Hispanics are a powerful market and they are here to stay. In fact, they will have a significant effect on the U.S. economy in the coming years. As a demographic market they are growing faster and have greater influential power as consumers. They play an important role from product consumption to brand perceptions.
It is estimated that their purchasing power will increase 50% within the next 2 years (from $1 trillion in 2010 to $1.5 trillion by 2015). Every day, one in four kids born in the U.S. are Hispanic. Also, they account for 3 million Latino-owned companies with over $500 billion in revenue in the small business sector.
Besides these incredible facts, there are still a lot of misunderstandings and misconceptions about this booming market. Some people are still considering more than 20 different Spanish-speaking nationalities part of the Mexican group. They think that U.S. Hispanics are English dominant. So, the Anglo ad campaign will resonate to them or a simple translation will do the trick. In fact, many times straight translations can actually weaken your brand in this segment.
It is important to realize that the Hispanic market is savvy. You must understand their diversity; consider their linguistic, cultural, and social differences. It is the only way to create messaging that resonates uniquely to them. They consume media in different ways through different outlets. So understanding who they are will help you to understand how to position your brand.
If you want your brand to succeed in the 2nd largest consumer market in the U.S., you need to have the right tools and approach to connect with them and earn their fierce loyalty. Set up a plan with a reasonable budget and strategy. Invest in research and analyze what your competition or industry is doing. Engage with the right partner that can guide you and introduce your brand in the community. And last but not least, have the right resources to respond to the demand. At the end of the day, people will remember how you presented your brand and the impact you have produced in their community. Sales will increase and they will be knocking on your door—with a very large community family in tow—in the blink of an eye.
