Customer Acquisition Boon: Market to Hispanics
The United States is constantly evolving. Minority groups are growing at a fast pace, and as a result Hispanics are no longer a sub-segment of the economy. In fact, Hispanics are emerging as a powerhouse of economic and political influence. Marketing executives' reaction to this evolution will affect their company’s bottom line, now and well into the future.
Regardless of your industry or company, the Hispanic market is an opportunity — as long as you learn to understand it and include it in your business plan.
Some executives still think the Hispanic market is homogeneous: It is just people who speak Spanish, or it is just Mexicans. Others feel more comfortable in the past, resisting change, or have tried outreach unsuccessfully and have foregone further attempts. Meanwhile, they still struggle to increase sales and stay ahead of the competition.
But the solution is simple: You don’t have to change the way you are doing business, you just need to cater to and invite Hispanics to your business. Create a pleasant experience and you will establish a loyal customer network base to fuel your company’s growth.
The success of a business will be defined by how well companies market their products and services to all groups, not just the “general market”. An executive's adaptability to changing market trends is crucial to doing so — they must find new opportunities and embrace new audiences. And most importantly of all, a marketing executive must have a thorough understanding of brand and company identities, and know how to interact with their customers.
Understand Your Hispanic Audience
The Hispanic market is savvy. You must understand their diversity — consider Hispanics’ linguistic, cultural and social differences. This is necessary to create messages that resonate with them uniquely.
Hispanics are more brand-loyal than the overall population and gravitate toward brands that actively engage them. Using their native language through features including store signs and bilingual customer service representatives is a great way to achieve this engagement.
Cultural Relevancy Is Key
Hispanics don’t want to be sold: They want brands to embrace their cultural relevancy. Instead of forcing Hispanics to assimilate, brands must integrate the U.S. Hispanic consumer mindset into their multicultural marketing initiatives. Get to know them. Then create ads and experiences that resonate with them. Build a genuine relationship, and you will tap into a flourishing new profit stream.
In addition to advertising campaigns with culturally relevant approaches, there are other ways to engage and connect with Hispanics effectively and efficiently. Events are great engagement and advertising tools: you could employ cultural, musical, artistic, achievement, sporting or community events.
It is very important to research the market in which you are doing business. Find what Hispanic organization you should be part of and sponsor those big events where you can engage with your target audience.
Make a Long-Term Commitment
Many companies try to test the waters first, instead of embracing the effort and getting a real taste of what this audience can deliver to their bottom line. It is good to start slow, but you need to be committed to an ongoing effort. You have to be consistent if you truly want to penetrate this market. Build and develop strong foundations and you will have an ongoing revenue source.
Hernan Tagliani is president and CEO of The Group Advertising (TGA), an award-winning Hispanic advertising agency and PR firm headquartered in Orlando, Fla. He’s the author of “Hispanic Market for Corporate America: How to make your brand culturally relevant.” Reach him at email@example.com.