The Hispanic population in the United States is growing rapidly, So is your company doing everything it can to adequately serve your Hispanic customers by offering Spanish language contact center solutions for them?
According to a call center outsourcing study written in the mid-2000s titled “Service, Por Favor: Ten Reasons to Better Serve and Woo the Booming Hispanic Market,” the Hispanic market segment boasts some $580 billion in spending power, which at the time was expected to nearly double to $925 billion by 2007, according to the Selig Center for Economic Growth.
Too few companies tailor service options and messaging to Hispanics, the study found, which goes for Spanish language contact center options as well. It cited Carlos Santiago, president of The Santiago Solutions Group, saying “These times of economic downturn are perfect to correct historic misalignments and invest [future] dollars in a way that truly maximizes each segment's short and long-term returns.”
This means to businesses that they must pay more time and attention to your Spanish language contact center options. Nearshore outsourcing is a way to serve U.S. Hispanics, since two-thirds of U.S. Hispanics are of Mexican origin, and Mexico, Central America and the Caribbean are good possibilities for delivering Spanish and bilingual customer support. Nearshoring, the study found, can be as much as 30-40 percent less costly than domestic support, which is why forecasts cited by the study show that “the number of Mexican contact center agent positions will rise from nearly 51,000 in 2002 to more than 190,000 in 2007” and beyond.
Basically, offering Spanish language contact center options is just good business. While the U.S. economy has slowed in recent years, the study found that Hispanic spending power is accelerating: “This mushrooming market segment boasts some $580 billion in spending power, expected to nearly double to $925 billion by 2007, according to the Selig Center for Economic Growth. Even at its current size, U.S. Hispanics’ economic impact rivals that of the entire Mexican economy ($620 billion last year). And in comparison to non-Hispanic whites, U.S. Hispanics only become more attractive: U.S. Hispanic buying power is growing three times as fast.”
I’d say that’s growth you probably don’t want to ignore, right?
David Sims is a contributing editor for TMCnet. To read more of David’s articles, please visit his columnist page. He also blogs for TMCnet here.
Edited by Jamie Epstein