Much like any market demographic, there is no secret formula to reaching the Hispanic Market. This demographic of consumer is like any other: it has its own features that make it unique. With that being said, there are a number of strategies you can employ to help your campaigns be more successful in reaching the Hispanic Market.
- Be aware of the Hispanic consumers market trends. I know this may sound obvious, but you’d be surprised at what you don’t know about the Hispanic Market. To quote Nielsen’s ‘Hispanic Market Imperative,’ “If the US Hispanic Market was its own stand-alone economy, it would be a top 20 economy in the world.” That’s a big market with a large amount of buying power!
- Know that this demographic is different. To further quote Nielsen: “Latino’s exhibit distinct product consumption patterns and are not buying in ways that are the same as the total market.” In other words, Hispanics purchasing decisions are not the same as other demographics and should be targeted uniquely.
- Target your marketing efforts. According to Target Latin, 42% of the total Hispanic population in the US are Millennials. That’s 22.7 million people!
So how do you go about reaching the Hispanic Market? For starters, answer these questions: What are the population demographics in the areas you are looking to reach? Are you going local or national?
While the local/national answer can help clearly define your strategy, having a working knowledge of the Hispanic Market is a great way to start.
Did you know that Hispanics, on average, consume a large amount of data on digital platforms? They’re often the first demographic to embrace new technology and consume online video content. Another strategy for success: devote proper resources to reaching this market. Translating your current campaigns into Spanish isn’t enough. Many Hispanics consume data in a mix of English and Spanish, and some primarily use English. This is why adapting current marketing efforts isn’t enough. The Hispanic Market must be targeted uniquely, not just lumped into other marking efforts.
The current Hispanic Consumer is not like the Hispanic Consumer of yesteryear. The majority are second or third generation Americans. They use English and Spanish. They are not prone to the old assumptions about Hispanics. They may even identify more as Americans, and less as Hispanics, while still embracing their roots.
The Hispanic Market is as vast and diverse as any market, and should be respected as such. Whatever the strategy you employ to reach this wide demographic, make sure to fully educate yourself on the topic.