5 Things to Keep in Mind when Marketing to Hispanics
With over 54 million Hispanics living in the US, Fred Diaz, Nissan’s marketing and operations Vice Presidents says, “it’s impossible to ignore Latinos, they are rapidly becoming the bigger focus.” Given their economic significance, major brands such as Budweiser, AT&T and McDonald’s are striving to gain a share in the fast-growing Hispanic market.
In fact, AdAge quoted Univision’s VP, Steve Mandala saying, “Despite the fact that marketing to hispanics is quite challenging, they top the list in beverage sales.”
So, what should marketing and sales directors do to capture this elusive market? Below are major factors to be mindful about:
1. Strategic Research
The Vice President of Millward Brown, David Burgos who also leads its Multicultural Practice Department, said that companies ought to invest in strategic research. It must be clarified why, how and when Hispanics shop the most. Some findings show that,
- Hispanics go to specific channels for particular needs.
- They spend +20% on clubbing, +36 percent on mass merchandise and +15% on independent grocery more than non-Hispanics.
- Latino families become brand-loyal when regional, national or store brand relationships are established.
2. Identifying the Latino Opportunity
The founder and CEO of Geoscape affirms that, the frame size and scope of the targeted market must be defined to comprehensively asses the Latino opportunity. Nielsen’s 2012 report denotes Hispanics as the teamsters of CPG domestic sales growth, besides their 167% growth rate that is foreseen to double their population to over 100 million in the next few decades.
3. Mastering their Behavior
Another reality of Latino strategy formulation is mastering their behavior. Latinos interrelate with channels and brands vastly by, level of acculturation, age and market. Grasping these behavioral patterns enables a sales director to establish the correct market approach.
4. Bilingual Capabilities
Hispanics prefer to talk Spanish especially when shopping. In fact, they look for services and products that address their identity, therefore Latinos or marketers with bilingual capabilities are more suitable.
5. The ins and outs of the Hispanic Cultures
Having insider knowledge of the Navidad, La Semana Santa, Dia de las Madres and other special observances and cultural functions means knowing what sells the most and at what seasons.
Investing in research is among the surest strategies of winning Hispanics. This includes grasping the basics of their language, culture and behavioral patterns.