Healthcare marketing that works is critical as the healthcare market in the United States faces continuous challenges. The situation has only worsened since the pandemic, exposing the ailments of the system which are suffered more intensely by the sector of the Hispanic population that does not have health insurance. Portada interviewed healthcare-expert Enrique Zamora, founder and director of Belén Medical Centers, about what is to be done.
With marketing for 2023 healthcare enrollment in full swing, it is time to revisit effective healthcare marketing strategies. Actionable strategies are needed for the Hispanic community, Zamora claims. “Hispanics, like other ethnic groups, can have access to medical insurance in a variety of ways. It is imperative that Hispanics become fully educated on the availability and access to the various insurance plans in our country. Employment in companies that offer insurance as a benefit can greatly enhance access to coverage. Therefore, Hispanics should be educated as to the various employment opportunities available to them and the type of coverage they offer. Therefore, we must encourage Hispanics to attend job fairs, corporate events and to participate in the business life of their communities,” explains Enrique Zamora, founder and director of Belén Medical Centers.
We must encourage Hispanics to attend job fairs, corporate events and to participate in the business life of their communities.
In addition, Zamora recommends that Hispanics understand and participate in the ACA (Obama Care) and take advantage of the subsidies that may be available to them. “As business leaders we can help them by providing access to accurate and timely information. The information is available; we must disseminate it in Spanish and in the media that is geared to the Hispanic market,” he adds. Part of the responsibility falls under insurers and healthcare companies, which should market ACA enrollment focusing also on the Hispanic market.
Companies should adapt their healthcare marketing campaigns to the local communities they serve.
Healthcare Marketing: Adapt Campaigns to Local Communities
As in most marketing strategies and executions, to take into account local factors and intricacies is paramount for success. “Companies should adapt their healthcare marketing campaigns to the local communities they serve. Hispanics are a diverse group. They come from different nations with different cultures and customs. Marketing should be designed to create trust in the product and should include the values of each community,” Zamora maintains.
Use spokespeople that that are recognizable to each community.
“One approach that can be used is to tailor the message using spokespeople that are recognizable to each community. Healthcare marketing in Arizona may be different than in South Florida. Building trust will certainly increase enrollment in the ACA.”
An Immigrant and Pioneer Who Started Several Healthcare Companies
Enrique Zamora is an immigrant who has turned his beginnings into a true American success story. He has started several healthcare companies, including Belén Medical Centers, which in 2019 became part of the publicly traded Cano Health. In the last year alone, Zamora received several recognitions from the community, including an award for outstanding contributions to the Willy Chirino Foundation; a proclamation from Miami-Dade County for your community service; and the official designation of July 11 as the City of Sweetwater’s Enrique Zamora Day.
In celebration of Hispanic Heritage Month, Minute Maid Aguas Frescas and Coca-Cola Racing’s Daniel Suarez are shaking things up on Sunday September 25 with a unique themed racecar paint scheme for the 2022 Autotrader EchoPark Automotive 500. Portada talked to Jorge Luzio, Group Director, Minute Maid Juice Portfolio, North America to understand this initiative and Minute Maid’s overall marketing strategy to become the leader of the high growing US $2 billion permissible refreshment (Aguas Frescas) category.
Daniel Suarez has honored his Mexican heritage with a special themed paint scheme on his race car and 2022’s version adds a unique twist that has never been done by a Coca-Cola Racing team member.For the first time ever, Nascar driver Daniel Suarez’s number 99 car will be adorned with Minute Maid Aguas Frescas, a “refreshing AF” sensorial experience that, according to Minute Maid, will “make Nascar fans tongue tango.” Suarez’s car features vibrant colors and a sunglassed Pantera, as well as imagery that nods to the three Minute Maid Aguas Frescas flavors: Strawberry, Mango and Hibiscus. Much like Daniel has shaken up the NASCAR standings this season, Minute Maid Aguas Frescas has made a bold entrance that is “refreshing AF.”
Jorge Luzio, Group Director, Minute Maid Juice Portfolio, tells Portada that the Daniel Suarez Nascar partnership is a tentpole event and “part of the 360 marketing ecosystem we have for the Aguas Frescas brand, which was launched 5 months ago. We have a PR and social media plan for the complete plan to support this association with Daniel Suarez. This includes complete stories about the wrapping as well as Daniel’s Amigos event on Sunday morning September 25. Suarez invited influencers and media to attend on-site.” His guests from the Latino community will spend race morning with Suárez enjoying Mexican food, a Mariachi band, a deejay, and prize giveaways before going to the grandstands to watch the race on the 1.5-mile track.
Minute Maid Marketing Strategy: Partnership with an American Icon
Asked why Minute Maid chose to partner with a sport (racing) whose fandom is mostly of white Anglosaxon origin, Luzio explains that he “sees a lot of commonalities between Nascar, Minute Maid and the Hispanic community. Minute Maid is an iconic brand about food vitality and Nascar is an iconic American sports brand. The association with Daniel Suarez, who is the first Mexican-born driver who has won Nascar races, is very resonating with the Hispanic and mainstream communities of fans. To be compelling to Gen Zers this association is very good. Daniel Suarez has been in the family of race car drivers for a long time.”
The association with Daniel Suarez who is the first Mexican-born driver who has won Nascar races is very resonating with the Hispanic and mainstream communities, particularly with GenZers.
Minute Maid Marketing: The Aguas Frescas 360 Campaign
Coca-Cola-owned Minute Maid is the largest marketer in the world of fruit juices. Five months ago it expanded its Minute Maid brand portfolio with the launch of Aguas Frescas. Minute Maid is investing 80% of its overall 2022 marketing budget in Aguas Frescas marketing. The “5 de mayo” NYC Times Square Out of Home activation marked the launch of the multimedia campaign. The overall campaign will reach 1.5 billion impressions through social media, OTT and CTV through a completely digital plan. Luzio tells Portada that their research has found his main GenZ target to be fully digitally engaged.
The GenZ Hispanic target is the bullseye of Minute Maid’s marketing for Aguas Frescas. “We target them but the message is very compelling to the rest of the population,” Luzio notes. He points out that Aguas Frescas has a Genz Z affinity index of 204 and of 185 with the overall Hispanic population. Minute Maid marketing of Aguas Frescas also includes key associations with food aggregators as well as retail and online platforms to put proper placement in their stores. The 360 marketing plan also includes sampling and offline activations.
In terms of language choice, the campaign is unapologetically using Spanglish to be very fun and witty with consumers.
Permissible Refreshment: A Fast Growing US $2 Billion Opportunity
Underlying Minute Maid’s large bet on the permissible refreshment space – or Aguas Frescas or fruit blended with water – is the fact that younger generations have been diminishing their consumption in the overall juice drinks category (e.g. lemonade or orange juice), Luzio asserts. The reasons for this are that these drinks have too much sugar, not the right flavors, and an overall lack of excitement. “In parallel, we have been seeing growth in the permissible refreshment category. From 2016 to 2021 it grew by 49%”, Nunzio explains. He elaborates that particularly the menu penetration of Aguas Frescas at restaurants has grown at a very high rate. “There were many different brands and restaurants and not a big mainstream player in the Aguas Frescas space. We saw the potential for us to become the leader in this space of US $2 billion a year in the U.S.”
We saw the potential for us to become the leader in this space of US$ 2 billion a year in the U.S. We want to become the indisputable leader of retail Aguas Frescas in America.
Aguas Frescas drinks are Latin inspired as they are available across Latin America. “We want to address the need for traditional Aguas Frescas and convert it into a mainstream American icon. That is why we are making it mainstream with a more contemporary taste”. Luzio expands that Minute Maid tested its mango, hibiscus and strawberry flavored Aguas Frescas drinks with GenZers and “got a Nielsen superstar, a brand that has the ability to be very disruptive in the marketplace and incremental in the retail space,”. Luzio notes that his company is being very aggressive when it comes to tap into the Aguas Frescas marketplace. “We want to become the indisputable leader of retail Aguas Frescas in America,” he concludes.
Diego Osuna, Sr Manager, Integrated Marketing Strategy at T-Mobile, will be one of the key speakers at our upcomingPortada Live – in New York City and virtual – on Thursday, September 29 next week. Check out the six steps you need to take into account for successful segment marketing, according to Osuna.
In 2021, T-Mobile spent approximately 2.2 billion U.S. dollars in advertising in the U.S, according to Statista -this figure likely includes non-advertising related marketing expenses-, making the telecommunications giant one of the top advertisers in the U.S. With Hispanics over-indexing in telecommunications services, T-Mobile directs a substantial part of the overall marketing budget to engage the Hispanic consumer. As a leader in T-Mobile’s postpaid Integrated Marketing Strategy team, Osuna works with channel partners across marketing and beyond, to build a common vision and develop an actionable marketing strategy. His responsibilities include Hispanic, Military, 55+, and emerging segments. Segment Marketing is a marketing term that refers to aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action. To Osuna Segment Marketing, “is fundamentally a process of discovery and distillation of deep consumer needs, which the marketer bridges with product or service messages and channel strategy selection. In that sense, it isn’t a dissimilar process to a general marketer.”
Segment Marketing Steps: 1. Develop Specific Marketing Muscles
According to Osuna, to do this process right as a segment marketer “you need to overdevelop a few specific marketing muscles. First, you become a student of the segment, the company, and the brand. The second muscle is persistence and cross-functional capabilities. Segment markets are ongoing efforts, they aren’t solved by a one-and-done effort, and as such, they require extreme cross-functional alignment in focus and intent, so the effort becomes muscle memory for the organization.”
As a segment marketer, you need to overdevelop a few specific marketing muscles, like studying/researching and persistence.
2. Build Fundamental Insights about the Segment and the Context of the Brand
Osuna starts with the premise that he needs to build a foundation of fundamental insights that impact this segment. “Alongside developing a full-view picture of the segment, you want to understand the context of the brand and where it stands in relation to the segment. Finally, I also want to assess the organization’s readiness to market to the segment effectively, considering that marketing is just one lever in go-to-market success,” Osuna notes.
