’s common to see groups of Hispanics with their respective work permits. And with better professional training than Latinos arriving on foot across the border. That is what BBC Mundo* reports in “How Miami became the middle-class capital of Latin America.” It highlights that for several years Miami has improved its quality of life. It has gone from being a vacation destination to a place where Latinos protect their wealth.
1. With the impact of Latino customers on South Florida businesses, audiences have multiplied
According to reliable studies conducted, there are about 50.9 million USA Hispanic origins in the country. Out of the total, a good majority number is permanent residents of South Florida, which means that there is no shortage of audiences or customers. It is also the reason for the massive growth of Latino customers’ impact on South Florida businesses over the years.
Likewise, the reported population of Latinos is said to increase massively in the coming years. All such Latino citizens grew up getting exposed to the various American brands and lifestyles. In other words, this makes them the targeted audience. Many well-known companies have been able to generate handsome returns by targeting their brand for Latino customers.
“If you are a Latin American entrepreneur, you can come to Miami because you have an audience, a market. You can make five calls in Spanish and establish the infrastructure for your business,” explains Guillermo Grenier. He’s a professor of Sociology at Florida International University, quoted by BBC Mundo.
It’s a question of the overcoming of immigrants
However, Grenier points out: at least 25% of the businesses in Florida are property of Latin American immigrants. He also states that Hispanics in Miami occupy a different position in the power structure than in other USA cities. He assures that speaking Spanish does not mean lower social status.
Similarly, “in Los Angeles, when you hear Spanish, it’s usually the language of the waiters or the language the gardeners use when they mow the lawn in the garden. In Miami, the people who own the restaurant and the lawn are the ones who speak Spanish,” concludes Professor Grenier. Let’s take a look at the workforce advantage of Hispanics in South Florida.
To clarify, these are seven things about the impact of Latino customers on businesses in South Florida. Take note because it’s a long but rewarding road:
2. Having the upper hand in the workforce
In South Florida, apart from the immense population, Latinos are also leading the labor force. According to reports, Latinos have the highest workforce, with 63.9%, opposed to the states’ overall population being 60.6%. Such statistics evidence that the Latino customers’ impact on South Florida businesses is vast and swiftly growing.
A report of WalletHub, says: eleven cities in Florida have the best conditions for Hispanics. That’s to say, to carry out business or entrepreneurial projects. In South Florida, Miami and Fort Lauderdale stand out in 182 rankings of the USA cities with the best conditions for Latino entrepreneurs.
The report* took into account 23 indicators, among which was the ease of doing business. Also, the average annual income and the rate of entrepreneurship stand out. Miami ranked second in the “friendly” indicator for Hispanic entrepreneurship. And eleventh in the ranking. The city also took first place for the Hispanic entrepreneurship rate, followed by Tampa and Fort Lauderdale. This development is what led to a considerable rise in purchasing power. Let’s take a look at the reasons that paved and continue to pave the way.
3. The impact of Latino customers on businesses boosted purchasing power to the max
The Latino population is present and functioning in every form of job that is available. They continue playing a primary role in various works from agriculture, non-technical jobs, food services, blue-collar jobs, etc. Such an influential population can affect sales and bring changes to the fate of certain products and companies. Many reports claim that the purchasing power of the Latino population is more and faster compared to Asians, African Americans, Native Americans, etc. Hispanic customers have such a commendable workforce, community, and purchasing power. As a result, the Latino customers’ impact on South Florida businesses reached a new high.
In other words, this phenomenon is somewhat explained by the economist Alfred Marshall. He emphasizes: “the existence of agglomeration economies makes explicit the possibility of productivity gains derived from the geographic concentration of one or more branches of activity.” As the study “An Economic Analysis of the USA Hispanic Market” explains, some places have unique environments for certain activities. “Undoubtedly, it can be affirmed that Miami has a real locational advantage as a business exchange center between Latin America and Anglo-Saxon America. Having consolidated its position as the capital of the USA Hispanic market,” the study states.
These advantages likely put brands in a privileged position to build customer loyalty. And that’s what we explain below.
4. Unmatched loyalty to specific brands
Latinos practice a strong sense of loyalty towards their family, friends, beliefs, and the things that drive their passion. As a result, a committed brand that provides well-developed programs that has circumstantial value is highly regarded and received. Such reliable and devoted brands are passing down to other Latino citizens who fall in the friends and family category. Most importantly, the understanding and ability to execute such approaches have been the driving force of considerable increases in Latino customers’ impact on South Florida businesses.
Therefore, many reasons that justify their decision, for example:
- A large number of Hispanics living and working in this region.
- Its tourist attractions
- The predominance of the Spanish language.
However, loyalty to specific brands is when enriched by the vision of foreign investors. They know how to identify the similarities and differences that South Florida shares with its roots. As a Latin entrepreneur, you don’t have to believe that the market in this region it’s like in your country. The first thing to consider is “the industry, consumer tastes and needs, customer service and laws are unique to each country. Therefore, they are not identical to what you are used to.”
Further, that’s explained in the article “Know your market, travel through South Florida”*. It invites potential Hispanic investors to know how to determine these differences. In this way, they will be able to take better steps towards the success of their investment. And the management of a profitable business.
5. Businesses owned by the Latino population
In other words, there is a massive increase in the number of Latino business initiation over the years. That’s to say, the success of such enterprises led to many companies and brands putting their confidence and trust in the Latino owners to finance their business.
