Marketers who are interested in penetrating the Latino market in the United States and expanding their market share need some important cultural insights that will help them to navigate this fast-growing community easily. According to Nielsen, Hispanics are responsible for 50 percent of US population growth observed from 2010 to 2015. This fact coupled with their high population growth makes them a very important market now and in the long term. Obtaining these cultural insights is very important as they play a big role in influencing consumer patterns which in turn influence marketing strategies. They include;
A multi-lingual and bicultural Latino population
The current Latino population in the US boasts a high number of both Native-born Hispanics as well as American-born Hispanics who can seamlessly move between their native cultures and adopted cultures. This quality extends to their ability to easily speak two or more languages. The significance of this information is that it influences the manner in which marketers communicate with this segment of the population. A multilingual approach has been found to be the most effective.
As far as cultural insights go, this is one that is inherently unique to all Latino communities. Despite the exposure to all the different cultures and influences present in the United States, Hispanics have been found to stick to cultural practices and activities that are unique to them. The same extends to their spending habits which despite the inevitable shifts remain unique and never mimic American mainstream preferences. The benefit of this is that companies can make long-term plans based on particular certainties. Latinos, however, are increasingly becoming the instruments of change in influencing the rest of the market.
Commitment to family and heritage
Hispanics maintain strong bonds with both their nuclear and extended families. The needs and preferences of their families play a big role in influencing both their spending habits and preferences. Marketing strategies that have been found to be most successful with Hispanics are those that take advantage of this phenomenon by striving to appeal to all members of the family through an all-inclusive approach.
The American Latino population currently provides one of the most attractive markets today. Using these cultural insights will go a long way in helping you develop a concrete marketing plan that can help you realize this Market’s full potential.