Osuna emphasizes that “the thing is that every time you dig in beyond the surface, like what we face in Hispanic marketing where we can divide the population in a number of ways, these other segments are very complex and diverse. Take for example what we call 55+. Well, 55 plus in the US is about 90 million people encompassing 4 Generations from GenXers, to Boomers to Silents to the Greatest Generation. As much as we want to build a marketing plan that encompasses all the segments, there is a huge difference if you’re 55 vs. 85, if you’re retired or still working, married, or living alone, if credit is high, or if your financial situation is shaky.”
As a segment marketer, you need to overdevelop a few specific marketing muscles, like studying/researching and persistence.
Join us at Portada Live on Sept. 29 where we will delve deeper into Segment Marketing in the session: THE ONE-MILLION-DOLLAR-QUESTION: Engaging the Evolving Hispanic Consumer Speakers: Diego Osuna, Sr. Manager Integrated Marketing Strategy, T-Mobile and Guillermo Pérez, Chief Creative Officer and Brand Strategist, Digo.
And the thing is that every time you dig in beyond the surface, like what we face in Hispanic marketing where we can divide the population in a number of ways, these other segments are very complex and diverse.
3. Segment Marketing: Combine Qualitative and Quantitative Research
Osuna is a big fan of combining quantitative and qualitative research to get a feel for the segment. He notes that when he was working at General Mills, he used to spend a lot of time in ethnographies going into people’s houses to observe empty nester couples having breakfast and talking about how they approach their daily breakfast ritual. “You can internalize so much in a couple of home visits that are difficult to absorb, at least for me, by just reading research decks. More importantly, the qualitative can help you formulate better questions to make the most of your investment in bespoke quant research,” Osuna asserts.
You can internalize so much in a couple of home visits that are difficult to absorb, at least for me, by just reading research decks.
4. Understanding the Brand and the Company’s Go-to-Market Capabilities
According to Osuna, “as fun as the challenge of understanding the segment can be, I think marketers need to be very realistic about the position of the brand and the company’s capabilities in relation to the segment. Your CMO may aspire of going into a new segment and dominating it immediately, but you might be advised to ask for patience in terms of building something that is sustainable over time.” Osuna notes that he once did some work for an insurer that was very interested to grow with Hispanic customers; “I spent a lot of time with their marketing team on the ground building a marketing plan. To their credit they understood that without distribution, that is having Hispanic agents in their sales network, they were going to be limited in making an impact, no matter how much they spent on the marketing side.”
Marketers need to be very realistic about the position of the brand and the company’s capabilities in relation to the segment.
5. Articulate the Capability Gap
Once you have assessed the position of the brand and the company’s capabilities in relation to the segment, Osuna says that it is important to “articulate the capability gap against yourself and against competitors and empower cross-functional channel partners so they can work on their own capabilities and plans. In other words, you need to work through others.”
“It takes patience, consistency, and a spirit of continuous tweaking and improving to win in Segment Marketing. I like to say segment marketers are the marathoners of the marketing world,” Osuna concludes.
Segment markets are ongoing efforts, they require extreme cross-functional alignment in focus and intent, so the effort becomes muscle memory for the organization .
6. Segment Marketing Activations: Examples
In terms of the current post-Covid environment and how he is activating against the heterogeneous Hispanic segment, Osuna notes that it needs to be understood that many of our consumers have had a one-two punch of pandemic and inflation. Osuna adds that “these have been trying times and as such consumers are more interested in products that win on value without trade-offs and brands that offer a straightforward value proposition and treat the customer right.” One of the things Osuna takes a lot of pride in at T-Mobile is “that its most popular plans pack tremendous value with features like taxes and fees which are already included in your bill and price lock where we guarantee the price of your rate plan will not go up. We also feel very strongly that customers, and specifically Latinos do not want to make trade-offs for the quality of the network. Hispanic wireless customers have blessed us with their preference because at T-Mobile we offer a benefit-packed product offering at an incredible price and with a superior quality experience. In fact, our quality goes beyond the service that connects our phones, our quality is also measured in the experience: the retail experience and the customer experience.” The recently introduced Coverage Beyond campaign is an example of T-Mobile’s offering and marketing in this regard. In addition, the recently announced partnership with TelevisaUnivision. through which T-Mobile customers get a free subscription to VIX+ is an example of an initiative targeting a specific subsegment of the Hispanic population; Spanish-dominant Hispanics. ViX+ includes more than 10,000 hours of classic and original Spanish-language shows, movie premieres, news and live sports.
The initiative through which T-Mobile customers get a free subscription to VIX+ is an example of an initiative targeting a specific subsegment of the Hispanic population; Spanish-dominant Hispanics.
Secondly, Osuna maintains, this is a segment that has a lot of pent-up demand for travel; “You have all heard the stories of the crazy travel season. We have added tremendous value to customers that fly or drive. For flyers, and specifically for our international flyers, we offer seamless plans that accommodate your needs. Most of our plans just work when you arrive, no setup is required. To that extent, T-Mobile’s plans have always been very international and national travel friendly. With our Magenta plan, you get High-Speed data in 11 European countries, with our Magenta Max you get 5GB of High-Speed data in more than 215 countries, including 23 in LATAM. Calling to Mexico has also been included for many years now. If you travel this fall, make sure you check out the free Wi-Fi on select airlines as well as unique travel benefits that include tremendous high-speed data in many countries around the world. For drivers, we now offer a free year of AAA in the US.”
News media in Spanish to serve the rapidly growing and economically robust Latino community with reliable information is essential to maintaining a strong democracy and building a fully inclusive society. In an era of widespread public distrust of institutions, El Tiempo Latino is committed to being a trustworthy institution that provides useful and timely information to Spanish speakers in the United States.
Government, in particular, has suffered a decline in trust. Today, fewer than 20% of Americans trust the government to “do the right thing always or most of the time,” compared to more than 70% during the era of Presidents Eisenhower and Kennedy. In more modern times, trust rose from 19% to 44% during the Clinton administration, and then peaked at 60% with President George W. Bush as the government responded to the Sept. 11, 2001 terrorist attack, according to Pew Research.
Recent elections have highlighted a strong desire to connect with the Latino population as a political force. The Latino vote has the ability to influence the outcome of local, state and national elections. In the 2020 general election 16.5 million Latinos voted, compared to 12.7 million four years earlier. Far more Latinos – 32 million — are eligible to vote, representing more than 13% of the country’s overall electorates. No one party can take them for granted. Several studies show that one third of the Hispanic population is uncertain about their political affiliation or identifies as independent.
As encouraging as the numbers may be, the Latino community still faces enormous challenges. Latinos earn 73 cents for every dollar earned by the non-Hispanic white American population. The percentage of Latino children in poverty in the U.S. is 1.5 times higher than the population as a whole. And, of particular relevance to the mission of El Tiempo Latino, our community is disproportionately subjected to falseinformation and manipulation via social media and other means.
This context explains our own company’s deep sense of responsibility. We aim to provide our audience with the information, particularly through reliable news media in Spanish, they need to make good decisions and to help them feel included and empowered in this country. This year at El Tiempo Latino we are concentrating on two specific efforts.
News Media in Spanish: Combating Disinformation
To combat disinformation in Spanish in the run-up to the midterm elections in November 2022 and the general election in 2024, we rely on our own tested strategies for producing and distributing the most engaging political content. Our ambition is to be a clear and attractive channel in the midst of overwhelming noise.
We believe that it is easier and more effective to identify and prioritize the distribution of trustable sources of content in Spanish than to filter an insurmountable amount of misinformation from thousands of ever-changing sources.
We find geographic hotspots and topics where there is a lot of disinformation and publish news stories based on accurate information. This is not an exercise in fact-checking. We counter disinformation by distributing straightforward, reliable stories on the very issues that have been a source of disinformation. With the Spanish-language audience, we have found,that it is more effective to prove truthfulness than to disprove falsehoods.
We have established partnerships with prominent institutions such as Arizona State University and Harvard Medical School to provide both content and resources to help us increase our impact on disinformation hotspots in Spanish on specific topics.
To amplify the Latino voice, we are redoubling our efforts during Hispanic Heritage Month, serving as a platform for leaders and experts to discuss issues that are of vital importance to our community.
Our coverage during this period will focus on the importance of the Latino community to the future of the United States.
We will be conducting a series of conversations with nationally recognized figures on the lack of Latino representation in positions of political, cultural, and corporate leadership and influence. These conversations will be conducted by our columnist Enrique Acevedo and will accompany his reports in El Tiempo Latino.
The entire United States will benefit from integrating the Latino community more completely into our society and, toward that end, facilitating access to valuable information in Spanish. The goal is to reduce political polarization, narrow the economic gap, motivate entrepreneurship, provide more work opportunities, celebrate a vibrant culture, protect public health and allow everyone to live their lives to the fullest.
Understanding and connecting with Latinos deserve to be a priority for government institutions and companies that seek the attention and dollars of the nation’s largest minority. At El Tiempo Latino, we are proud of our own efforts and seek to encourage continued progress.
Latinos: An Economic Superpower
If Latinos in the U.S. were a country, they would rank as the 7th largest economy in the world. Their GDP as a community is higher than that of France. Between 2010 and 2019, the Latino economy grew twice as fast (measured in real GDP) as the rest of the U.S. economy. As a community, our economy has grown faster than Canada, Germany and Great Britain, lagging only behind China and India.
Demographics: Growing at three times of the average U.S. population growth
In the past decade, the Latino population has grown 23%, more than three times the increase in the nation’s population as a whole. Contrary to what many people might suspect, this growth has not been driven by immigration. It is due instead to the 9.3 million babies born between 2010 and 2019 to families in our community. This growth makes us the largest minority in the country, with 18.7% of the total population.
The arrival of Hispanic Heritage Month this fall is an invitation for the US media industry to examine why Hispanic consumers are routinely underserved by content and advertising solutions – and what can be done to reverse the trend.
Latino Americans comprise 18% of the population, according to the latest US Census; a vast, multiracial and influential demographic that has grown at five times the rate of the non-Hispanic population in recent years.
Wielding enormous political and consumer clout, the annual spending power of US Hispanics is predicted to soon exceed $2.5 trillion, in a market that is defined largely by young, ambitious, digitally savvy consumers (over 60% of US Hispanics are aged under 36).
