There are 56.6 million Hispanics in the U.S., nearly 18% of the population.
- If Latinos residing here were considered as an independent economy, they would be the ninth in the world. That would be larger than Spain!
- According to Statista, the aggregate buying power of Hispanics in the U.S. is projected to be $1.7 trillion in 2017.
- Google reports that Hispanics over-index on mobile, tablet, and video consumption. They are actually at the forefront of the digital curve, despite what many might think.
- U.S. companies have invested $7.83 billion in Hispanic media (cable, newspapers, magazines, radio).
Do I have your attention now?
Large corporations, such as Bank of America, Budweiser, T-Mobile, and McDonald’s, are finally starting to pay attention to this huge market and invest in it accordingly. But there is still a long way to go. Again, compare the investment made to the purchasing power.
These companies can make half-hearted attempts to do business with the Latino community if they want to do so. All this does is create more opportunity for the smart brands and business owners. Companies that do not understand how to engage the Hispanic community properly will not see much success.
Perhaps you are interested in promoting your products in the Hispanic markets in the United States. If so, here are seven basic rules to keep in mind.
Rules of Engagement
1. Choose the Right Market
First and foremost, there is no such thing as a Spanish market. There are far too many nuances. For example, there are mostly Mexican Americans in California, Puerto Ricans and Dominicans in New York, and Cubans in Miami.
Furthermore, there are different levels of acculturation, as well as different generations. There are those who speak perfect English, those who are bilingual, and those who prefer to communicate solely in their respective native tongues.
You must carefully select the specific market which your product(s) will appeal to the most. In order to sell, it is necessary to know the particular characteristics of your potential consumers and understand their cultural connections.
Use authenticity as a key point in your sales. In the past, companies that realized the importance of attracting Hispanic consumers believed it was enough to translate ads into Spanish.
But their campaigns failed because they simply adopted the language without putting the emphasis on culture.Hispanics are not merely interested in being sold products. They want brands to connect with their values.Click To Tweet
3. Take Advantage of the Food
It is proven that food is the main product that is exported to the United States. The reason is simple: food is one of the last vestiges of culture, one of the last things people forget. Even a totally acculturated person usually eats the traditional dishes that his ancestors used to eat.
However, if your forte is not food, the next best area that has potential is household products. Since Hispanic families tend to be larger than their North American counterparts, according to the Census Bureau, they need more products.
Many consumer packaged goods (CPG) companies have already realized this fact, but there is still plenty of room for smaller brands to fill holes in the market.
4. Hire Recognized Celebrities to Support your Publicity Campaigns
Hispanics living in the United States know what’s hot in Latin America. You could hire a popular celebrity to promote your product within the Hispanic segment you are targeting.
5. Establish a Relationship with Your Local Chamber
There is a representative Chamber of Commerce in each state. The Chamber of Commerce can serve as a vital resource to help facilitate connections to local communities.
6. Relate to the Community
Go beyond traditional advertising and marketing. Sponsor cultural or sports events, for example.
7. Use a Common Language to Advertise Your Product
Since each Spanish-speaking country has its own linguistic characteristics, there are some terms that have different meanings among different Spanish speakers. Use advertising that incorporates common words.
Hispanics are an emerging force in the consumer market. Many companies have already realized their potential, but there is still a wealth of opportunity. Brands that do not soon take advantage of this potential run the risk of not having a second chance.
Latest posts by George Diaz (see all)
- How to Grow Your Business by Engaging Latino Communities - June 9, 2017