As a seasoned business leader, you are always on the lookout for the next big move that could take your company to the next level. What if we tell you that there is one big market that you probably are not consciously targeting? Let’s go over the why and when of advertising to the Hispanic market.
The Hispanic population accounts for 19% of the United States population, making it the second-largest demographic group in the country. In 2018, Hispanic and Latino income demographics grew 13% and reached 2.4 million households earning $150k+ annually. They make up only 40% of U.S. households but account for 62% of all consumer spending.Â
The growing success of Hispanic communities, their higher visibility compared to other ethnic groups, and their status as the fastest-growing ethnicity underscore their critical significance for brands seeking to connect with diverse audiences. Understanding this demographic is essential for effective marketing strategies.Â
First Things First, What Constitutes the Hispanic Market?
Even though targeting such a broad market may seem like an amazing idea, it is important to take a look into the specifics:
- Spanish is the official language of 21 countries.
- It has over 500 million native speakersÂ
- Each country has its own Spanish’ variety, alongside customs and traditions
Nonetheless, in the United States the majority of the Hispanic population is made up of:
- MexicansÂ
- Puerto Ricans
- Cubans, Salvadorans, Dominicans, Guatemalans, Colombians, Hondurans, Ecuadorians, and Peruvians
These groups combined make up 92% of the Hispanic population in the country. Most of the time, by knowing where your Hispanic audience is located you can get a hint at their country of origin:
- States like Texas, California, New Mexico, and Arizona have a high percentage of Mexican-Americans
- New York and New Jersey are known for having a large Hispanic community that includes Puerto Ricans, Dominicans, and Ecuadorians
- Florida is a hub for Cuban Americans and other Caribbean groups.
This is key information to have in mind when advertising to the Hispanic market, as this will help delineate some of the most important aspects of your marketing strategy, such as:
- The variety of Spanish that you will implement (Mexican Spanish, Caribbean Spanish, Central America Spanish, Chicano Spanish, and even Spanglish)
- The client’s needs and how can it serve your business
- How to better accommodate those needs while presenting as an inclusive and forward-thinking company.
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What Are The Benefits of Advertising to the Hispanic Market?
Despite being such a prolific and flourishing demographic, most of the time it’s the most underserved. Research estimates that the Latino consumer base has unmet needs of more than $100 billion currently, and this could grow six-fold to $660 billion if we address the parity gap between Latinos and non-Latino Whites based on share of population.
Nevertheless, your business can successfully tap into the Hispanic market if you are aware of the following points:
- Acknowledge Regional Differences and Tailor Your Messaging to Cultural Nuances
One thing about Hispanics is that they are proud of their country of origin. Place importance on recognizing the diversity within the community as well as their traditions and preferences. While planning your marketing strategy, make sure to include themes such as family values, culture, and holidays.Â
- Leverage Emotional Appeal and Word-of-Mouth and Serve Spanish-Speaking Customers
Not only family, but Hispanics rely heavily on friends and acquaintances: thus the importance of recommendations and word-of-mouth. At the same time, they have a strong preference for digital platforms. Be sure to serve them with Spanish content and assistance, and most of the time they will suggest your business to their peers.
Take Your Business to the Next Level With Alpha. Co
Does the idea of creating a Spanish marketing strategy sound enticing? Then you’ve landed on the right page. At Alpha Co., we specialize in creating Bilingual digital marketing campaigns so you can effectively target the US Hispanic market. Our bilingual and bicultural experts have years of experience crafting tailor-made campaigns that take brands to the top.
Are you ready?Â
