Marginalizing Hispanics as a “minority” is something of a misnomer: presently, US Hispanics comprise 15% of the population; by 2050, that number will double, making Hispanics the largest ethnic group in the country.More significantly for you as a marketer, the combined buying power of the 46 million Hispanic consumers in the United States is close to a whopping one trillion dollars. The number of purchases made by Hispanics between 1995 and 2007 grew twice as fast as that of non-Hispanics. Twenty-three million of these buyers are online: US Hispanic consumers spent $12.8 billion shopping the Internet in 2007, a number that’s projected to jump 90% by 2011. US Hispanics use search engines to research their purchases before they buy (and 44% of them know the difference between paid advertising and “organic” search results,) and they are more likely to use the Internet to find recipes, read news and blog postings, and download music than the general population.Yet many companies persist in ignoring this market. Citing the down economy, they cut back on marketing to this huge emerging market segment, stubbornly imposing a false economy because they’re not forsightful enough to see the return on investment.
But let’s look at what actually triggers a purchase. Though companies may spend millions developing marketing plans and advertising campaigns, research indicates the most powerful driver still remains word of mouth. Moreover, word of mouth has a ripple effect: people talk about the commercials they see on TV and the Internet.
If you like this blog please:
Hispanic marketing allows a company to harness the power of word of mouth. US Hispanics, on the whole, live in a networked community. Advice is offered on the street, at church, in the grocery store. Need to know which pre-paid cell phone is best? Ask someone. Other marketing strategies are amplified through this information exchange and a satisfied customer becomes a brand recruiter. This phenomenon translates into the world of online social media, where Hispanics are present in ever greater numbers.
Simply put, Hispanic marketing offers more bang for the buck.
So how do you reach the US Hispanic market?
Well, first, of course, there is no homogenous “Hispanic market”: a Hispanic living in California may have a very different consumer profile than a Hispanic living in Florida or Texas, and search engine marketing (SEM) should target these differences explicitly. Niche marketing dictates that selected keywords for regional products and services resonate with their markets; both English and Spanish words should be tested to see which combination of the two is better for converting surfing into sales and maximizing revenues. US Hispanics also come from a wide variety of geographic regions: the content that acts as an entry page for a person with Latin American roots will be substantively different than that enticing someone whose family was from the Caribbean.
And like all consumers, Hispanic consumers will respond to outreach cues depending upon where they are in their own life cycle. A marketing blitz targeting younger consumers, and second and third generation of Hispanics might do best to focus resources on bilingual campaigns, social media and music sites while one aimed at seniors and first generation of Hispanics -- whose primary language is more likely to be Spanish -- might see better results with more traditional media like Spanish language newspapers and websites, radio and television placements.
One thing’s for certain: The US Hispanic market remains an underappreciated market. Those companies who have listened to the market cues and acted on them are a few steps ahead of the game. One sure way to boost your company’s profits is to tap into Latino buying power. If you dismiss this emerging market as merely a small “niche market” that may develop some day you are hurting your own bottom line.
So, what did you think of this post? Post a comment (good or bad) and if you liked it, please tweet or email about it!
Connect with Hispanic Market Advisors
* Follow Hispanic Market Advisors on Twitter
* Get updates from Hispanic Market Advisors on Facebook
Simply put, Hispanic marketing offers more bang for the buck.
So how do you reach the US Hispanic market?
Well, first, of course, there is no homogenous “Hispanic market”: a Hispanic living in California may have a very different consumer profile than a Hispanic living in Florida or Texas, and search engine marketing (SEM) should target these differences explicitly. Niche marketing dictates that selected keywords for regional products and services resonate with their markets; both English and Spanish words should be tested to see which combination of the two is better for converting surfing into sales and maximizing revenues. US Hispanics also come from a wide variety of geographic regions: the content that acts as an entry page for a person with Latin American roots will be substantively different than that enticing someone whose family was from the Caribbean.
And like all consumers, Hispanic consumers will respond to outreach cues depending upon where they are in their own life cycle. A marketing blitz targeting younger consumers, and second and third generation of Hispanics might do best to focus resources on bilingual campaigns, social media and music sites while one aimed at seniors and first generation of Hispanics -- whose primary language is more likely to be Spanish -- might see better results with more traditional media like Spanish language newspapers and websites, radio and television placements.
One thing’s for certain: The US Hispanic market remains an underappreciated market. Those companies who have listened to the market cues and acted on them are a few steps ahead of the game. One sure way to boost your company’s profits is to tap into Latino buying power. If you dismiss this emerging market as merely a small “niche market” that may develop some day you are hurting your own bottom line.
So, what did you think of this post? Post a comment (good or bad) and if you liked it, please tweet or email about it!
Connect with Hispanic Market Advisors
* Follow Hispanic Market Advisors on Twitter
* Get updates from Hispanic Market Advisors on Facebook
No comments:
Post a Comment