Yet, as the Hispanic Marketing Council reports, Hispanic communities make up just 6% of overall US ad spend – a woeful statistic that mirrors the “invisibility” and misrepresentations of Latinos in wider media culture.
With diversity, equity and inclusion values becoming hardwired into corporate decision-making, however, agencies and publishers across the digital landscape are ramping up efforts to engage with minority groups – including a growing linchpin of Latino voices.
With the booming Hispanic population fast reshaping America’s economic contours, here’s how media players on both sides of the ecosystem can further bridge the gap.
Storytelling at Scale
With video content firmly on the front line of audience engagement efforts for 2022, the realities of producing good-quality inventory is nonetheless challenging for publishers battling a trinity of tight budgets, limited resources and spiraling costs.
Typically, media companies in high Latino population states such as California, Florida and Texas are focusing closely on Hispanic audiences, with raw storytelling materials (news, images, text) available to connect. Yet, they lack the ability to translate these resources into a scalable video strategy.
That’s where the help of a specialized partner such as ShowHeroes comes in, with the mainstay of an in-house studio to deliver premium content that is closely scoped to the demands of ethnically and culturally diverse communities.
For publishers, joining forces with a third-party service is a great way of leveraging the kind of long-form original video storytelling on which powerful engagement rests; particularly when that content is customized precisely to the needs of a particular audience.
Because the reality is, America’s Hispanic population is no monolith. Instead “US Hispanic” is a catch-all term for a huge, multidimensional canvas of people, led by those of Mexican origin but encompassing many other groups, including fast-growing populations from Venezuela, Guatemala and Honduras. Different states and areas of the country are home to different kinds of Hispanic influences, too – each with their own linguistic and cultural nuances.
Added to which are various “unheard” demographics, such as the five million US adults who identify as Afro-Latino. Angel Jones, an Afro-Latina assistant professor at Southern Illinois University, tells Insider that people like her, as well as indigenous Latinos, are “left out” of Hispanic heritage month advertising and celebrations. “Our identities are not valued or even considered,” she says. Curated content may be one small step toward changing this kind of damaging oversight.
The drive for tailored content
A good partner can help publishers’ to augment their diversity strategies with bite-sized videos around heritage education or the history of Hispanic independence, for example. But that is just the starting point. The real beauty of building inclusive video content from scratch comes from its ability to speak the many different cultural inflections of a particular community; be that Florida-based Puerto Rican women or Dominican teenagers of New York.
This then creates a filter-down effect of great, dynamic video inventory for advertisers to choose from. It’s all too easy in media narratives to reduce a large, multi-identity group into a single mold. But with tailored video storytelling, marketers can engage directly with specific communities via quality content.
In a similar vein, ShowHeroes can use its sophisticated technology to understand the cultural semantics and sentiment of video content in detail. This allows brands to place ads alongside highly compatible content across verticals such as soccer, cooking, family life, music and more. Using advanced semantic targeting – a privacy compliant approach fit for the cookieless future – marketers can tailor their campaigns to reach particular audience segments across the Hispanic community; closing the circle to better monetize original content.
Incisive Solutions in a Multifaceted Age
This razor-sharp level of customization applies to formatting, too. Latinos use social media, mobile apps and other digital platforms at higher rates than the general US population, including a weekly average of 279 minutes on social media. Marketers looking to target this demographic, particularly with younger age groups, should be looking to utilize snackable, mobile-friendly pieces of video content.
Media leaders, however, can do their part to course-correct. By creating original content that resonates with different Hispanic communities, we can tap into a powerful and lucrative audience segment – as well as advancing the vision of a fairer future for all.
Albizu University, an accredited educational institution with three locations in Puerto Rico and South Florida, announced two key milestones for growth. Dr. Nelson Soto has been newly appointed to assume the position of President of the university, which also revealed the inauguration of a large new annex on its South Florida campus.
By Alex de Carvalho, Portada Miami correspondent.
Founded in 1966, Albizu University is a private, non-profit higher education institution with an enrollment of over 3,000 students, 80% of which have Hispanic origins. Dr. Carlos Albizu, founder of the university, was recognized for his groundbreaking work in training in culturally sensitive psychology and the institution has pioneered professional training that is oriented to the mental health needs of multicultural communities.
The educational programs are designed to train professionals capable of serving minorities, as well as the general population in the United States, Central and Latin America. Accredited by the Middle States Commission on Higher Education, Albizu University offers bachelor’s, master’s, and doctoral programs and certificates in Psychology, Speech and Language, Human Services, English as a Second or Foreign Language (ESOL), and a master’s degree in Health Care.
The vision of Dr. Carlos Albizu Miranda was all about giving back to the community. One way he gave back was to prepare psychologists.
The newly appointed President, Dr. Soto previously served as executive vice president for academic affairs at Union Institute & University in Cincinnati. According to Dr. Soto, “The vision of Dr. Carlos Albizu Miranda was all about giving back to the community. One way he gave back was to prepare psychologists, not just on the island of Puerto Rico and not even just in Miami, but he also wanted to focus on growing and expanding throughout South America. With this new annex, we think about the broader impact Albizu will have on the community. We know the growth of Latinos in this area, we understand the growing need for services, and we look forward to continuing to provide these services.”
Albizu University’s marketing efforts are centered around online marketing, media relations, advertising, and social media on the major platforms. Their communications office is staffed by a team skilled in communicating to Hispanic and Latino markets through traditional, digital, and social media marketing. Beyond Puerto Rico and South Florida, the university attracts students from Central and South America and from the Caribbean.
There are a lot of Hispanic students and Albizu provides them with a great opportunity to come study and move their careers forward here in the United States.
“We are proud of Albizu’s contribution to the community. There are a lot of Hispanic students and Albizu provides them with a great opportunity to come study and move their careers forward here in the United States,” says Juan Carlos Bermudez, Mayor of the City of Doral, and Commissioner for Miami-Dade District 12. “Many residents have become students, both on the undergraduate and graduate sides, and several Albizu students have in return found jobs here in Doral and in Miami-Dade County. As the one University that has been headquartered in Doral the longest, we hope they will continue to grow with more degrees.”
Dr. Soto further spoke about the top priorities for the university. Topmost is the objective to continue to expand globally, especially in Latin America. Mental health is unfortunately a growing issue, and the university wants to continue educating and training counselors and psychologists who are empathetic and can maintain the cultural competency of understanding their community.
Albizu University’s Priorities: Global Expansion, Scholarships and Continuing Education
Another priority is providing grants and scholarships for individuals that want to continue their education. Thirdly, the institution will move more into professional development and continuing education for the psychologists, counselors, school educators, and community activists that want to learn more about mental health and get credentialed.
The main priority is continuing to make sure that Albizu is focused on growing services for clinical mental health and just overall for mental health awareness.
“This addition is a major milestone for this campus. This new student space is momentous, and we will now have a significant presence in the community and in South Florida. The main priority is continuing to make sure that Albizu University is focused on growing services for clinical mental health and just overall for mental health awareness, so we want to make sure we are providing the continued steady force of psychologists and mental health counselors,” says Dr. Soto. “Job placement is unfortunately great because there’s a growing need. We know in places like Mexico and other Latin American countries, there is a lack of professionally trained psychologists and counselors at the Master’s and Ph.D. level.”
Specifically earmarked for the Aspen City Action Lab, the grants included $600,000 from the Ewing Marion Kauffman Foundation, $500,000 from Google.org, $375,000 from The Coca-Cola Company and a $100,000 each from the Hispanic Scholarship Fund and the U.S. Hispanic Chamber of Commerce.
“Latinos are launching companies at a faster rate than other groups and accounted for 52% of net job growth in the past decade. This success occurred despite many having little formal business education, nor access to capital and supportive networks enjoyed by other demographics,” says AILAS Executive Director Domenika Lynch. “The support of the Kauffman Foundation, Google.org, the Coca-Cola Company, the Hispanic Scholarship Fund and the U.S. Hispanic Chamber of Commerce will make a real difference in helping the City Action Lab unleash the full dynamism of this underserved sector of our nation. The resulting growth will help boost our entire economy.”
The Aspen City Action Lab unites Latino small businesses with local entrepreneurial and civic leaders to spur economic growth and share ways to expand business opportunities. The object is to close a wealth and opportunity gap that widened during the COVID-19 pandemic. Issues addressed include how to access private capital, apply for public funding, and leverage digital technology to expand the customer base.
Latinos are launching companies at a faster rate than other groups and accounted for 52% of net job growth in the past decade.
The Aspen City Action Lab launched as a pilot program in 2021 with communities in Chicago; El Paso, Texas; Miami; Phoenix; San Antonio; and San Bernardino, Calif. This innovative initiative is aiding Latino-majority cities in generating long-term, inclusive economic growth through data-driven, community-informed approaches. Having built partnerships with more than 70 cross-sector leaders in these cities, City Action Lab is also building nationwide networks so that more cities can be added when the pilot phase concludes.
The award from the Kauffman Foundation, an organization committed to advancing educational achievement and entrepreneurial success, bolsters efforts to systematize the program’s design so that it can benefit future cohorts of participating cities. The funding will also help support the annual Aspen Latino Business & Entrepreneurship Summit, which assembles public and private-sector leaders to uplift policies, practices and programs supporting Latino business owners and entrepreneurs.
The grant from Google.org, the technology giant’s philanthropic arm, will boost the lab’s action-oriented strategies to prepare the workforce development ecosystem for the challenges and opportunities brought by the increasing digitalization of the economy.
The Coca-Cola Company is a central partner in AILAS’ efforts to shift the narrative around Latinos and their contributions to the competitiveness and resilience of the American economy. The company’s giving supports City Action Lab’s overall initiative as well as efforts to expand the participation of Latino businesses in our nation’s supply chain.
The funding from the Hispanic Scholarship Fund, the nation’s largest nonprofit supporting Hispanic American higher education, and the U.S. Hispanic Chamber of Commerce, the largest Hispanic business organization, representing 4.7M+ Hispanic-owned businesses,
are also in support of the overall Aspen City Action Lab initiative.
