The Hispanic community represents a significant minority (18%) in the US, which indicates a remarkable growth. The Hispanic cultural plurality has tremendously spread across populous states in the U.S. population. The future of the American economic growth depends on Hispanics by the cultural and social shift expected to go along with their continuous expansion.
The justified buzz in the marketing world for a slice of the Latino market calls for much more effort in developing focused content and using strategies that can attract and retain Latino customers. An almost 60 million strong customer segment with an evidently increasing purchasing power needs more than just simple translations of marketing content from English to Spanish. Marketing and sales directors are constantly on the lookout for specialized approaches that can help them tap into the lucrative Latino market customer base.
Today, the Hispanic population has a purchasing power valued at more than $1.5 trillion. This presents a market opportunity that marketers, digital marketers and sales directors are scrambling to get a cut for their brands and companies. There have been prominent pointers that the Hispanics present one market opportunity with the potential to drive sales and raise brand prominence in the U.S.
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.
In the U.S., being ‘Latino’ or ‘Hispanic’ may mean the same thing especially with regard to census definition. In much finer terms, it can be separated to mark the origin, heritage or lineage of the person or their parents (Latino – from Latin America) or just identifying with a culture or heritage of Spanish nature whether coming from Latin America or from other countries (Hispanic). This clear separation is ever more important for marketing, digital marketing and sales directors who must know the particular group their content is targeting, failure to which their huge marketing expenses may not yield much.
The multifaceted nature of the Hispanic consumer has over time been recognized widely as a fundamental aspect when it comes to the growth initiative for virtually all industries in the U.S. The community has a number of attributes that require companies to adopt Spanish advertising if they want to increase their revenue as well as their U.S Hispanic market share.
The Hispanic population is the new battlefront for brand and revenue growth. The 56.6 Million strong segment of the American population with a growing purchasing power guided by a multi-cultural taste is quite an enticement to many marketing, digital marketing and sales directors. There is widespread discussion within marketing and branding guru circles on developing the best online strategies to win over more Hispanics and utilize effective online strategies in marketing to Hispanics. Forbes has identified marketing to Hispanics as the opportunity for the last real growth for companies and their brands. AHAA has also laid emphasis on the unavoidable influence of the Hispanic consumer, raising the stakes when it comes to marketing to Hispanics.
Hispanic marketing has become an important avenue to help drive brand growth and improve company revenue. This is because Latinos are exerting influence that has never been felt before on the American consumer space due to their growing population and increasing spending power. The Latino market is growing at an unprecedented rate and marketers, digital marketers and sales directors must employ unique and effective services to attract and retain this critical customer segment. Only a succinct understanding of the Latino market can help a company’s online strategies reap from the brand loyalty and multicultural buying taste of Latinos.
In 2015, there were 245,000 new owner Hispanic households that entered the market, within a fast growing population segment that remains largely untapped. The purchasing power surge, a significant entrepreneurial focus matched by sizable income gains has ensured that Hispanic housing trends have gone against the otherwise national plunge. Even with Pew Research Centre observing a harder reality for blacks and Hispanics with regard to mortgage access, the trends still lay claim to a market segment that still lies untapped.
Hispanic Americans have become a force to reckon with in the American consumer space. Brands are outcompeting each other to market to Hispanics and reap from a population group well known for brand loyalty and distinct multicultural taste. Different sub-groups within the Hispanic Americans such as teens, millennials, and women are marking their place in their consumer spaces which is helping inform crucial marketing strategies. When developing high-quality content to drive sales and earn revenue for your brand and company, it’s important to have a clear-minded approach to ensure that targets are met and new customers are acquired.