The clock is ticking and brands must finally resolve their fate with Hispanic consumers. There are a lot of misconceptions and myths about marketing to Latinos. Many corporate American businesses still have a tendency to look at this market as homogeneous, whether they are people that speak Spanish or just Mexican people.
With Hispanic purchasing power expected to reach over 1.5 trillion dollars by 2015, you must have a true understanding of this market and their level of acculturation. Because one direction or another, this fact will significantly impact your company’s bottom line.
Brands aren’t doing enough to know who Hispanic consumers are, how they naturally think, and what cues trigger their behaviors. We live in a fast world where sometimes companies try to make a quick buck without seeing big the picture. They are trying to get from point A to C without taking the necessary steps.
Hispanic consumers have historically represented a longer-term ROI. You need to gain their trust first so they start buying from you. But, if you realize the longevity of the relationship, brand loyalty, and purchase frequency, your marketing money dedicated specifically to this segment will be well invested.
So, how can you determine the right strategy to reach out to Latinos? Simple, it will be determined by your level of investment, commitment, and cultural engagement.
Hispanics don’t want to be sold; they want brands to embrace their cultural relevancy. Instead of forcing Hispanics to assimilate, brands must consistently integrate the U.S. Hispanic consumer mindset to identify previously unseen areas for brand growth and innovation.
Most of the time, companies look for a quick fix by simply translating Anglo campaigns into Spanish. These inauthentic efforts of engagement stand out like a sore thumb, show a sign of disrespect, and make Hispanics feel undervalued.
Building momentum for your brand with Hispanic consumers requires a true intent to earn an authentic relationship that speaks to their culture within the value proposition of your product and/or service offering.
As Hispanics are growing, brands will grow if messages are tailored to them. Here are some impressive numbers:
- 55 million: Hispanics in the U.S. as of July 1, 2013
- 128.8 million: Expected U.S. Hispanic population by 2060 (U.S. Census Population Projections)
- 74.3%: Percentage of population 5+ years old who spoke Spanish at home in 2011 (U.S. Census Bureau, 2011 American Community Survey)
- 68.5%: Hispanic Internet Penetration 2013 (eMarketer August, 2013)
- 25.8 Million: Hispanic Smartphone Users 2013 (eMarketer August, 2013)
It is estimated by 2050, 54% of America will be minorities. The question is: will you be ready for this demand? The steps you take right now will have a significant impact on whether or not your company will thrive.