TECATE® announced its newest culture platform, Tecate ALTA Presents: ALTA Sinfónica, a reimagined approach to classical music led by Mexican-American conductor and founder of the San Francisco Philharmonic, Jessica Bejarano, and featuring collaborations with some of today’s hottest Latin artists including Snow Tha Product, Oscar Cortez and Los Rakas. ALTA Sinfónica will celebrate and bring audiences a convergence of classic and contemporary sounds.
It’s fitting that this groundbreaking, one-night-only performance take place in a city like San Francisco on October 1st — one known for many firsts and being a magnet for America’s counterculture and human rights movements. San Francisco proudly boasts one the highest percentages of LGBTQ+ adults of any major metropolitan area in the U.S., steeped in the arts, music, food and architectural scenes with roots in Mexican-American history and nuance.
Alta Sinfónica showcases the beauty and power of what is possible when different ideas and identities come together to bring their all.
“As with any other cultural expression, we believe music has no borders. To demonstrate the beauty of cross-cultural convergence, the San Francisco Philharmonic will merge with urban artists to create a whole new musical expression. Alta Sinfónica showcases the beauty and power of what is possible when different ideas and identities come together to bring their all,” said Tecate Sr. Brand Director, Oscar Martinez. “Tecate ALTA is all about blurring lines, welcoming unique perspectives and embracing what makes us different.”
Artists forming part of the ALTA Sinfónica experience and collaborating on original, exclusive musical pieces include:
Jessica Bejarano, a Mexican-American conductor from East Los Angeles and founder and music director of the San Francisco Philharmonic who has guest conducted in Russia, Italy, Romania, Bulgaria, Czech Republic, Spain, Venezuela and throughout the United States. She has also held motivational speaker engagements for numerous companies, schools and arts organizations.
Snow Tha Product from San Jose, California, proudly represents being Mexican-American in her music. Before becoming a Latin Grammy-nominated rapper, Snow sang mariachi music and then found her voice through freestyle rap and hip-hop.
Oscar Cortez a native of Los Angeles, California, is known for his signature “callejero” style blending regional Mexican corridos with urban sounds, enriching both genres with his unique vista.
Los Rakas are an Afro-Latino, Grammy-nominated duo comprised of cousins Raka Rich and Raka Dun who are Panamanians by way of the Bay Area who create Latin-urban music blending hip-hop, plena, reggae and dancehall sounds.
A special docuseries capturing behind-the-scenes interviews, rehearsals and an introduction to conductor Jessica Bejarano will be posted to official Tecate social media channels after the live in-person event on October 1st. Fans can purchase tickets soon by visiting https://tecatebeerusa.com/altasinfonica with all proceeds from ticket sales directly benefitting the San Francisco Philharmonic.
ALTA Sinfónica forms part of the brand’s latest “Bring your All” creative campaign, appealing to a new generation of consumers that is as unique and unconventional as the brand itself. (Check out our recent interview with Belen Pamukoff, Brand Director Tecate and Tecate Light at Heineken USA, on Tecate Alta’s marketing strategy.
A bicultural beer without borders, Tecate ALTA is the lightest brew in the brand’s lineup of beers that include Tecate Original, Tecate Light, and Tecate Michelada. For more information on Tecate ALTA and the brand’s wide variety of other beer products, visit tecatebeerusa.com/tecate-alta. Find the latest news on Facebook @CervezaTecateUS, Instagram @Tecate, Twitter @Tecate and YouTube www.youtube.com/user/USATecate and use the hashtag #AltaSinfonica.
Televisa Univision’s ViX and and T-Mobile announced an agreement that substantially impacts the Hispanic streaming and video space. T-Mobile and Metro by T-Mobile are giving their new and existing customers a free subscription to ViX+, the premium SVOD tier of ViX, for a full year. ViX+ has more than 10,000 hours of exclusive sports, news and entertainment not available on ViX, the ad-supported streaming service that TelevisaUnivision launched earlier this year.
With 80 percent of Hispanics in the U.S. watching digital video the impact of the T-Mobile and VIX partnership can not be stressed enough. At a time when inflation is driving up prices on just about everything, ViX+ is a completely free way for T-Mobile and Metro by T-Mobile customers to be entertained whenever and wherever they go. ViX+ will be available in “mid-August” to T-Mobile postpaid and T-Mobile Home Internet customers (including T-Mobile for Business customers) on eligible plans and Metro by T-Mobile (prepaid service), the former MetroPCS, customers with unlimited plans.
“We are so proud of our 5G Network and we are very happy to support the community by bringing this programming. We are the first and only carrier to provide Spanish-only ad-free content made for Latinos by Latinos. We are very proud of this partnership and we are working hard to keep prices where they are and bringing more value,” Annie Garcia, Vice President, T–Mobile Branded Sales & Distribution for South and East Region tells Portada.
T-Mobile and ViX Partnership: Premium Content
ViX+ is loaded with 10,000 hours of classic and original Spanish-language shows, movie premieres, news and live sports, just in time for the World Cup later this year. ViX+ has programming for everyone in the family. Shows like María Félix, La Doña, La Mujer del Diablo and Mi Vecino El Cartel will be available on July 21 with exclusive film premieres throughout the rest of the month that can only be found on ViX+, including Mirreyes contra Godinez 2:El Retiro’and Enfermo Amor.
We are the first and only carrier to provide Spanish-only ad-free content made for Latinos by Latinos.
Sports also plays an important role in Vix+ content roster. There’s more than 7,000 hours of exclusive LIVE soccer games, so fútbol fanatics can follow all the action on the pitch from any device. In addition to featuring live Liga MX matches, ViX+ is the only Spanish-language streaming service in the U.S. with coverage of the UEFA Champions League, Europa League and Conference League matches. ViX+ will also stream Mexico’s 2022 soccer world cup games.
“As the top wireless provider for Spanish-speaking customers in the U.S., we understand what they care about, and today we’re bringing them a whole new way to enjoy the news, TV shows, movies and live sports that matter the most, and completely for free,” said Mike Sievert, president and CEO of T-Mobile. “While AT&T and Verizon are actually raising prices on their longtime customers, we’re doing things the Un-carrier way and giving our customers more without the added cost.”
And with more than 70 original movies and series produced for its first year, there’s no shortage of new shows and movies led by A-list talent. ViX+ exclusives include the Salma Hayek-produced romantic fantasy feature “Quiero tu Vida” (“I Want Your Life”), romantic series “Travesuras de la Niña Mala” (Bad Girl) adapted from the acclaimed 2006 novel written by Mario Vargas Llosa and the youngadult action-horror-comedy series “Pinches Momias” produced with Propagate Fuego. From comedy series and romantic features to docuseries and unscripted shows, ViX+ Originals span genres and formats. If 10,000 hours of live and classic programming still aren’t enough, ViX+ customers also get access to everything on ViX, the first large-scale global streaming service created specifically for the Spanish speaking world, which launched in March. ViX has more than 120 channels, 40,000 hours of video-on-demand and 24/7 news and sports.
T-Mobile’s Hispanic Customer Base
“Hispanics in the U.S. watch more video on their smartphones than anyone else but until ViX and ViX+ came along we had very few options to stream Spanish-language programs, and they were expensive on top of that. ViX+ is the latest in a long line of truly unique benefits from T-Mobile that connect our Spanish-speaking customers to their world, like free international texting and data and Mobile without Borders,” said Jorge Martel, vice president of T-Mobile’s Consumer Group. As of the first quarter of 2022, T-Mobile has more than 109 million subscribers, of which 88 million are postpaid customers. While T-Mobile does not disclose how many subscribers are specifically Hispanic, it can be inferred that the figure lies in the tens of millions. In addition, “Metro by T-Mobile is the largest provider for Hispanics in the prepaid wireless space,” Annie Garcia, Vice President, T–Mobile Branded Sales & Distribution for South and East Region, tells Portada. With a total population of 62 million Hispanics in the U.S, it is safe to say that at least a third of the total Hispanic population will have their content streaming options substantially impacted by the just announced Vix-T Mobile partnership.
Metro by T-Mobile is the largest provider for Hispanics in the prepaid wireless space.
With ViX+, customers can create up to five profiles for tailored viewing habits and get recommendations on binge worthy shows that are completely ad-free. Up to three devices can be streaming ViX+ at the same time and customers can download shows to watch later or on the go. And ViX+ works on any device, like smartphones, tablets, laptops, desktops and TVs.
Gen Z Marketing, particularly when it comes to Hispanics, is not anymore about the Univisions and Telemundos of the world. Belen Pamukoff, Brand Director Tecate and Tecate Light at Heineken USA, uses mostly CTV advertising. The executive shares her views about the “Bring your All” advertising campaign started earlier this month as Tecate Alta is entering two new markets.
“We are laser-focused on the 21-34 years old demographic, with emphasis on the 21-29; the Gen Z market. This generation is glued to their phones,” Belen Pamukoff, Brand Director Tecate and Tecate Light at Heineken USAk, tells Portada.
Gen Z is the key demographic Tecate Alta’s recently launched “Bring your All” campaign is aimed at. The campaign seeks to attract a new generation that is as unique and unconventional as the Tecate Alta brand itself, Pamukoff notes. It also wants to refresh the high-growth ultra-light beer category led by competitor Michelob Ultra (Anheuser Busch). Heinekens new Tecate Alta beer campaign also intends to lift the overall Tecate franchise, which includes the Tecate Light and Tecate Original beers. “Tecate Alta is our main brand when it comes to lift brand perceptions and recruit younger consumers for Tecate,” says Pamukoff. So far the results are positive. In the markets Tecate Alta was launched last year (California, Nevada, New Mexico, Arizona and the southern Texas Rio Grande Valley) retailers like Kroger, Walmart and independent Hispanics are requesting between 3 to 5 cases (12 cans per case) per month on average, a much higher amount than the average 1.5 cases new beer brands fetch on average. Tecate Alta is also expanding into the Houston and Dallas markets. According to Pamukoff, both Texan cities are markets where 60-70 percent of the population is composed of multicultural consumers who over-index in light beer consumption.
Tecate Alta is our main brand when it comes to lift brand perceptions and recruit younger consumers for Tecate.
