‘5’ Ways to Capture the Hispanic Market
Some of the biggest brands and franchises have invested in marketing campaigns that target the Hispanic community. These include McDonald’s, CNET, AT&T and Toyota. The significance of the economic impact of the Hispanic community has caught the attention of most firms in the United States.
What are these marketing campaigns doing right and what can other firms can learn from them?
1. Know your Facts
In 2015, there were 56.5 million Hispanics in the U.S. and they formed 17.6% of the total U.S. population.
With the average age of a Hispanic individual being 27, they’re also a part of a community central to population growth.
As the fastest growing minority consumer group in the United States, most Fortune 500 CMOs are paying heed to them as the new target for their marketing strategies.
According to a Nielsen report, Hispanics are expected to be the main drivers of domestic CPG sales growth in numerous markets including beverage, auto-sales, telecommunication and many more.
Most failed marketing campaigns have been unsuccessful because they simply involve translating content to Spanish. The lack of effort in designing a strategy aimed at a specific target is evident and unfortunately, does not translate into effective sales.
Spanish consumers are usually bilingual audiences, which is why language plays an important role in the way marketing is executed. Language is not just a means of communication for them, but a part of their heritage. To connect with the Hispanic audience, you have to speak their language or the meaning can very easily be lost in translation.
3. Tech Driven
As discussed in a Nielsen podcast, Hispanic consumers are young and the most tech savvy and engaged in social media. To engage with them, you cannot avoid tapping into the channels of communication used by them the most.
This means also probing more into their community and technological values as well as upgrading and keeping up with social media engagement. They access the digital medium the most and are ahead of the curve as compared to other non-Hispanic White counterparts.
4. Cultural Values
Certain cornerstone values are indisputable to the Hispanic population. As a collectivist group, they pride in being inter-dependent and lay greater emphasis on family and community building activities.
Religion, optimism and their heritage which includes music, dance and food and festivals are aspects important to them.
5. Build a diverse team of individuals
Having a team of diverse individuals who are sensitized to the cultural competencies of society is going to be the key to employing a successful Hispanic marketing strategy. A team of individuals who are from within the community will benefit you in understanding the market well.
At GoDiversity, we believe in the importance of reaching out to multicultural markets. We are a Hispanic marketing agency based in New York. You can visit our website to get in touch with us for more information.
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