Interested in Tapping into the U.S. Hispanic Market?
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.* More »
There’s More than One Way to Skin a Gato – Part 1
Mother.
Family.
Education.
And success.
These are some of the core emotional touchstones an advertiser would do well to keep in mind when targeting Hispanics.
So, okay, let’s assume you’ve done that.
Now, how do you reach them?
(Outside of traditional media, which we’ll touch on in future posts.)
1. Hispanics tend to be group oriented.
They enjoy group outings such as soccer games, street fairs, and festivals.
So outdoor ads with simple messages located at or en route to these activities can generate large reach and frequency numbers at low cost.
2. Hispanics tend to shop in groups.
At the auto dealer, at the department store, at the supermarket, at the mall — you’ll often see Hispanics traveling in couples, trios, quartets, entire families.
That translates into more potential customers.
And more potential sales.
For example, “Buy One, Get One Half Off” deals can target both the shopper and the companions.
3. Hispanic families are often three-generational.
That means kids, parents, and grandparents.
So including the grandparents in ads targeting Hispanic families can be a wise marketing strategy.
4. Hispanics tend to place great stock in word-of-mouth.
When someone they respect speaks, Latinos listen.
So such a person’s endorsement of a product or service can be a powerful motivator for purchase or trial.
5. To Hispanics, relationships matter.
Latinos like to feel like a friend, not just a customer.
So in your advertising — and in your place of business — it pays to treat them as such.
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Next time we’ll talk about some other effective ways to reach Hispanics.
And why they work.
Stay tuned.