Gen Z Marketing: Inspiring a Generation to Embrace Complex Perspectives
Compared to the launch campaign last fall, the current “Bring Your All” campaign (see video below) is “more emotional”, Pamukoff mantains. To successfully do gen Z marketing you “need an emotional message to create more impact,” she adds. “Particularly in order to compete with Michelob Ultra, who has 3 or 4 times our budget. Tecate Alta’s target consumers are a mix of Mexican and Americans, but it goes beyond that. They don’t want to be labeled or be put in a box. They don’t want to be told how to look. We want to break all these stereotypes. That is what resonates with GenZ. Let’s inspire a new generation to embrace complex perspectives, yet see things more clearly,” Pamukoff asserts. Heineken’s Tecate Alta obtained consumer insights through research by strategic creative and brand design agency Pearlfisher.
Let’s inspire a new generation to embrace complex perspectives, yet see things more clearly.”
Going in a New Way: Connected TV
Traditionally beer marketing has used mass media like TV and in the Hispanic market broadcast companies like Univision and Telemundo. When it comes to Gen Z Marketing, this may not be the most efficient media buy anymore. “We are going in a new way. Not through traditional TV anymore. We do CTV, which is were young people are,” says Pamukoff. Pamukoff notes that both connected TV and social media have had favorable results in media effectiveness studies commissioned by Tecate.
We do CTV, which is were young people are.
In the media activation for Tecate Alta’s “Bring your All” advertising campaign, which started on June 1 and will last until December, CTV is playing a crucial role with advertising running in streaming platforms including Hulu and ESPN as well as social media, Spotify, radio and OOH activations. Distribution is also being supported with sampling programs. “We are not using traditional TV with the exception of a Tecate Alta spot in the Campeon de Campeones match, which was played last night Sunday June 26 in Los Angeles. (Tecate brands are also the sponsor of LigaMX in the U.S). Additionally, influencer marketing, plays an important role in Pamukoff’s Gen Z marketing for Tecate Alta. “This generation is glued to their phones. They are following people. We are identifying influencers that best align with our target audience. We are in the process of partnering with them to embrace the Tecate Alta brand. We will have 3-4 influencers going to Primavera Sound, a concert in Los Angeles on Sept. 16-18 which Tecate Alta is sponsoring, and they will be posting stories about what will happen on the event weekend.” During the event, these influencers will be bringing the experience to followers that are not going to the event. This way, the event sponsorship investment can be scaled beyond people going to the event over that particular weekend. “For that reason we amplify with influencers as well as with sweepstakes to attend the event,” Pamukoff concludes.
MMA audience growth: Combate Global, the premier Hispanic Mixed Martial Arts (MMA) sports franchise, posted the second-highest television viewership in company history with its latest tentpole event on Univision and TUDN USA on Sunday, May 29 from Miami, Fla. Portada talked to Combate Global CEO Campbell McLaren.
Despite a late start of 11:52 p.m. ET for the program, the Combate Global event averaged 884,000 P2+ viewers, including 414,000 viewers in the A1849 demographic, marking the second largest Combate viewership ever for both demographic groups, with a huge following among Hispanics due to Combate Global’s partnership with Univision and TUDN USA. In addition, Combate Global is broadcast through Paramount+. According to Campbell McLaren, CEO of Combate Global, the MMA company’s “Paramount+ English language audience is one-third Hispanic. Our big audience in Spain that watches us on Eurosport is 100 percent Hispanic, and our growing French audience on RMC Sport is probably 0% Hispanic.”
The performance is bested by that of only one other previous Combate Global show, which took place on August 1, 2021, and garnered an average of 1,097,000 Univision viewers. According to Nielsen data, Combate Global is the number one-viewed Spanish-language program in late-night television.
On July 28, 2021 – Combate Global, LLC and Univision Communications Inc. announced that Univision had acquired a significant equity stake in the premier Hispanic Mixed Martial Arts (MMA) sports franchise. The transaction formally aligned Combate Global’s world-class talent and deep connection to the MMA community with Univision’s promotional and production capabilities, positioning the fight organization for international expansion.
Once again, Combate has put on an amazing show for a massive, new audience that we have introduced to MMA giving this audience exactly what it loves – much more action.”
The Combate Global viewership figure for its latest tentpole event represents an increase of nearly 79 percent from the average number of viewers (494,000 P2+ viewers, including 258,000 A1849 viewers) that watched its previous tentpole show on March 24.
Last Sunday’s Combate Global event, which aired in over 70 countries worldwide, was headlined by the return of reigning Combate Global World Bantamweight (135 pounds) Champion David “The Black Spartan” Martinez (7-1) of Mexico City. Martinez scored a thunderous, first round (2:08) TKO on Arturo “El Makako” Vergara in a non-title bout.
The number two sport
Combate Global is rapidly becoming the number two sport after soccer for Spanish speaking fans worldwide. It is the only MMA property regularly airing on broadcast television in both the U.S. (Univision) and Mexico (Televisa). In 2021, Combate Global partnered with CBS Sports to distribute its live shows in English in the U.S. on Paramount+. The company’s programming is available in over 70 countries in Europe, Africa and elsewhere globally.
There is a great deal of crossover between the Combate Global Hispanic MMA audience and the Hispanic soccer audience, with the big difference being that Combate has a very large female audience, as well as a younger audience,” McLaren told Portada.
Nielsen research indicates that an astounding 91 percent of Combate Global viewers in the U.S. are not regular viewers of other MMA content, demonstrating that Combate Global has garnered a new MMA audience with its World Cup-style, country vs. country-style competition. Each year of Combate Global action culminates with “COPA COMBATE,” the toughest event in sports, and the most coveted destination for representing one’s country.
Sponsorships and advertising to the MMA audience
McLaren tells Portada that Combate Global has had an “incredible response at Univision ypfronts.” “Several high-profile sponsors will be announced over the course of the next few weeks. Moving forward, every ad category seems as a good match, too. We see every category that values Gen-Z and millennials – both male and female – as being perfect partners for Combate Global,” McLaren, said.
We see every category that values Gen-Z and millennials – both male and female – as being perfect partners for Combate Global.
What’s next for Combate Global?
With such an impact and success among the American and Hispanic market, Combate Global is looking to grow their audience in Europe, beyond Spain.
“Combate is doing exceptional ratings in Spain and France, and we are anticipating similar growth in Italy and Portugal. We are also pleased to have donated our live programming to Xsport in Ukraine, hoping to provide some entertainment to the war-torn country,” McLaren noted.
We are anticipating similar growth in Italy and Portugal.
Combate Global CEO Campbell McLaren, also the co-founder and creator of the Ultimate Fighting Championship (UFC), has been described by New York Magazine as “the marketing genius behind the UFC,” while Yahoo Sports has said he “knows more about the sport than just about anyone in it today.” Under his direction, the growth of Combate Americas’ television footprint and worldwide audience triggered a re-branding in 2021 to Combate Global.
Wells Fargo Marketing is important. The financial institution is the third largest U.S. bank by asset size and reported investing US $600 million in advertising and promotion in 2020 (1.076 US$ billion in 2019), according to Statista. Portada talked to Rebeca Vargas, Head of Marketing for Diverse Segments at Wells Fargo on how her team is embedded in the overall Wells Fargo organization, upcoming advertising initiatives, DEI and more…
Rebeca Vargas has been Head of Marketing for Diverse Segments at Wells Fargo for five and a half months. She is in charge of marketing the financial institution to a wide array of diverse consumers segments including Hispanic, Asian American, African American, American Indian, Alaska Native, LGBT, students, military veterans, persons with disabilities and the non-banked sector. Asked whether her position at Wells Fargo is new or not, Vargas asserts that “positions are defined by the person who has the position”. “It’s a new position because I approach diverse segment marketing in a unique way for Wells Fargo,” Vargas adds.
This is a new position because I approach diverse segment marketing in a unique way for Wells Fargo.
Vargas comments that looking back at the organizational structure, Wells Fargo has fluctuated in the past between a centralized and decentralized marketing structure. She explains that today there is a brand marketing team, which is in charge of branding the Wells Fargo brand as well as of the brand guidelines. In addition, there are marketing teams along each line of business who do product marketing e.g. consumer, home lending, credit cards etc.
Vargas leads a third ‘type’ of marketing unit as there is no one with a similar position to hers across Wells Fargo. The unit Vargas leads is embedded in the Consumer and Small Business Banking Unit, which is led by Mary Mack, Senior Executive Vice President and Chief Executive Officer of Consumer and Small Business Banking.
Wells Fargo Marketing Budgets
Marketing decision making is always more decisive and accountable if the decision maker is supported by a marketing budget (e.g. Alfredo Rodriguez at Dish Latino.) This is also the case for Rebeca Vargas at Wells Fargo. Vargas and her growing team of 15 executives has 100% decision making power over marketing budgets targeting diverse segments (Hispanic, Asian American, African American, American Indian, Alaska Native, LGBT, students, military veterans, persons with disabilities and the non-banked sector). Vargas is responsible for product acquisition campaigns for all the above mentioned diverse segments (e.g. checking, savings account, small business).
Marketing and media responsibilities include both below and above the line as well as upper and lower funnel marketing. Vargas’ team responsibilities include the activation of Wells Fargo’s sponsorship of the Mexican National Soccer Team and cultural engagement campaigns at important holidays like Hispanic Heritage month.
In addition, Vargas has a more consultative role in advising Wells Fargo’s product brand marketing teams to develop acquisition campaigns reaching diverse consumers. “We provide advice to make sure that those stories not only show people of color but resonate with diverse consumers. As an example of this collaboration with marketers in charge of different product units, Vargas cites direct mail campaigns where she makes sure that cultural insights are taken into account.
I have a dual role. I provide advice for total market and develop and execute our own segment marketing.
Vargas tells Portada about several advertising and marketing initiatives which will be launched in the next few months. “For the Hispanic segment, we are launching next month four new debit card designs in partnership with the Mexican Soccer Federation and the Mexican National Soccer Team. We have an affinity card with the team and as part of the logo change we developed four new debit cards.” The new debit cards will be promoted through TV, radio and social media campaigns in the third quarter. Additionally, at the end of the third quarter, Wells Fargo will be launching a sweepstakes campaign offering consumers the opportunity to fly to the Soccer World Cup in Qatar and watch the matches of both the Mexican and U.S. Teams. The sweepstakes initiatives, Vargas notes, will be supported mostly by Hispanic media properties. For the African American market, Wells Fargo in April launched the Wells Fargo HBCU Legends Collection, a new slate of 12 debit cards spotlighting the rich and vibrant legacy of historically Black colleges and universities, or HBCUs. More initiatives in partnership with HBCU are in store.
