Most companies realize the importance of advertising and marketing, and some companies especially realize the importance of targeting every viable market segment to maximize growth. One of those segments gaining increasing attention is the Hispanic segment. Recognizing this opportunity, Jorge Plasencia established Republica, an advertising agency specializing in helping companies to appeal to the Hispanic market. Dinah Eng describes Republica’s vibrant success (“Mad Men, Miami-Style” Fortune, 4/8/13, p. 29):
“Miami-based firm, Republica, has emerged as one of the nation’s fastest-growing independent ad agencies, according to the American Association of Advertising Agencies. . . . Since its founding in 2006, Republica has seen revenue grow roughly 40% each year, and last year it climbed to nearly $11 million.”
This segment focus is well placed. At 16% of the nation’s population, Hispanics are a strong buying block. For example, although 59% of all Americans are smartphone users, that figure is 68% for Hispanics.
Regardless of your product or service, understanding your market and submarkets is crucial to your company’s growth. Plasencia has identified a key market segment and his agency’s success is testament to that. He is riding that Hispanic wave.
Plasencia is not the only person who can ride that wave. We each have that same opportunity. The Hispanic market segment is not the only market segment producing some waves. Look around. Consider every possible group to which your business can appeal. The opportunities are endless.