The Challenge• Their Goal:

– Build bridges to the Hispanic community and connect without creating a cultural divide

• Their Product: – Membership to the organization– Networking opportunities– Business services– Legislative/lobbying services

• The Marketing Challenges:– Acquire new small, medium & large member businesses– Retain existing members year-over-year

• Provide the right “products” mix to satisfy member needs

Increased Revenue leads to increased resource availability

Market Segmentation

• Variables that determined market segments:– Location– Membership benefits/goals– Size of the business

• 4 Segments identified:– Relationship & Service Businesses– Hispanic-Owned businesses in Richmond/NoVA– Hispanic-Owned businesses outside of Richmond &

Northern Virginia – Corporations

Selected Marketing Strategy

Focus on solution for three segments:1. Corporate Sponsors

2. Relationship Members

3. Small Hispanic-owned Business Members

Product: misc (don’t know where this goes)

• Online member database

Price

Consider the following pricing strategies:– Quarterly payment plans

– Multi-year membership plans

– Discounted renewal

– Associate member plans

Promotion: Acquisition

• Direct marketing– Purchase list of Hispanic-Owned Businesses– Send out introduction letters– Follow-up with telephone calls– Expenses can be recovered with one new

member

• Targeted mass media– Virginia Business Magazine

Alternative Marketing Strategies

• Price:– Tiered or Menu pricing structure