The Hispanic Consumer
As of today, more than 61 million people are part of the Hispanic market in the US, also accounting for 50% of the total population growth in the past 10 years. Hispanics are the most powerful driving force of the economy.
What’s most shocking is not those numbers, it’s the fact that despite the statistics, rapid growth, and buying power that Hispanics possess, they are one of the most underserved communities when it comes to marketing. With the world being as digital as it is today, there is a huge advantage for small and/or big companies that establish culturally relevant strategies to capture this large Hispanic market.
Hispanic Consumer Behavior
One of the most important segments of the US market today is the 18 million strong young Hispanic population. The median age for Hispanics is under 30 years old, which means they are in their prime spending moments. This article shows an in-depth explanation of this phenomenon called “hyper cultural Latin” and why it’s so important to target them.
These young Hispanics are called hyper cultural. This is because, outside their homes, they live full-on American lives, but with family, they are strongly tied to their language, culture, and traditions. So the most important factor for targeting the younger generation of Hispanics is to take this into account and make your marketing culturally relevant. Incorporating culture, customs, and language. All of this is done the right way (obviously). You’ll be surprised how many times big companies have gotten it completely wrong when it comes to their Hispanic ad strategy. Companies like Kmart and Hershey’s have done terrible ad campaigns.
Hispanics and Technology
Research on this market has shown that this segment of the U.S. Market has a huge sensibility toward technology. Not only do they tend to acquire new tech using their disposable income but they use tech to make decisions. The process for making any type of purchase decision starts mostly on their phones.
So for startups, local businesses, and big companies, the best route to take is to use these facts to their advantage. Exploit local “near me” searches that are at an all-time high and integrate Spanish marketing that’s accurate to their culture. Including well-written Spanish advertising and Hispanic content without being offensive.
The best part of this is that not many companies are doing it. So do you want to have an edge over your competitors? Target the biggest minority in the country, the Hispanic market.
Go here to understand how this works and a few strategies you can start using today to make your business grow exponentially.
