This article was originally published online by the Orlando Business Journal.
The Hispanic market is growing at a fast pace, and marketing effectively to this group is quickly becoming a necessity rather than an option.
To make the biggest impact on your business right now, you need to re-evaluate your current marketing plans and strategies in order to respond to this dramatic consumer demographic shift.
According to a new report from the Association of Hispanics Advertising agencies, the top 500 U.S. marketers are currently allocating 8.4 percent of their overall ad spending to Hispanics, compared to 5.5 percent allocated in 2010. Also, their spending on Hispanic targeted media is up from $4.3 billion in 2010 to $7.1 billion this year.
But even with rising ad spending to this market, the average marketing allocations are not increasing as fast as the Hispanic population is growing.
The good news is that besides this consumer demographic shift, the upcoming presidential elections will benefit Hispanic media. Both political parties are already addressing the importance of the Hispanic vote. So I foresee a substantial increase on Hispanic ad spending in the coming years.
Here are three tips to consider:
1. Embrace the market
All the statistics prove what an impact Hispanics are making on this economy. In the coming years, your revenue will be measured by how fast your company embraces minorities as part of your business growth.
2. Become culturally relevant
It is vital to understand the generational differences within the Hispanic community and their acculturation levels. We are also seeing the retro-acculturation phenomenon. It is the practice of adult Hispanics wanting to learn or improve their Spanish. Many young Hispanic millennials born in the U.S. are going back to their roots by showing their offspring the richness and value that the Hispanic culture has.
So, whether you use Spanish or English, your campaigns have to appeal to cultural nuances in order to connect and engage with the fastest growing consumer market.
3. Find the right advisor
Don’t be fooled into thinking that you are currently reaching Hispanics through your Anglo marketing campaigns. There is a big difference between reaching and connecting with Hispanics effectively and efficiently. You need to make sure that your brand is culturally relevant. What is your message saying to Hispanics? What are your visuals conveying? What damage are straight translations doing to your brand?
According to Geoscape, minorities will drive more than 80 percent of the population growth between 2015 and 2020. The question is: What percentage of that growth do you want to capture as part of your business success?
