By Lindenberg Junior

There are many factor that contribute to a successful business, and among them, we can mention five key factors such as strategic focus (leadership, management, planning), people (professional personnel and staff), operations (processes and work), finances (assets, facilities and equipment), and marketing (customer relations, responsiveness and sales). But one of them in particular its very important to survive because it’s associated with sales and consequently, revenue generation.

. For new start up and also, established business, the critical success factors for growing business involve money, a good product or service, and marketing – that includes understanding your customer needs, retaining and increasing the number of customers, research and competition, and attracting the right talent or the right marketing partner(s).

Studies show businesses that cut their promotions during recessions are more likely to not survive or expand their business during recessions. A business should not cut its marketing budget in order “to keep its doors open” because it can actually have the reverse effects.

Whatever you are currently doing to market your business, keep doing it. If you can, diversify the strategies or types of marketing you are doing. Diversification is a long-standing solution for protecting an investment and this simple concept applies just as much to a marketing budget as it does to a stock portfolio.

Let’s for now talk about a specific market group in the U.S. Latinos, including Brazilian, and Hispanic Americans have especially become a significant ethnic minority group in terms of marketing. As of July 1, 2022, Hispanics are the largest racial or ethnic minority in the United States, making up 19.1% of the total population. This is ahead of Black Americans, who are the second largest minority population in the country. In 2021, 40.1 million people in the United States were non-Hispanic Black, which represents 12.1 percent of the total population.

According to a 2023 report from ASU, the U.S. Latino gross domestic product (GDP) is $3.2 trillion, while the U.S. Latino purchasing power is $3.4 trillion. This means that the U.S. Latino economy would be the fifth largest in the world by GDP, if measured by GDP.

Consumers need your products and services, but if they don’t know you exist, how can they use you? It’s is important to understand that “marketing” is not “advertising”. Marketing is much more than that! The basic means of “marketing” is the “continues reminder” of your company message in the mind of your prospect potential client.

Another important function of strategic marketing is to determine what product or service the independent outsider will purchase. Successful companies have solid marketing plans and keep adjusting them to fit the realities they face. If you are not marketing oriented, be absolutely sure to have a marketing partner on your side or get help by a professional marketing consultant.

* Kisuccess Marketing and Soul Brasil  are a media group started by Brazilians/Americans years ago and established in Los Angeles, California. Our business is to help you promote your business while our concept is to provide you many reasons to get up and cheer. Our best strategy is the fusion of traditional advertising with digital marketin with different communication tools.

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