Why US Marketers should be focused on the Hispanic Customers
If your business does not have a marketing strategy to penetrate into the Hispanic market, you are likely missing out on an important niche. Not only are Hispanics providing a very young and dynamic market for businesses to grow into, they show great prospects for the future too.
Here are certain reasons why the Hispanic customers show so much promise for the US market:
Hispanics Are The Largest Ethnic Minority
The United States Census Bureau reports that the Hispanic market is the largest ethnic minority in the country right now, which also makes them the largest consumer niche.
There are 57 million Hispanics living in the US, and their numbers are expected to double in the next 40 years. The time to reach out to the Hispanic niche is now.
Hispanics Have An Ever-Increasing Purchasing Power
Being the largest niche in the country is not the only thing that makes Hispanics an attractive market. Hispanics have the highest purchasing power in the US, and they love spending their money.
Their current purchasing power is around $1.4 trillion, and is expected to cross $1.8 trillion in the next three years.
Hispanics are Brand Loyal
Brand building is most effective when the customers being targeted are brand loyal. If a brand is able to capture a brand loyal market, they prove to be a valuable asset in the long-term.
MediaPost reports that 40% of the bicultural Hispanics are brand loyal, and feel comfortable in buying products of the brand they are familiar with.
Hispanics Love Using the Internet
Around 77% Hispanics use the internet and can be found on various social media sites. This means that they are easy to reach and target as customers through digital marketing.
Digital marketing is not only cost-effective, but it is extremely easy to calculate the ROI through it.
Hispanics Like Shopping Online
We all know how e-commerce is growing, and one of the niches that is the driving force behind this growth are the Hispanics. From holidays to everyday items, Hispanics prefer using mobile apps to shop online, and prefer making their payments through mobile app as well.
We have seen how promising the Hispanic market is, but it not so easy to capture it. You will have to make your marketing efforts culturally accurate if you want to target them. You can’t expect to capture the Hispanic market through a one size fits all approach.
Come over for coffee at our place to discuss how we can help in making an effective Hispanic marketing strategy. We are Hispanic advertising experts who have been working on multicultural marketing for the past 14 years.
Visit our website to learn more about expertise.