According to Nielsen, the Hispanic community in the United States had a buying power of $1.3 trillion in 2015. This figure is higher than the GDP of both Spain and Australia. Given how big it is and the fact that it has grown by over 100% since the turn of the century with no sign of slowing down is the reason why so many marketers are keen to tap into this market. Brands that intend to successfully penetrate this market will have to incorporate a number of consumer insights that will enable them to know the best way to appeal to the Hispanic consumer.
A bilingual approach to marketing is very important
55% of Hispanics in the United States are bilingual as well as 96% of Hispanics under the age of 18. Despite a surge in the number of bilingual Hispanics, this community won’t lose touch with Spanish in the near future. A tried and tested means of advertising to this community is through ads that combine both Spanish and English. Many bilingual Hispanics are of the opinion that the two languages blend seamlessly even go so far as calling the final product “Spanglish.” Adopting to choose one language will only serve to alienate a huge section of the community.
A ‘One shoe fits all approach’ does not work
It’s important to realize that there are many Hispanic subgroups that all have their unique qualities despite the fundamental similarities they share with other subgroups. This, therefore, means that using a marketing strategy that attempts to appeal to the Hispanic consumer using a ‘one show fits all approach’ is bound to fail. It is important for marketers to go down to the ground and analyze the different nuances that exist between say Mexicans and Puerto Ricans in order to figure out how best to fulfill their needs.
Focus on appealing to the family
The Hispanic consumer takes family ties very seriously. Hispanics societies are all founded on families that have very close and intimate relationship dynamics. Brands that develop a package that suits the entire family succeed amongst the Hispanic community as their consumer behavior is heavily influenced by a need to meet the needs of their families.