The Hispanic population is developing exponentially, and so is their buying power. The most recent U.S. Census Bureau estimates the total U.S. Hispanic population at 42.7 million, putting them as the biggest minority group in the country.
They’re also the fastest-growing: From 2004 to 2005, the Hispanic community grew by 3.3 percent. By 2050, Hispanics are anticipated to reach 102.6 million and will hold 24 percent of the nation’s total population.
Big corporations are catching on to the concept. But marketing to Hispanic consumers can be a chancy move. Not only do you risk insulting the very group you’re trying to reach, but you also risk offending folks you aren’t even targeting.
Recent studies suggest that not only are Hispanics fit to accept the lead role when it comes to brand approval, but Hispanic marketers appreciate the finer nuances of the general market and the bicultural and different Hispanic market. The general marketplace understands cohesions and differences, as well as the fact that Hispanics didn’t come to the U.S. to integrate into the U.S. culture, they arrived with a goal to attain success in America.
Latinos will pick which brands to give their money to base on a brand’s ability to successfully communicate with them.
Here are four do’s you don’t want to forget when it comes to earning your way into the Hispanic community.
- Know your market. You don’t automatically have to be Hispanic to market to the Hispanic community.
- Understand cultural nuances. What’s okay for one Latino could be bad for another.
- Be genuine.
- Follow up. It’s imperative to follow up after planting the original seed in your operation.
These four tips will get your brand in the door with the Hispanic community, but you still have another step before you actually win them over. Once the campaign goes well, who will be on the other end waiting to receive these new customers?
Here are three mistakes that most business make after achieving success.
1) Your website might have a Spanish language landing page, but when the buyer goes to purchase, the commerce engine of the site is in English… this gives a very disingenuous impression.
2) The shopper calls in to take advantage of the deal they heard on the radio, but the customer service rep doesn’t speak Spanish, or the customer is exposed to some clunky translator on the phone that ruins the whole experience.
3) The buyer goes to the store to buy the advertised product but the store’s staff doesn’t speak Spanish.
The super huge commercial achievements of “Modern Family,” and music artists such as Pitbull, Jennifer Lopez among others has shown that Hispanic audiences and consumers demand more attentiveness, and corporations are paying attention.
In Spanish and English, social and digital media is starting to accommodate to Latino viewers, hoping to snatch some of the unbelievable wealth that the Hispanic community has to offer.