Smart marketers are aware that there is big potential for growth in Hispanic owned businesses. There are already thousands of ads that reference Latino culture. The Latino influence can now be seen in TV commercials that feature everything from food to music. But it’s only the tip of the iceberg of a massive untapped consumer segment with serious growth potential. Marketers who fail to recognize this potential now, may miss out on a golden opportunity.

According to a recent study conducted by the Stanford Latino Entrepreneurship Initiative, Latino firms are currently growing 15 times faster than the national average. America is now home to over 4 million Hispanic-owned businesses with revenues of more than $660 billion. This represents significant economic power.

It is estimated that 1 in 10 Hispanics in the U.S. owns a business and 75 percent of those businesses are located in non-Latino neighborhoods and serve mostly non-Latino customers. For marketers this opens up whole new opportunities of reaching non-Hispanics by targeting these business owners.

Major marketing companies are now taking notice of the trend and have responded by showcasing U.S. Hispanic business owners and entrepreneurs. The growth of Latino-owned businesses isn’t slowing down anytime soon, and mainstream marketing is realizing that targeting Hispanic business owners can not only position a brand in the midst of a unique pool of consumers, it can also reach the diverse customer base that Hispanic businesses cater to.

Marketers must also be aware that the population growth in the U.S. is largely due to Hispanics. Some estimate that by 2024, Hispanics will make up almost 25 percent of the population in the U.S. With numbers like that it only makes sense for brands to develop a relationship with Hispanics sooner rather than later. That is the only way that brands can expect continued success in the long term. Those who don’t see this will fall behind.