The Hispanic market is hotBlog added by Steve Savant on May 5, 2014
Steve Savant

Steve Savant

Scottsdale , AZ

Joined: January 28, 2005

There’s nothing like living in the southwest here in Arizona, especially if you love Mexican food. Whenever I’m traveling and my host offerings to take me out to a Mexican restaurant, I almost always decline. The Mexican food here in the Phoenix area is just that good and everything else is just a step down. And it’s not a step worth taking.

At this stage in my career, I fully admit that eating Mexican food is one of life’s greatest culinary pleasures, even if the carbs goes through my lips and right on to my hips. I generally have to walk an extra half hour to satisfy my conscience, which is heavily influenced by my cardiologist.

The culture and history of Hispanic Americans is rich with traditional values, not just great food. They are highly motivated to succeed in our society and make a positive contribution to our communities. They are the fastest growing and largest minority group in the country. They’re impact on the economy is significant.

There is a huge opportunity to serve this underserved demographic. I say underserved because in my own experience, many advisors have not approached them and there are not many Hispanic advisors. And while there may be some language barriers, most advisors in this market I've seen have experienced few communication issues.

Some carriers are now reconstructing their marketing platforms to accommodate niche markets and, in particular, specific people groups. The Hispanic market is dominating their niche campaigns and strategies, especially when it comes to the promotion of life insurance and annuities. And while I try not to make generalizations, I have found many in the Hispanic community to be conservative savers, which fits the product profile of many of our industry’s insurance products. All and all, it’s an untapped market.

Speaking of markets, I went to the Ranch Market, a large Hispanic grocery store here in Phoenix. They have food vendors outside the store cooking authentic Mexican food. Simply wonderful! But when I went inside for a tour of the store I was surprised at an entire aisle dedicated to peppers, starting with mild jalapenos and ending with the fiery ghost chili. Hot peppers and chilies are ranked by a measurement of the pungency (spicy heat) as reported in Scoville heat units (SHU). I tried a habanero that was just short of the fires of hell. My host escort laughed at me because it was actually one of the more mild peppers on the heat index. But to me, it was just hot. The Hispanic market is heating up, maybe not to the level of a ghost chili, but maybe a habanero.
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