According to a press release posted on Latinum Network’s Web site yesterday, many of the world’s leading brands joined forces recently to discuss potential benefits surrounding a shift toward an increased emphasis on outreach to Hispanic Americans—a group that’s proving to be one of the fastest growing consumer markets in the US. Deep in the heart of a recession, small and large retailers alike are looking for ways to generate an alternative revenue stream, so the collaborative effort should come as no surprise.
Established by AOL Latino founder David Wellisch and Michael Klein, former top executive at the Corporate Executive Board, Latinum Network is a business network that’s focused on helping retail brands take advantage of emerging and upcoming Hispanic market sectors. Using a combination of collaboration, networking, and up-to-date research, the organization’s team encourages brands to take a closer look at certain markets, identifying more-effective strategies to use within the segment.
According to the February 16th press release, Latinum Network organized a get-together between marketing executives from 20 big-name brands, including The Clorox Company and H&R Block. The group plans to meet in Dallas, Texas at the 7-Eleven Inc. headquarters next Wednesday to analyze the rapidly evolving US Hispanic market, identifying the key aspects responsible for reshaping growth within the demographic.
Ultimately, the conference hosts and attendees will focus on the practical implications of these cultural transformations, generating ideas related to multicultural marketing strategies that speak to a wider range of consumers.
“The interplay between demographic changes and the multi-faceted acculturation of US Hispanics is one of the foremost issues shaping marketing decisions by companies with well known brands. We will take this opportunity to share our analysis with these brands and take it to the next level through peer-to-peer interaction,” said Klein, who serves as principal at Latinum Network.
Irene Sibaja, senior director of Hispanic marketing at 7-Eleven, was also quoted in the press releasing, stating, “Latinum Network is doing what nobody else is—pooling the minds and resources of sophisticated brands to develop solutions that better meet the needs of Hispanic consumers. Our willingness to host this meeting demonstrates our commitment to the Latinum mission. By working together with other executives, 7-Eleven will better understand the nuances of the Hispanic population, allowing us to create more value for this consumer segment, as well as the company.”
Only time will tell whether or not the conference will generate noteworthy ideas that lead to results in the real world. Still, the announcement poses an interesting question: could collaboration be the saving grace for retailers struggling in this volatile economy?