“Businesses quickly discover that while the Hispanic market is exloding, they can't rely on traditional strategies and must learn a new business model to cash in."
Raleigh, NC (PRWEB) February 24, 2010
U.S economists report that in spite of the past several years of fiscal gloom, the Hispanic consumer market segment continues to thrive. The Selig Center for Economic growth predicts that Latino buying power will climb to 1.3 trillion by 2015. This announcement has many struggling companies sitting up and taking notice. But since reaching and serving the Hispanic market segment takes specialized knowledge, businesses must utilize outside experts for training. Yet during an economic downturn, training budgets are first to go on the chopping block. A recent study by Corporate Learning Fact book reported a 21% drop in training and development spending by U.S companies since 2007. Blaire Borthayre, CEO of Hispanic Marketing Resources (http://www.hispanicmarketingresourcs.com) provides training for businesses seeking to gain their share of the lucrative Hispanic market. Borthayre says that while spending is down, the number of staff being trained has actually jumped dramatically.
This anomaly is the result of webinar technology that offers seminars at a fraction of the cost of traditional classroom training. A webinar is a seminar presented online. Participants watch an hour long course via computer and can ask questions on a telepone. Borthayre attributes this new trend to both the cost and convenience and lack of online training. Companies typically spend an average of $6,000 plus on traditional instructor led training for twenty employees. After factoring in travel time and overhead, the financial and productivity costs begin to mount. Compare that to the cost of a webinar at $100 per person and it’s easy to see the allure.
“Businesses quickly discover that while the Hispanic market is exloding, they can't rely on traditional strategies and must learn a new business model to cash in." Thus with fewer resources, companies have become more resourceful in acquiring that knowlege. Webinars fit the bill and seem likely to become the status quo even after the lean times end.