|A recent study has found that Rochester falls into the bottom half of overall rankings of the best and worst cities for Hispanic entrepreneurs nationwide.According to Rochester Business Journal, the study was done by WalletHub, which is a social website that provides tools and information for business owners and consumers. WalletHub conducted the study to coincide with National Hispanic Heritage Month, which began September 15th this year.The list, 2014’s Best and Worst Cities for Hispanic Entrepreneurs, analyzed 19 different metrics to determine two major dimensions: Hispanic purchasing power and business friendliness.
For purchasing power, WalletHub analyzed factors like median annual income, unemployment rates, and percentage of Hispanics with at least a Bachelor’s degree. For business friendliness, WalletHubs looked at things like Hispanic entrepreneurship rate, five-year survival rate, and significant startups per capita.
WalletHubs found that Rochester ranks slightly lower than the halfway mark overall, at 106 out of 150. Unfortunately, Rochester ranks even further down the scale for Hispanic purchasing power, at 131.
Rochester also ranks in the bottom five for lowest median annual income of Hispanics.
The good news is that the city comes in 52nd for business friendliness, and there is a marketing trend that Hispanic business owners can capitalize on to make them more successful. According to Latin Post, many U.S. companies are not marketing to Hispanics effectively, and advertisers are having little success figuring out how to reach the Spanish-speaking community.
Hispanic business owners are in many ways more familiar with the Spanish language and Hispanic cultures and nuances, which puts them at an advertising advantage.
Part of effective marketing is knowing how to reach the Hispanic consumer audience, and Latin Post notes that many Hispanic youths have continual access to the internet. According to Forrester Reports, an estimated one trillion dollars in retail sales were influenced in some way by the internet in 2011, and this number is undoubtedly growing.
Latin Post also notes that to effectively reach Hispanics online, businesses need to be able to communicate with them in Spanish, and understand their culture to build brand loyalty.
Nationwide Study of Cities for Hispanic Entrepreneurship Ranks Rochester in the Bottom Half
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