El Mercado. That’s the term every marketing executive is burning the midnight oil to familiarize themselves with. Marketing to the Hispanic segment of consumers is the newest hot thing for companies looking for more growth from untapped or under-reached populations. Many digital marketing gurus and expert sales directors have a deep knowledge of marketing but face hurdles when it comes to the Hispanic market segment. They lack the specialized skills and approaches that they hope will improve their company’s revenues and market share. Even though they have the interest to learn about the best tools and approaches for tapping into this group, most of the available information tends to be scattered and less specific.
This is why we have developed a special focus to assist companies who need to increase their market share in the U.S. Hispanic market through online strategies, but find it challenging. Our services drive new Latino customers and turn a company’s online channels into magnets specifically aimed at Hispanics. What is la competencia to the Hispanic is the market opportunity that is needed for new growth.
Utilizing Hispanic Culture, Trends and Preferences
Marketing to Hispanics requires a high level of understanding about the trends, culture, tastes, and preferences of that market. It’s a market opportunity that no serious marketing executive can afford to miss. With a market made of people from subcultures spread over 20 countries spanning the Caribbean, Central and South America, more is needed than just a singular approach to drive growth through this group. Besides, not many marketers can claim to be avid readers Latin American business sections, where they may glean more insight into this market opportunity.
Hispanics hold Key to New Growth in Marketing
Forbes estimated the Hispanic consumer market purchasing power to be at least $1.5 trillion dollars in 2015. Tapping into Hispanic loyalty and cultural relevance of brands is what will stand out for companies seeking a piece of this marketing opportunity. This group wants a company with brands that help them remain connected and that show an understanding and valuing of their culture. Only then will they commit to a long-term client-business relationship that will earn benefits for both vendor and consumer. These sentiments have been repeatedly echoed by Nielsen who have identified the Hispanic consumer as key in driving any new growth for any U.S company today.
The Latinos are poised to constitute over 80% of the 18-29 year olds’ population segment within a few more years. There is blossoming change among the Hispanic millennials in terms of their tastes, purchasing power and interconnectedness. Representing a 42% of the entire Hispanic population, they offer a market segment that can deliver some good results with customized tools and approaches.
A Focus on Hispanic Millennials
The Hispanic millennials, like all other millennials, want to leave their mark when it comes to new trends especially within music, food and family, which are critical parts of their culture. A growing appetite for working class privileges and moral standards as well as media usage shows how they are adapting to American values. New insights point to increased online presence such as the use of Facebook and YouTube. A marketing approach that combines portions of their cultural heritage with their reading culture (more English websites now than ever before) and a growing sense of exposure to global trends and expectations of other millennials will determine who captures what proportion of this market opportunity.
Trans-creation for all Marketing Channels
Employing a blend of media to reach your target Latino segment through radio, television, direct response marketing, print, event marketing and trans-creation may be the way to go. Trans-creation is a departure from the traditional direct translation of content without factoring in culture, trends and crucial market insights. Simple translation of English adverts and digital content to Spanish is failing terribly today. For many marketers, ‘Hispanic’ and ‘Latino’ refer to more or less the same thing. Develop content, tools and approaches that utilize both language (Hispanic) and the location (Latino or otherwise) in mind for complete inbound marketing solutions and strategies spanning a variety of channels.
Customized Marketing Content
Customized marketing, informed by the large percentage of preference for Spanish for example in advertisement will also influence a lot in this approach. This is made even more apparent by the fact that Univision remains the fifth largest network, closely following ABC, NBC, CBS and Fox.
With more Latinos now more confident than before about identifying themselves with America, according to Pew research, this presents a top marketing opportunity that all businesses must capitalize on without fail.
For your best returns on investment within the Hispanic market, AHAA advises using novel, accurate marketing models that will go with you all the way in all that is your español para los negocios.