Actually it's surprising how well Romney did considering the GOP's platform and his shadiness as a candidate. We should be shocked and reviled that almost 50% of the popular vote went to Romney, considering how many groups his platform alienates. In the end, Obama won on electoral votes, and not really on the popular vote.
To appeal to the Hispanic vote, the GOP will have to take a moderate position on illegal immigration, amnesty, and citizenship... all of which are opposed by a majority of conservatives and white males. With the way the country continues to change demographically, the GOP will have to change to a shadow of its former self to contend on a national level in the future. They can win local/state elections based on conservative voting blocks, but nationally they represent too little of the populace and its views.