Monday, 19 May 2014

7 Things You Need To Know About Hispanic Marketing

If you are wondering whether you should be investing in marketing your brand’s product/service to the Hispanic population, the answer is: yes, yes you should. And here are a few reasons why:

  • At over 53 million, Hispanics constitute 17 percent of the nation's’ total population.

  • Hispanics have a budget of $425/ month for shopping and eating out, which is larger than the U.S. national average of $416.

  • A particularly fast-growing market within the Hispanic community are the “upscale Hispanic households,” which are defined as Hispanic households with an annual income of $75,000 or more. The members of this market account for a quarter of all Hispanic consumers and they generate 51 percent of Hispanic aggregate income.
Had enough stats? Let’s talk business then: here are 6 things you need to know about how to market to a Hispanic audience:
  • To begin the process of targeting part of your marketing towards Hispanics it is imperative to understand one fundamental fact: a successful Hispanic marketing strategy can no longer consist of translating all your already-existing marketing materials to Spanish and buying some media space at your local Hispanic TV or radio stations. Now more than ever Hispanic marketing should be approached with the preparedness and enthusiasm with which you approach your overall marketing campaigns. This means that you need to recognize Hispanics as an integral part of your total marketing plan from your foundational research all the way to tracking and measurement.
  • It is important to understand that “Hispanics” as a group is comprised by a broad and diverse set of individuals, so you will need to narrow your target audience down to a more specific group within this demographic according to what you’re trying to market. Once your target audience has been established, research will be key to figuring out how to best reach this group.

  • When thinking about what your marketing campaign should look like, consider that Hispanic marketing does not equal Spanish-language marketing. Don’t assume that your message needs to be in Spanish; English or bilingual strategies can be effective when trying to reach acculturated Hispanics. One aspect to consider when figuring out if your message should be delivered in English or Spanish (or both) is determining the best time of day for messaging; bicultural Hispanics may switch from Spanish to English depending on their daily activities. Again: do what works best to reach your target audience.
  • However, you should also keep this in mind: when a Hispanic individual speaks English this does not mean he or she ceases to be Hispanic, and that their cultural sensitivities have disappeared. When you market to people, you should market to their lives, their values, and their culture, not just their language. Cultural relevance is the key to success. In order to succeed a brand’s messaging should reflect the Hispanic culture of the group they are trying to reach. They should consider their audience’s acculturation levels, geographic location and country of origin, among other aspects.

  • Hispanics influence each other and highly value peer recommendation when choosing a brand or product. So seek out influencers and market to them. Social media and word-of-mouth are powerful ways to reach Hispanic audiences.

  • Consider whether your product, brand or service could be a good fit for the following most promising targets within the Hispanic audiences:
    • Hispanic women, particularly mothers, who are becoming more educated and more financially independent. Because these moms are challenged with balancing work and family, they rely more heavily on brands to create a loving and nurturing home environment, which is important for them to maintain. Even though these women are open to new methods, they still believe in maintaining their traditional attitudes and behaviors, particularly in cooking and child rearing.
    • Hispanic youth, who are generally more acculturated and yet they tend to hold on to Hispanic family values.

  • Finally: be patient. Building relationships with a new audience does not usually happen overnight but it can definitely pay off in the long run.

    Have you tried marketing your brand to Hispanics? What strategies work and which did not work for you? 

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