Customer Service is Key to Hispanic Outreach and Retention
Posted by Elena del Valle on July 11, 2007
By Tony Malaghan, CEO, Arial International
Tony Malaghan, CEO, Arial International
Photo: Arial International
I recently read a research study by Javelin Strategy & Research titled, “Reaching Underbanked Latinos: Better Product and Sub-Segment Definition Required to Realize Growth and Retention”. Whilst the research is targeted at financial institutions, the findings are applicable across many industries.
The report, published in November 2006, combined research from interviews with large and small U.S. financial institutions regarding current strategies and best practices with quantitative research on banking habits of Latino consumers in the U.S. One of the key findings of the report is that 37 percent of Latino consumers actually switch banks because of dissatisfaction with customer service compared to 18 percent for the non-Latino market! In my view, that is a significant point of difference and one that every business targeting the U.S. Hispanic market needs to be cognizant.
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