Latinos are emerging as an influential economic powerhouse, presenting marketers an increasingly influential consumer segment. According to a 2012 Nielsen report, Hispanics are the fastest growing ethnic group. It’s important to recognize that Latinos are bicultural and have the ability to embrace two cultures seamlessly. Understanding this unique customer profile is critical to successful engagement. Below are three guiding principles for those seeking to establish a Hispanic marketing strategy.
Clearly Defined Goals and Objectives
Most firms continue to approach the Hispanic market as an outreach of general market business practices or an extension of a brand. Investments that target the Hispanic market are limited. The Hispanic marketplace is approached via a well-crafted, information driven strategy.
The procedure must integrate marketing, policy, and financial assessments to comprehensively assess the Hispanic chance, which results in yields that frame the size, scope, and process required to win with the Hispanics, and other clear financial influences and investments.
World Class Analytics and Partners are Necessary
A poor Hispanic marketing strategy suffers from less than compelling analytics and market sizing. Any strategic opportunity requires the knowledge and data to guarantee a recurrent flow of "Test, Refine, Prove, and Repeat," with the existence of strong data and analytics.
Several firms use less rigorous methods in formulating their approach to the Hispanic market due to limited knowledge or data. It’s important to know Hispanic market habits to understand how and why they shop: they are brand loyalists and go for specific channels for their needs.
Hispanic Strategy is a Change Management Imperative
A successful Hispanic marketing strategy involves using dynamic techniques to lure the Hispanic population. It requires pushing the margins of the business model and human talent capabilities in unfamiliar ways.
It also requires the same levels of consistency required of any large growth opportunity, but is very different due to language and cultural reminders, and possibly distribution channel and route to market considerations. It requires a leadership team and with different motivations and needs; one should be culturally intelligent about the audience it is serving.
The Hispanic opportunity might be the last significant growth market in the U.S., corporations can no longer compromise any of these three guidelines. The Hispanic opportunity will merit the same standards as the general market, so embrace a Hispanic marketing strategy as the vehicle to achieving a profitable Hispanic business model. Capitalize on culture before the competition does, and it gets expensive.