Multicultural Marketing is not DEI
DEI initiatives in Corporate America are clearly on the rise. In the case of Wells Fargo, there is a very focused and important effort in DEI (Diversity Equity & Inclusion). “For us DEI means making sure that we attract diverse talent, that we see opportunities for growth for diverse talent. That we work with companies that are owned by diverse entrepreneurs. It also means that we make sure that we support diverse communities in the U.S. and particularly in the places we do business,” Vargas claims. Examples include Wells Fargo’s partnership with Operation Hope, a national non-profit dedicated to financial empowerment for underserved communities as well as Wells Fargo’s support of Unidos.US, the largest Hispanic civil rights and advocacy organization.
I personally believe that recently in the U.S. with the growing importance of DEI, there has been a confusion between multicultural marketing and DEI efforts.
Vargas emphasizes that marketing to the diverse consumer is different to DEI: “I personally believe, that recently in the U.S., with the growing importance of DEI, there has been a confusion between multicultural marketing and DEI efforts.” She explains that there is a “whole team that does DEI and then there is my marketing team.” “We certainly collaborate but our team has different objectives which are separate from DEI. My team is responsible for acquiring diverse customers and for deepening relationships and serving them in the best possible way – e.g. that branches have the right bankers, in-language communications etc-. DEI has more overarching objectives in order to do the best thing for suppliers, community and customers,” Vargas mantains.
An area where DEI overlaps with marketing and media is Wells Fargo’s commitment to minority owned media, the marketing executive asserts. “We are committed and make sure that we support all suppliers of diverse origin. We are looking forward to collaborate with them. We support NNPA, Black Press Assosciation, and do many media buys with many Hispanic publishers,” Vargas concludes.
The acquisition brings together Impremedia’s local and national brands with My Code’s significant new investments, advanced digital competencies and reach.
Multicultural digital media platform My Code announced the completion of its acquisition of a majority ownership interest in Impremedia, the leading Hispanic news and information company. With this acquisition, My Code becomes the owner of the most widely-read and respected Spanish-language daily newspapers and digital media outlets in the U.S. Impremedia and My Code declined to provide a price for the deal. A person familiar with the sale told the New York Times that My Code had paid “more than US $10 million”. The seller, the Argentinean media group La Nacion, had owned Impremedia since 2012.
Impremedia properties include La Opinión, the nation’s #1 Spanish-language daily newspaper; El Diario, the oldest Spanish-speaking daily in the United States; La Raza in Chicago; and La Opinión de la Bahía in San Francisco along with an extensive portfolio of digital media outlets and lifestyle brands that reach 35 million users each month. Over the last few years Impremedia has developed several vertical content sites including La Comedera (Food), Solo Dinero (Finance), Estar Mejor (wellness), Siempre Auto (automotive) and Bien Bonita (beauty).
Iván Adaime, CEO of Impremedia, will continue to lead Impremedia’s media brands. All of Impremedia’s employees have been asked to continue with the company and help drive the next phase of growth in civic journalism, local and national service and digital expansion.
“We are in awe of what Iván Adaime and generations of dedicated team members have built, and we are honored and excited to help in being stewards of these brands as we work together to expand their reach and deepen their impact with current and future generations,” said Parker Morse, CEO and founder of My Code. “With the ever-growing influence and impact of the U.S. Hispanic population, solutions to connect with and serve the community have never been more in demand. Combining Impremedia’s iconic media properties, burgeoning digital brands and significant daily role in the lives of the Hispanic community with My Code’s platform, resources and enormous audiences, will supercharge the ability to connect, inform, support and engage in this vital space. By operating in close partnership with Impremedia’s first-class leadership team, we will build a strong, vital and even more sustainable next chapter for Hispanic media and marketing.”
“The scale at which My Code has been able to connect with Hispanic audiences across different segments is an impressive feat in the current media landscape, especially as the industry continues to adapt to the dynamically shifting data landscape,” said Iván Adaime, CEO of Impremedia. “The combination of Impremedia and My Code deepens our relationship with the Hispanic community and amplifies our impact through the community. Our decision to join with My Code will allow us to deliver even greater value to our audiences and unlock more opportunities to engage with them in the digital space.”
Our decision to join with My Code will allow us to deliver even greater value to our audiences and unlock more opportunities to engage with them in the digital space.
Impremedia will contribute to My Code’s legacy as a U.S Hispanic media and advertising company and further solidify its leadership position in the space by operating the 2nd largest owned and operated digital Hispanic portfolio and the largest and only daily Spanish language paper portfolio in the country. It also reaffirms the company’s status as the digital multicultural platform with the largest reach in the U.S., per metrics from Google DV360.
Source of First-Party Data
With the addition of the oldest Spanish language print portfolio in the U.S. and Impremedia’s portfolio of lifestyle websites in the food and beverage, auto, finance, beauty and entertainment verticals, My Code is now one of the largest publishers of Hispanic content across multiple formats. This combination also further establishes the company as a source of rich first party data on increasingly influential Hispanic consumers, offering brands and advertisers unmatched potential for reaching and activating them. My Code will integrate Impremedia properties with its targetable datasets through its proprietary Intelligence Center, custom creative executions and integrated marketing and media solutions to align brands with the highest quality content and most engaged audiences for optimal reach and impact.
With the vast data on Hispanic consumers that Impremedia provides, we’ll be able to craft truly engaging content for brands that speaks directly to them with deeper authenticity.
Annie Leal, VP of My Code Studio, said, “In today’s media landscape, consumers want content that speaks directly to them and that reflects their cultural values, which can be a complex task to accomplish. The addition of Impremedia’s brands to My Code’s portfolio helps strengthen the virtuous flywheel between data and content, allowing us to deliver more meaningful content and experiences for the U.S. Hispanic community. With the vast data on Hispanic consumers that Impremedia provides, we’ll be able to craft truly engaging content for brands that speaks directly to them with deeper authenticity.”
The combination with Impremedia furthers My Code’s original mission of reaching and influencing Hispanic audiences. Originally founded as H Code in 2015, the company relaunched in early 2022 following the addition of two new entities, A Code and B Code, which focus on AAPI and Black communities, establishing My Code as a leader in multicultural media and marketing. The company also recently launched W Code to deliver authentic marketing to multicultural female audiences and plans to add more solutions for additional demographic segments in the coming months.
Leading Hispanic-Facing Media Company Announces Canela.TV’s Foray Into Originals and Details New Content Acquisitions; Canela Kids, New Spanish-Language Offering for Kids 2-12 To Debut August 2022; New Projects In Development at Canela Music; and Plans Revealed for the Newly Launched Innovation Labs In Silicon Valley Spearheaded by Former Pluto TV Chief Product Officer Shampa Banerjee.
Today, during a virtual IAB NewFront Presentation, Canela Media’s founder and CEO Isabel Rafferty shared news about the company’s next tier of content for Canela.TVand Canela Music, and also announced that the company will be adding to its growing portfolio of ad-supported brands with Canela Kids, a new Spanish-language AVOD destination for kids 2-12 launching August 16.
Canela Media, whose Q1 2022 revenue jumped a whopping 325% year over year, also unveiled plans for their recently launched Innovation Labs, a new division based in Silicon Valley that will use key learnings and advanced technologies to inspire innovations that make the media experience more immersive. The company will celebrate their first CincoDeFront event this evening at New York’s Paradise Club at The Times Square EDITION.
The insights we have about our passionate fans fuel all of our choices, which is what makes Canela the only real strategic AVOD player for Hispanic audiences.
Rafferty, who opened her presentation standing beside the Fearless Girl statue on Wall Street, said: “At Canela, we look to elevate our compelling narrative through a distinctly Hispanic lens, and this audience is never an afterthought – they are our primary reason for being. Our approach to alliances with brands as well as our work in original content must be authentic, disruptive, and empowering – for our viewers, our creators and our marketing partners. We will deliver all of that and more in 2022.”
She added: “The insights we have about our passionate fans fuel all of our choices, which is what makes Canela the only real strategic AVOD player for Hispanic audiences. We understand that the Latin viewer comes in many flavors – and the Canela community of offerings celebrates each of those identities including Afro-Latinos, Hispanic Americans, immigrants and many more.”
In the past year, Canela Media, the only female and minority owned Hispanic-facing media company offering true reach and scale, has partnered with numerous brands including Verizon, TurboTax, Target and Nissan with new alliances set with Pizza Hut, Unilever, Sephora, Mondelez and the Department of Health and Human Services in the coming months.
Also taking part in the session was Jerry Leo, Chief Content Officer, Canela.TV; Mario Torres, VP, Canela Music; Shara Ogg, Canela Media’s VP of Marketing, Andres Rincon, Senior VP of Sales; Matt Montemayor, SVP, Sales, West and Central Region; Maggie Salas-Amaro, Director, Canela Kids; and Shampa Banerjee, former EVP at ViacomCBS and Chief Product Officer at PlutoTV, who was named Canela’s Chief Product & Technology Officer earlier this month.
The Smithsonian’s National Museum of the American Latino has announced a $2 million gift from The Coca-Cola Company to support the new museum and Molina Family Latino Gallery. The donation establishes The Coca-Cola Company as a Corporate Founder of the Molina Family Latino Gallery and a Founding Donor of the National Museum of the American Latino.
In part, the gift will enable visitors to explore the diverse stories of Latinos in the United States—past, present and future—through dynamic, multidisciplinary exhibitions and programming. The museum showcases the Latino experience to help Americans understand who they are as a nation. This gift is part of a long-standing commitment from Coca-Cola to recognize, support and partner with the Latino community and champion diversity in all its forms.
“Both the Molina Family Latino Gallery and forthcoming National Museum of the American Latino will strive to complete large gaps that exist in the story of American culture and history, gaps that overlook the struggles, achievements and contributions of American Latinos,” said Eduardo Díaz, interim director of the National Museum of the American Latino. “Generous gifts like this recognize the urgency of that mission, and we thank The Coca-Cola Company for their support. That support will enable us to share centuries of history with generations of visitors from across the country and around the world.”
