Tapping into the Increasing Buying Power of the Hispanic Population



Tapping into the Increasing Buying Power of the Hispanic Population

There is no other segment of the American population that is growing at such a fast rate as the Hispanics. The country’s U.S. Hispanic population is projected to achieve a 167% growth, placing it at the lead in American consumer subgroups. Spanish is the leading non-English language currently in the US, with Pew Research Centre placing the number at over 37.6 million. With marketing, digital marketing and sales directors falling over themselves to get a share of the U.S. Hispanic population market segment, there are a few issues to consider when targeting this crucial opportunity. Even though they have a deep knowledge of marketing and are interested in learning about this target, they may not be specialized in the U.S. Hispanic market.

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Here are 4 tips for tapping into the increasing purchasing power of the Hispanic population:

Beware of False Trends

Many marketers are falling prey to fake trends regarding Hispanic marketing where untrue shifts are informing their marketing and advertising strategies. They want to believe that since the Hispanic population is made up of more U.S born people than ever before, the cultural aspects of the group can be ignored. Forbes warns that the currently notorious Total Market advertising and marketing approach spells doom for concerned brands that target this crucial market segment.

Utilize Hispanic Marketing Experts

Marketing might seem like a general field but different market segments require specialized approaches. Simple translation of adverts and content from English to Spanish has been proven to fail and is a waste of company resources. Any company keen to tap into the increasing purchasing power of the Hispanics increase their market share through online strategies needs to take advantage of services that drive new Latino customers and turn a company's online channels into magnets specifically aimed at Hispanics.

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Utilize Expert Information

There are notable organizations that have put immeasurable efforts in analyzing and catering to the U.S.Hispanic market segment. They have conducted studies, done analysis and interviewed key thought and business leaders from the Hispanics and prepared documents that could inform a company’s marketing strategies and approaches. They include AHAA, Nielsen and Pew Hispanic.

Keep an Eye on Hispanic Millennials

Nielson has placed emphasis on the growing disposable income among Hispanic millennials and their multicultural taste. They are a key segment to watch due to their growing influential and financial power as well as crucial digital behavior that can be a goldmine for marketers.