In a recent report released by Nielsen, Hispanic women were identified as a crucial component of the 57M plus group of the Hispanic population. The group’s collective purchasing power is placed at $1.5 trillion and is projected to soon account for over 10.6% of the entire U.S. purchasing power before 2019. The multicultural taste and influential positions of Hispanic women in their family systems are critical to informing the purchasing behaviors of their households.
What does it take to market to, attract and retain high value Hispanic women customers? Below are some tips:
Learn about the Hispanic Market
Marketing, digital marketing and sales directors seem to have a deep knowledge of marketing but they are not really specialized in the Hispanic market. Those that are interested in learning about this target group at times end up relying on unproven methods and sources. It is important to note that they are already marketing and selling, but they need them to understand that marketing and selling to Hispanic women cannot be about literal translations or adapting general market strategies. Companies that hope to drive sales and take advantage of the soaring purchasing power of Hispanics must utilize expert services of companies with a deep knowledge of the group.
Quality and Cost are Important to Them
When developing products that target Hispanic women, brands and companies must realize that they are highly price conscious but are also keen to get quality items for their families. This is an extremely brand loyal group and consciously marketed content will definitely hook them and retain them and help drive sales. They will pay attention to the technological and home improvement advantages of the items they purchase and rarely leave something they consider progressive and new.
Monitor the Trends
Marketing to Hispanic women and Hispanics in general requires high levels of understanding about the trends and culture of that market. Marketing and sales executives should utilize the services and data from companies that constantly create awareness of the potential of the market for them to sell to them using specialized marketing strategies aimed at Hispanics. These should be trends and services from experts who specialize in companies that need to increase their market share in the U.S. Hispanic Market through online strategies, but find it challenging. With such services, marketers will drive new Latino customers and turn a company's online channels into magnets specifically aimed at Hispanics.