The Molina Family Latino Gallery is the American Latino Museum’s first gallery and interprets what visitors may see and learn in the future museum building. The gallery’s inaugural exhibition, “¡Presente! A Latino History of the United States,” introduces visitors to critical concepts, moments and biographies that shine a light on the historical and cultural legacy of U.S. Latinas and Latinos through bilingual exhibitions, public and educational programs and robust online offerings. The gallery and exhibition will open in the summer at the National Museum of American History.
we aim to make a difference in communities by celebrating stories, empowering learning and boldly shaping a better shared future where diversity, equity and inclusion play a central role.
“The Smithsonian is shining a much-needed spotlight on the tremendous contributions of Latinos in this country, and Coca-Cola is proud to contribute to this landmark effort,” said Alfredo Rivera, president for North America, The Coca-Cola Company, and founding member of the museum’s advisory board. “Through our partnership, we aim to make a difference in communities by celebrating stories, empowering learning and boldly shaping a better shared future where diversity, equity and inclusion play a central role.”
The Florida Panthers are having a record-breaking season with a league-best 58-18-6 record, winning the Atlantic Division for the first time since 2015-16, clinching the first President’s Trophy in franchise history, and becoming the first team to secure a berth in the Stanley Cup Playoffs this season. As the top team in the NHL, the Panthers are engaging South Florida’s Hispanic communities in creative new ways as they get ready to pounce on the Washington Capitals during the playoffs.
Written by Alex de Carvalho, Miami
On April 30th, the Panthers unveiled a large mural in the heart of Miami’s world-famous Wynwood Arts District. The top of the mural has the lettering ¡Vamos Gatos!, “Let’s Go Cats!,” to build excitement for the playoffs. Renowned graffiti artist and muralist Pedro Amos designed the art and painted the mural, which features a bounding panther over a background of vibrant colors typically associated with Miami. The visually engaging mural includes the familiar sights of palm trees, high-rises, a causeway, a sunset, and the silhouette of a rodent to symbolize Former Panthers’ captain Scott Mellanby’s “rat trick.” The lighted mural covers a full building exterior wall facing I-95, Miami’s busiest highway, and is visible to cars driving by during the day and night.
Where it all started
The mural is an extension of the team’s ‘Vamos Gatos’ DEI (diversity, equity, and inclusion) campaign, which explores new ways to connect with and engage South Florida’s Hispanic market. Vamos Gatos began as a Spanish play-by-play live audio stream available to in-arena fans exclusively through the FLA Live Arena mobile application. With the app, Hispanic fans inside the arena can easily access live action commentary from their seats to enhance their real-time in-game experience.
Thanks to the team’s success this season, the mural represented a lot of work under demanding deadlines to promote the team’s playoff bid to the large Hispanic in Miami. There were many elements to deal with, from scheduling around the blistering weather to determining the design elements that would best represent the team, trying to get as many people involved as possible.
Wynwood as an example
According to Pedro Amos, Wynwood provided a blueprint to the world for how to revitalize a neighborhood with graffiti art and represented a great creative opportunity to position the local team. “Working with the panthers was a dream. The team was phenomenal in terms of communication, especially with the tight deadlines,” said Amos. “With this special collaboration, we wanted to demonstrate the force of the panther on a warpath, making it large to portray its presence and importance. Similarly, with the “Vamos Gatos” letters, we want to incorporate and include the large Latino community in South Florida — it’s important that they feel united behind the Panthers.” Amos is a Miami native who has curated the Basel House Mural Festival over the past five years. His long-time passion for graffiti has led him to paint murals on four continents over the past 9 years alone. “I am grateful for opportunities to paint murals in public zones and to support organizations that want to express themselves through my chosen art,” Amos added.
The mural unveiling was followed by a Playoff Pop Up Party for Latinos at the Wynwood Marketplace, with graffiti artist Carlos Solano painting custom t-shirts on the spot for fans. The event featured photo opportunities with mascot Stanley C. Panther, drink specials courtesy of Stoli Vodka, and merchandise and ticket giveaways.
It’s important for us not to be just focusing on Sunrise or Ft. Lauderdale and to be reaching out to our fans in Miami-Dade County and Palm Beach as well.
Bryce Hollweg, Florida Panthers Executive Vice President, mentioned that the Panthers are “Proud to have launched the Vamos Gatos campaign to celebrate the Hispanic culture and vibrant backgrounds that we have here in South Florida. It’s important for us not to be just focusing on Sunrise or Ft. Lauderdale and to be reaching out to our fans in Miami-Dade County and Palm Beach as well.”
The Panthers will have home ice advantage throughout the 2022 Stanley Cup Playoffs, hosting the first two games of Round One at FLA Live Arena, as well as Game 5 and 7 if necessary. With the creative extension of the DEI ‘Vamos Gatos’ campaign, the Florida Panthers are spreading playoff fever to South Florida’s Latino and Hispanic fanbase.
While Centers of Multicultural Marketing Excellence certainly fulfill their function as specialized units for best practices and research, they are also sometimes mocked by insiders as consulting units that do not have decision-making power. This is not the case of Dish’s Latino Center of Excellence, Alfredo Rodriguez, Vice President, Latino Center of Excellence at DISH Network tells Portada. “DishLATINO is a brand and a product. A P&L focused mindset drives all acquisition, retention, programming & product initiatives.”, he asserts.
Led by Alfredo Rodriguez, the Latino Center of Excellence has 25 employees, including executives Nicole Preston, General Manager, Latino Center of Excellence; Juan Machado, General Manager Marketing in charge of acquisition, Jean Louis Bedout, General Manager, in charge of retention and upsell, as well as Reynaldo Pagani, who is in charge of the Puerto Rican market.
Dish Latino Center of Excellence: How it came about
In 2020 Dish acquired Boost Mobile and Sprint’s prepaid customers from Sprint as Sprint merged with T-Mobile.As a result, DISH became a nationwide U.S. wireless carrier. Dish’s leadership could not help but notice that in addition to Dish Latino and Sling’s Hispanic subscribers, Dish now had a substantial Hispanic customer base in the form of prepaid wireless client. Approximately a third of Boost Mobile customers are Hispanics. That is when the executives at the helm of Dish decided to create the Latino Center of Excellence. The main part of the new unit’s team was to be composed by Dish Latino executives, as the direct to broadcast satellite provider already had a an established brand marketing team.
Historically Dish’s Latino Center of Excellence is the outgrowth of the brand marketing unit of Dish Latino, which also serves as a Center of Excellence for Sling and Boost Mobile.
“Because of the very nature of the product which is solely for Hispanics, Dish Latino has a very contained customer base and its own P&L. This affords as the luxury of running it as a business unit,” Alfredo Rodriguez, Vice President, Latino Center of Excellence at DISH Network, tells Portada. “We have our own marketing budgets for branding acquisition and retention. Additionally, we manage the entire budget , from media to production. We design the strategy. We are very keen on insuring that we have a return on marketing investment as we have full accountability for the subscriber base we manage,” Rodriguez adds.
We are very keen on insuring that we have a return on marketing investment as we have full accountability for the subscriber base we manage.
As of December 31, 2021,Dish Networks had 10.707 million pay-TV subscribers in the United States, including 8.221 million DISH TV subscribers and 2.486 million SLING TV subscribers. Rodriguez claims that an important part of the Dish TV subscriber base is Hispanic and that they are the leaders in the Spanish-tier direct-to-broadcast satellige category, (DBS), where they compete with providers including ComCast, Spectrum and DirecTV.
Rodriguez, who leads enterprise-wide efforts to maximize segment opportunities across Dish Network’s three main lines of business: Dish (DishLATINO) – Sling and Boost Wireless, notes that on the Boost Mobile Brand, his work focuses around identifying which consumers are in fact Hispanics. “We analyze the retail footprint and how it corresponds to the density and location of Hispanics.” Marketing budgets for Boost Mobile and Sling are managed by these business units. Rodriguez notes that the wireless segment has a lot of unmet needs and that his team is working on strategy refinements for Boost.
Many of the insights that Rodriguez’s team obtains at Dish Latino can be be used to understand the customer base, particularly the Hispanic customer base of Sling and Boost Mobile. “We see a lot of opportunities to cross-sell and upsell to other brands, including combining data to provide existing and future customers interesting offers. We work very closely with Dish, Boost and Sling to leverage data, segmentation and insights,” Rodriguez maintains. He adds that more than about just using the data it is “about obtaining a real connection with our clients.”
How Dish Latino Determines its Hispanic Target
The direct-to-broadcast satellite Dish LATINO service, the suite of stand-alone programming packages containing both Spanish & English language channels, targets two segments of the Hispanic population. The unassimilated segment (18% of the Hispanic population) and the bicultural-Spanish-dominant (30% of the Hispanic population). The unassimilated segment is foreign born and Spanish-dependent for all aspects of their lives as well as culturally attached to their country of origin. The bi-cultural Hispanic segment tends to be foreign born and has lived in the U.S for 10+ years. They are comfortable with English and are exploring a new culture through the lens of their cultural heritage.
These two segments are the ideal customer for DishLATINO, How does Dish-Latino’s marketing team determines which Hispanics belong to the the above segments and not the bilingual and fully acculturated segments? Rodriguez notes the assimilation algorithm takes the following factors into account: Language spoken at home, Language of media consumption, Cultural affinity, Proportion of first 18 years lived in US and preferred language. According to this acculturation algorithm, roughly 30%-40% of the 60 million Hispanics living in the U.S. are either unassimilated or bicultural, Rodriguez says.
Research by Rodriguez and his team has determined that these two segments have many unmet needs. One of them is the need for speaking and perfecting English. The programming channel “Inglés para Todos” answers to this need as learning English affords more opportunities to Hispanics. Rodriguez also sees opportunities to cross over to Boost Mobile and Sling with a similar offering.
“We are looking to carve out opportunities on the wireless side and trying to leverage and take advantage of some of the things consumers are telling us are very appealing like for instance Inglés para Todos”, Rodriguez concludes.
