Following a 2012 Nielsen report, the Hispanic community is the fastest growing ethnic segment anticipated to grow 167 percent from 2010 to 2050, equated to 42 percent for the total population.
The study also states that the Hispanics community will be the dominant and in numerous cases the only driver of domestic CPG sales development.
It is safe to say that Hispanics are emerging as a driving force of economic influence, offering marketers an increasingly influential buyers group that can translate into revenue impact. The key is to recognize that today’s Latino is ‘ambicultural’ with the capability to seamlessly pivot between English and Spanish and to encirclement two distinct cultures. Understanding how to connect with this distinctive consumer profile will be key to fruitful engagement.
Most companies continue to approach Hispanic marketing as either an outreach of general business or an addition of a brand specific strategy. Worse still, is that marketing targeted the Hispanic market is unusually limited, an absurdity given the cultured market sizing and economic analysis performed by major U.S. corporations to grow major brands.
The biggest issue with all of this is that businesses fail to distinguish the critical significance of the Hispanic market to the overall top and bottom lines.
Companies believe they can test and only incrementally invest in this idea, but they’re misguided because, for most businesses out there, it is the bulk of their growth into the foreseeable future.
Another Hispanic tactic that is a must; a hyperactive local strategies will be essential. This is because Hispanic exchanges with brands and channels are massively different by age, market and income. Understanding these modifications results in very different market sizing, calculated approaches, and for consumer goods, very different routes to market and channel tactics.(Hyper local really just means engaging folks or groups where they live or shop, and connecting buyers with an experience.)
Everyone on staff needs to understand the importance of the Hispanic market and figure out how to capture that huge opportunity.
It’s the marketing team’s responsibility to hire someone who has the skills necessary to get the message out the right way and the ability to learn about the Hispanic buying persona.
Perhaps the most obvious area where companies fail to invest enough is in talent is Hispanic marketing. If you are ready to change that today let’s plan the attack!