According to Forbes, there are five untapped Hispanic markets that exist in the US today. This shows the potential there is for businesses to grow and expand. The growing influence of the Hispanic population is something that businesses cannot afford to miss if they want to succeed in the long-term.
Hispanics are expected to be spending around $21 billion on food and beverages only by 2020, as well as representing a group with the highest purchasing power. They are a vibrant and dynamic market, who loves spending their money. They are also brand loyal and are likely to share their experiences with a particular brand on the social media.
However, targeting them can be tricky. Here are some things that businesses should always keep in mind when targeting the Hispanics audience:
Using the Right Labels
While majority of the US population may us the words Hispanic and Latino interchangeably, there is a major difference between the two. Not all Hispanics are Latinos and not all Latinos are Hispanics.
The terms Hispanics is more related to the Spanish language and any person with Spanish speaking origin is called a Hispanic, including the people from Spain. The term Latino on the other hand is use for individuals who belong to Latin America, who may or may not speak Spanish. The word Spanish however, is only used for people who belong to Spain.
Knowing the difference between these labels and using them correctly in the marketing campaign is important. Around 50% of the Spanish speaking population in the US like to be called Hispanic, rather than Latino, while only handful of people residing in Texas like to called Latinos.
Leveraging Social Media
As already mentioned, Hispanics like using social media, which is why businesses should be looking for ways to leverage it. Around 83% of the Hispanics research and look for reviews about the product on the social media before purchasing, especially when it comes to electronics.
This is also the reason why Hispanics like sharing their reviews about their experiences on the social media. Businesses should ensure that they have a strong presence on the social media, as no social media presence is a surefire way to lose a lucrative Hispanic customer base.
Going Bilingual
Spanglish is the way to go when communicating with the Hispanic population. This is because majority of the Hispanic population is bilingual and US-dominant, which is why businesses should find a way to blend Spanish words and phrases into English, to create a the desired effect.
This is important because majority of the Hispanics like to see marketing that is rich with their cultural elements.
Sub-Groups
In the end, it all comes to the understanding of the subgroups within the Hispanic population. Marketers like to divide Hispanics into three categories which make the understanding of the Hispanic lifestyle easier:
· Hispanic Dominant
· Bilingual Hispanics
· Us-Dominant
Hispanics dominants are the ones that were born in a foreign country and migrated to the USA later on. This amounts to around 20% of the population. They are distinguished because they consume only Spanish media and may even consider the crossing over the Spanish and American culture as offensive.
Bilinguals make up 36% of the Hispanics population. They speak Spanish in homes, but consume media in English. US-dominant on other hand speak mostly English and identify themselves more with the American culture and consume media in English only.
If you want more tips for creating content for your Hispanic customers, then get in touch with us. We are the leading Hispanic marketing agency in the USA and have worked with various brands to create multicultural marketing campaigns.