DoorDash Marketing. DoorDash launched ‘Antojo’, its first-ever custom created Spanish & English multi-platform marketing campaign aimed at authentically connecting with the Latino community.
The creative campaign is rooted in the perspective that cravings are a common experience in culture, but “antojos” are a part of the way Latinos live life. And there are all sorts of antojos; about food, a flavor, or a memory about grandma’s cooking. But it does not stop there–there are also antojos for moments, for opportunities, for fulfilling goals. DoorDash’s intention in creating the ‘Antojo’ campaign was to reinforce its focus on growing and empowering the antojos of local Latino communities.
Dicen que cuando se te cae algo es porque a alguien se le antojó.
The creative campaign debuted last Monday April 18 across national TV, digital, and social activations. The creative was inspired by the old superstition “Dicen que cuando se te cae algo es porque a alguien se le antojó” or in English, “They say that when your food falls, it’s because someone craved it.”
“DoorDash’s mission is to empower local economies and the latest iteration of that mission is the Antojo campaign, which demonstrates our commitment to connecting with the Latino community and empowering the communities that we serve,” said Katie Daire, DoorDash’s Senior Director of Consumer Marketing. “We’re excited to unveil this campaign and think it will uniquely engage with the Latino community through highlighting the shared power of antojos in our everyday lives.”
“We are proud to partner with DoorDash, a modern brand that at its core is about empowering local communities,” said John Gallegos, Founder and CEO of GALLEGOS United. “Throughout the pitch process, we experienced firsthand how the company lives up to this value and its commitment to the Latino community, always in a highly creative way. We are excited for our new journey together, supporting all the ‘antojos’ of Latinos, starting with food and beyond.”
The insight behind this traditional superstition inspired two :30 TV spots under the premise of “Se te antojó,” which brings viewers through the journey of witnessing the power of antojos in real life and highlights the breadth of items available through DoorDash. To capture the essence of ‘Antojo’, the commercials were shot in Mexico City by acclaimed and award-winning director Andy Fogwill. In addition to TV, the campaign includes digital ads, paid and organic social media, and an in-app experience that features Latin cuisines in customers’ local areas. The breadth of the campaign highlights the brand’s connection and understanding of the antojos of the Latino community.
Throughout the pitch process, we experienced firsthand how the company lives up to this value and its commitment to the Latino community.
The campaign was created in partnership with GALLEGOS United and is the first work produced from this new partnership focused on connecting more authentically with the Latino community. Gallegos United was awarded the DoorDash business and will be responsible for helping DoorDash authentically communicate with Latinos—managing strategy, creative development, production, and marketing communications. Together, DoorDash and Gallegos United will focus on building long-lasting customer relationships and driving brand preference with Latino communities nationwide.
Beyond the creative campaign, DoorDash supports the Hispanic and Latin community by providing restaurateurs grants and training through our Main Street Strong Accelerator. In February, we also announced a partnership with UnidosUS that provides a financial empowerment program, grants to broaden food access, and support for civic engagement programs and immigration education. Our partnership features a signature financial empowerment initiative, Caminos, that provides local and virtual programming to U.S. Dashers who want to develop job skills, build a business, or improve their financial well-being.
The growth of Hispanic-owned businesses is the number one goal of the USHCC, a business advocacy group representing more than 5 million U.S. Hispanic-owned businesses. USHCC recently hosted its Legislative Summit with several national elected officials and business leaders. USHCC President & CEO Ramiro Cavazos talked to Portada about the Legislative Summit and the business prospects for the US $1.3 trillion infrastructure bill.
The United States Hispanic Chamber of Commerce (USHCC) has made it a top priority that its members “get to do the work for a sizable part of the US $1.3 trillion infrastructure bill that will be awarded in the next 12 months”, Ramiro Cavazos tells Portada. The bipartisan infrastructure bill should boost Hispanic-owned businesses. That is why the recent Legislative Summit focused on presenting Hispanic-owned businesses to the U.S. government and buyers from the corporate sector through match-making functions. In addition to the federal government and many agencies, there was a wide representation of the private sector at the Legislative Summit, which included companies like Anheuser Busch, Google and Kroger. Cavazos notes that U.S. Hispanic businesses were pre-screened to provide optimal matches to both private and government-owned entities. “We hope that in 3 months we will be able to count the number of contracts,” says Cavazos who adds that the USHCC works with two vendors who will be quantifying the sucess of the match-making exercise at the Legislative Summit.
“The U.S. Government is the largest buyer,” Cavazos asserts. “The U.S. Government is much larger than Google and Microsoft, yet less than 1% of the buying power of our government, which is financed through taxes, goes to Latino-owned business,” he mantains.
The U.S. Government is much larger than Google and Microsoft, yet less than 1% of the buying power of our government, which is financed through taxes, goes to Latino-owned business.
Growth of Hispanic owned Businesses: Sectors Primed for Expansion
Asked about which companies and sectors are particularly well positioned to gain government contracts, Cavazos mentions sectors including construction (10% of construction companies are Latino-owned) cybersecurity, food production, advertising/marketing, architecture, plumbing and air-conditioning. As Marissa Calderon, Executive Director, NCRC Community Development Fund, Inc. recently told Portada Hispanic participation in the economy is not only important for corporate social responsibility reasons, but it also is good for business as diversity Increases Innovation. The USHCC’s Cavazos totally agrees that minority owned business growth is very beneficial for the U.S economy: “We feel the U.S. government and the private sector need to open opportunities to companies in these sectors. We just want to have a seat at the table where decisions are taken,” Cavazos claims.
We just want to have a seat at the table where decisions are taken.
A Common Thread: The American Dream and Culture
The USHCC mission is to promote the growth, development, and interests of more than five million Hispanic-owned businesses that contribute over US $800 billion to the American economy every year. The USHCC has 250 chambers and members in places as distant as Hawaii, Miami and Oklahoma. What binds these members together, according to Cavazos, is that they want to achieve the American Dream. “It could be someone who came across the river in Mc. Allen, Texas, or someone in New Mexico who has been here for 500 years. Our common thread is the pursuit of the American Dream and our culture.”
The U.S. Hispanic economy, the second largest GDP in the Spanish-speaking world after Mexico, is a dynamic part of the U.S. economy, the number one economy in the world. Cavazos is a trusted economic development expert and champion for bipartisan solutions that generate wealth to advance economic opportunity for the Hispanic community. “An economy that drives freedom, social justice, economic security is beneficial to all Americans,” he asserts.
Prior to his role at the USHCC, Cavazos was the President and Chief Executive Officer of the San Antonio Hispanic Chamber of Commerce (SAHCC), the nation’s first Hispanic Chamber of Commerce founded in 1929.
Diversity increases innovation: The NCRC Community Development Fund has just been named to Fast Company’s Annual List of the World’s Most Innovative Companies for 2022, placing ninth in the “Small and Mighty” category. Portada talked to Marissa Calderon, Executive Director, NCRC Community Development Fund, Inc. and Chief of Community Finance & Mobility, National Community Reinvestment Coalition, to understand the key elements that foster innovation in her organization.
The NCRC Community Development Fund (NCRC CDF) is a U.S. Treasury certified Community Development Financial Institution (CDFI) that works to increase access to homeownership and support small businesses for underserved populations. Marissa Calderon and her team manage an approximately US$ 60 million lending portfolio with the the objective of providing affordable credit for homeownership and small business loans to underserved populations. A sizable segment of the Hispanic population is underserved. Ironically, while Latinos are the most prolific entrepreneurial cohort in America, generating over 80% of net new business, they often don’t have access to capital.
Diversity Increases Innovation
The NCRC CDF’s success is reflective of the diversity of its team members. According to Calderon, “the cultural competency of the team at the Community Development Fund is reflective of our borrowers. Both our team and our borrowers have gone through similar experiences. If we are not reflective of our borrowers, we don’t succeed. In fact, we tell our borrowers: We see you because we are you.”
If we are not reflective of our borrowers, we dont succeed. We tell our borrowers: We see you because we are you.
The pandemic impact has been acutely felt by Black-, Latino- and Woman-owned businesses, and NCRC’s CDF rose to the challenge, flexing its muscle to support and deploy US $17 million in grants, PPP loans, low-interest rate capital, and small business investments at a time when these entrepreneurs needed it most.
Calderon mentions that strong connections with organizations in housing development and business funding help the NCRC CDF achieve its mission. These organizations include the Stanford Latino Entrepreneurship Initiative and the Latino Business Action Network. Calderon mentions that NCRC CDF
borrowers are the greatest source of referrals from a business perspective as 60% of referrals come from borrowers. On the funding side, the lending portfolio is funded through a variety of different sources including commercial banks, federal government and philanthropic sources. According to Calderon, to “tell the story” of how the NCRC CDF expands access to affordable homeownership and helps Black-, Brown-, and woman-owned businesses thrive is crucial in order to get new funding commitments: “87% of our loans went to black and Latino entrepreneurs. 48% of loans went to women. Major banks ask us how we are able to do that.”
87% of our loans went to black and Latino entrepreneurs. 48% of loans went to women. Major banks ask us how we are able to do that.
Diversity is not only a moral objective and a business imperative; Diversity also increases innovation. Diversity within organizations is increasingly seen as a competitive success factor. A growing body of evidence indicates that heterogeneous firms perform better than their homogenous counterparts. Research by Deloitte shows that organizations with inclusive cultures are six times more innovative and agile, eight times as likely to achieve better business results, and twice as likely to meet or exceed financial targets than organizations with less diversity in the workplace.
Leveraging Technology with a Human Component
Calderon emphasizes that she and her team members are very intentional on how they spend their time. “Part of what helps us accomplish our purpose is to be tech enabled. We intentionally leverage technology with a human component.” As examples of how they leverage technology she cites the automation process to collect data through online loan applications with the human component being represented by a loan officer. “That is how we were able to deploy during PPP”, she says.
Calderon and her team Identify points of friction with borrowers in the process of serving them. For instance, a borrower may not own a home computer, so the NCRC CDF needs to make sure that the processes are mobile first and there is no requirement to print any documents.
It is important to Calderon to foster a culture of creativity and innovation in her team. “They are all youthful and digital natives. Also, just because we have done something for a long time does not mean it is the only thing to do,” she concludes.