To clarify, according to various studies, Latino-owned businesses have had immense success and growth of 57% compared to other previous years. South Florida is the mother ship of the vast Latino population who had the privilege of witnessing massive successful business ventures. So, with such results, the Latino customers’ impact on South Florida businesses is no doubt expanding the value and success rate of the business industry.
But, it’s possible to ensure that this is a Latin market, it should be clear that it is not homogeneous. Thus, to conquer it or enter it, you must know it as well as you can. Go to professional market studies and travel around South Florida. You will be surprised to learn about the tastes and interests of those who live there. You will even be able to design strategies to publicize what your business or service offers.
Certainly, as the blog globofran.com adds:
“By moving throughout the region, you will have direct information of the type of consumer you are targeting. Of the offer made by other businesses that could be your competition. And what you can offer to differentiate yourself from them.”
6. Geographical development
There are many other states where the population of Latinos is increasing. Most importantly, it’s sure to affect sales and brand success. South Florida is the most populated Latino resident and enjoys the luxury of successful businesses. Therefore, it’s a crucial point for every company to identify things, such as the impact the Latino community brings to the table. Going into business ventures with Latinos will, for sure, generate a satisfying growth rate of income.
Even though consumers in South Florida are Latinos, their tastes and interests often vary. Don’t forget that the behaviour and characteristics of U.S.-born Latinos are very different from those who have arrived as immigrants.
Meanwhile, geographic development has meant that Miami is still a vibrant city today. For example, in its almost 143 km2 coexist and meet people of various nationalities and cultures. They come attracted by the stability of the climate, also the development of infrastructure. And the momentum of the service sector and its privileged geographical location.
After that, Susana Alvarez, director of Entrepreneurship Programs at the University of Miami School of Business, says:
“There has been an evolution in the flow of people coming and leaving the city. A lot of these people live in two places. Many Latinos are coming in who travel and splitting their time between Miami and their home countries. In the past, the most common was the Latino who moved here to stay. That is changing,” Alvarez told America Economía*.
7. Connecting passion and brand
Companies started researching the various neat ways to connect the things that their Latino customers are passionate about and their brand. Therefore, establishing a bridge between the two aspects helps understand the targeted customers’ needs and requirements.
On the other hand, the reported percentages clearly show that the Latino customers’ impact on South Florida businesses is vast and increasing with time. With the massive population of Latino citizens in South Florida and many other parts of the United States, brands should reach out to such potential customers. Many brands have had massive success by connecting to Latino audiences, also witnessed an enormous increase in income in the following years. As a result, the large population of Latino citizens explains why the sales and revenue of businesses are positively affected.
Also, the business scene has gained vitality by tuning in with the local government. They have implemented several actions and measures to attract entrepreneurs and Latin startups, especially of a technical nature. The academic sector has also benefited from its foray into promoting initiatives. Besides, they support the launch and development of all types of ventures. For example:
- Pino Global Entrepreneurship Center at Florida International University (FIU).
- The University of Miami Entrepreneurship Programs are directed by Susana Alvarez.
In short, these types of initiatives show the passion for seeing your business grow. Also, the acceptance of brands that take the environment in which they operate.
Wondering how can you bring the Latino customers’ impact on South Florida businesses to your business?
It’s good to remind you that Miami is a city more than rich in human resources. For example, you always find here bilingual personnel with a high level of education and easy access. To sum up, the University of Miami Director of Entrepreneurship Programs explains:
“The continuous arrival of immigrants over the years has given rise to a pole where different generations of Latin Americans coexist. And they understand how to do business in Latin America and know the U.S. process. Businesses are being started by people who have also been educated here.”
Professor Alvarez also highlights the availability of specialized services, especially those that aren’t usual in other states. For example, lawyers who specialize in various issues even at the same level as USA lawyers. “They can even foresee what difficulties a Brazilian or a Colombian who wants to invest in the USA might have,” she says.
In short, all this effort brings more Latino clients to South Florida businesses. Besides, youth plays an important role here. And there is a noticeable interest in finding ways through technology. As a result, they make their contribution to the start up community in general. “Young people are very involved in looking for new opportunities, technologies, applications, and solutions,” says Susana Alvarez.
A success story of the impact of Latino customers on South Florida businesses
Nicolás Cortés is an example of a successful entrepreneur because he proves this mastery of what has to do with the reality of the USA. Also, for what is happening in his country. He’s from Colombia and came to the USA to study in college and earn his MBA degree at Harvard Business School. So, today he is an entrepreneur who knows no limits. After creating a chain of restaurants in Miami, he is now the founder and president of NCK Energy LLC. He believes that “Miami has plenty of business opportunities, both local and international. And it makes it very interesting that it’s very well located to be a kind of trade capital for Latin America.”
Subsequently, Nicolas turns his attention to the opportunities that you can find. To clarify, by those who come intending to establish new businesses in Miami. Therefore, he points out these: the diverse culture, relevance, and large size of the Latino community. Similarly, it makes for an open market for Latin concepts and brands showcased constantly. “It is only necessary to pay attention and pay attention to some cultural variations,” he says. Similarly, Cortés refers to certain expressions that are commonplace in some countries. “The fundamental thing is to know and understand the niche you are targeting,” he concludes.
In conclusion, We Will Figure It Out want to show you that one of the ways to achieve all this is to speak to your customers. Especially in their language. And that’s what we’re here. Contact us today. And learn the best ways to develop Spanish outreach campaigns targeting Latino customers because it’s time to increase your company’s revenue.
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