Thursday, July 29, 2010

Hispanic Marketing Is Target Marketing

Being cognizant of the unique characteristics of the Hispanic market will make the process of marketing to that demographic more efficient, economical and effective. There are seven keys to unlocking the inherent value in this rapidly-expanding market.

First: Overcome the language barrier

The first and most obvious key is to overcome the language barrier. However, it takes more than just one salesperson who speaks Spanish as a second language and a sign that reads "se habla Español." The obvious language barrier is also indicative of a cultural barrier. By hiring first- or second-generation Hispanic immigrants for both customer service and staff positions, you will make it easier for Hispanic households to do business with you. You will also be able to benefit from their cultural knowledge and experience to provide feedback in developing marketing materials, selecting media and planning special events.

Second: Recognize the strength of family values in the Hispanic market

The next set of keys is to recognize the strength of family values in the Hispanic market. Brand loyalty may span several generations, and Grandmother may be a powerful influence to enlist or overcome. However, unlike many other demographics, the Hispanic household is often patriarchal, with the husband making the final decision, especially on big-ticket items.

Third: Consider to start building brand awareness with the children

In many first-generation immigrant families, the parents speak little or no English and their English-speaking children may play a stronger role in the buying process. You may find that it is easiest to start building brand awareness with the children and younger family members.

Fourth: Direct mail marketing still highly effective in the Hispanic market

While direct mail marketing is less effective than it used to be in mainstream markets, statistics show that it is still highly effective in the Hispanic market. This is because these families view it as an educational opportunity to learn more about the products or services being offered.

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Fifth: Include Spanish radio in your Latino marketing efforts

Spanish radio is a cost-efficient and effective way to reach Hispanic households. Market studies indicate that it is even more effective than Spanish television, especially when the radio personalities endorse the product or service being offered.

Sixth: Use sports celebrities to raise brand awareness

Local Spanish sports heroes are also excellent spokespersons and very effective at raising brand awareness. Even amateur players, if well-known within the community, can be very influential.

Seventh: Offer creative options for those with no sufficient credit to qualify for financing

When selling big-ticket items, credit may be an issue. While most Hispanic immigrants prove to be excellent credit risks, they may not have established sufficient credit to qualify for financing with some lenders. By being aware of your lenders' loan criteria and of the fact that there is big difference between "insufficient or no credit" and "bad credit", and by helping to establish financing options that will take those factors into consideration without exploiting your Hispanic customers, you can avoid losing sales to credit denials.

By using these seven keys, your business can tap into Hispanic consumers and enjoy the growing loyalty of your customers and their friends and families for years to come.

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