Why Market to Hispanics?
Have you ever looked at the U.S. Hispanic consumer base’s lifetime profit margin contribution? (That’s the impact U.S. Latino consumers can have on a company’s bottom line over the course of their lifetime.)
Because the median age of Hispanic consumers in this country is only 27 (vs. 40 for non-Hispanics) and they live to a median age of 83 (compared to 81 for non-Hispanics), the Latino consumer group contributes 56 years of spending, the longest of all consumer groups in the U.S.
And although they don’t yet spend the most, Hispanic consumers already spend longer and are therefore especially valuable.*
Which may be one of the reasons that for a number of years now such savvy major players as Procter & Gamble, General Motors, McDonald’s, Coca-Cola, and The Home Depot have consistently increased the marketing dollars they invest annually to reach this coveted market.
And why wouldn’t they? Especially when this is a market which:
- each year becomes more desirable in terms of sheer numbers and economic clout
- last year topped 50 million in population and $1.3 trillion in buying power, and
- promises to keep on growing
Why Look to Howard Merrell?
How can Howard, Merrell & Partners (HM&P) help you tap into the potentially lucrative U.S. Hispanic market?
- U.S. Hispanics now control some $1.3 trillion in buying power. We can help you claim your piece of that growing pie.
- U.S. Hispanics call communities all across the country home. We know how to reach them.
- U.S. Hispanics share a common language and common core values, and they’re more likely to buy from someone who shows they understand them and takes their feelings into account. We know how to appeal to Hispanic consumers’ values effectively — and in their language.
You don’t necessarily need to be Hispanic to get their business. But you do need to:
- give them what they’re looking for
- offer them price and quality
- show them you understand their wants and needs
- appeal to their values
- treat them as friends, and
- speak to them in their language.
That’s where we at HM&P come in.
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What’s the Next Step?
If you’d like to discuss how Howard, Merrell & Partners might be able to help your company claim its share of the surging U.S. Hispanic market, feel free to contact Jim Cobb via e-mail at email@example.com to set up a no-obligation consultation.
*Source: “Seeking Growth via Hispanic Segments in a Down Economy,” Geoscape, 2010. **Sources: Yankelovich and Research Data Design, 2007.