Recently, the Latino community has proved to be a fast-growing bloc of consumers. They have significantly extended their use of mobile technology and social media. Businesses which will come up with new strategies will be making a huge step in winning the Hispanic “super-consumer” market and will earn huge profits. Most companies haven’t considered using the mobile marketing to help gain access to Latino market; this field remains unexploited. Here are useful insights that would be helpful in accessing and gaining impact in this market.
Hispanic Market Trends to Look Out For
The Hispanic market is dynamic and highly rewarding. They make almost 20% of the American population. Businesses are reaping big profits from this population. However, making it to this market and impacting influence is not an easy task. It is a market controlled by social and cultural inclinations. When businesses have a clear understanding of this market, then they will stand to benefit from it. General marketing strategies will not guarantee success in this market. Here are tips on how to market to Hispanics.
The spending power of the American Hispanic community has been consistently on the rise. According to Nielsen, their spending power currently stands at over $1.4 Trillion; an impressive figure that can be attributed to their high population growth and rigorous work ethic. The factors that influence their spending habits are varied, but the one that distinctly stands out is Hispanic culture and education. Companies that wish to establish a foothold in this market will have to examine how it influences buying decisions before formulating their strategies.
5 Things to Keep in Mind when Marketing to Hispanics
The Latino population in the United States is expected to grow by almost three percent each year for the next decade. More importantly, this demographic will expand into every state and city in the country. This surge in growth represents a tremendous opportunity for companies willing to specifically market to this demographic. These top hispanic brands are three examples of companies that have accepted this challenge and are already seeing tremendous returns on their efforts:
Marketers who are interested in penetrating the Latino market in the United States and expanding their market share need some important cultural insights that will help them to navigate this fast-growing community easily. According to Nielsen, Hispanics are responsible for 50 percent of US population growth observed from 2010 to 2015. This fact coupled with their high population growth makes them a very important market now and in the long term. Obtaining these cultural insights is very important as they play a big role in influencing consumer patterns which in turn influence marketing strategies. They include;
What is Latino Culture and Why Should it Matter to Companies?
Companies that target the American Hispanic community through online strategies need to be cognizant of the unique qualities that cut across all Latino groups. A thorough analysis of these similarities will enable them to figure out any mistakes that they may be making while communicating with a community that currently represents over 18% of the US population. There are three traits of Hispanic communication styles that are most effective at the present moment. They include;
AHAA is an acronym for the Association of Hispanic Advertising Agencies. The goal of AHAA org as an umbrella body is to be a facilitator for growth in the advertising and marketing industry. It endeavors to accomplish this goal through not only strengthening and protecting it but also through conducting market research and spreading the word on how valuable Hispanic marketing opportunities are. AHAA org also provides leadership and ensures that the bar is raised regarding professionalism within the industry.