- Mario Torres
5 Reasons to Tap Into The Digital Hispanic Market
Pen in hand, paper on the desk – brainstorming and planning a digital strategy for New Year, are marketers, marketing managers and you, with an analytical zest.
We need to increase our digital outreach, and not only increase it but also make sure that the outreach renders high value in return.
It’s the agenda for the meeting and the top requirement for the to-be-revised digital marketing strategy.
So, how do you do it?
Where does your outreach lack?
Who do you target?
Have you considered tapping into the digital Hispanic market?
Because the answers that you and your company seem to be looking for, may well be found in the pursuance of the suggested approach.
The Hispanic market is one of the largest consumer segments in the United States
According to the United States Census Bureau, the Hispanic population is the nation’s largest ethnic minority. More than 57 million Hispanics live in the United States, making them one of the largest consumer segments in the country. Furthermore, this population is expected to double by 2060.
Hispanics are people with the highest purchasing power
Hispanics represent a consumer segment that has the highest purchasing power of all other groups. On aggregate, the US Hispanic population has a current spending power of $1.4 trillion, which is expected to reach $1.8 trillion by 2021.
The newer Hispanic generation is most brand loyal
Bicultural Hispanics – first or second generation Americans – are considered to be most brand loyal among all consumer segments. According to the MediaPost, 40% of bicultural Hispanics are likely to buy a brand they are already familiar with.
They are there – on social media sites, on Google and on cell phones – waiting to be approached. About 76.5% of the US Hispanic population uses internet. Out of these, 77 percent can be found on social media websites.
And they are avid online shoppers
Hispanics are keen online shoppers. They mostly spend their time shopping on Amazon Sites, Walmart and eBay – extensively utilizing mobile payment services. Especially when we talk about holiday shopping, you will find significant number of Hispanic customers doing their shopping online.
The digital Hispanic market is huge and one which offers decent returns on the invested marketing budget. As such, if you haven’t previously targeted the consumer segment as part of your digital marketing strategy, it’s high time you consider it.
A BONUS read: 4 Ways Your Business Can Improve Its Direct Marketing Strategy