Why You Should Market to the Nation’s Fastest Growing Market
Odds are if you’re reading this, you understand the importance and opportunity of actually getting your business’ message out to the Hispanic community. But just in case, here’s a brief overview of what the Hispanic market can mean to you:
- According to U.S. Census Bureau, there are roughly 54 million Hispanics living in the United States, representing approximately 17% of the U.S. total population, making people of Hispanic origin the nation’s largest ethnic minority.
- Growing by 2.3% annually, Hispanics are expected to represent 31% of the total U.S. population by 2060.
- U.S. Hispanic buying power has increased 155% from 2000 to $1.3 trillion, the equivalent to a stand-alone economy with more purchasing power than Indonesia, Australia, and the Netherlands.
- There has been a 43.7% increase in Hispanic-owned businesses between 2002 and 2007 to 2.3 million sales, more than twice the national rate of an 18% increase in the same period.
- According to the Association of Hispanic Advertising Agencies, the top 500 U.S. advertisers dedicated $4.3 billion to targeting Hispanics, which was 14 % higher than the previous year.
- Upscale Hispanic households (defined as having an annual income of $75,000 or more) have more than doubled, to roughly three million. Their members account for a quarter of all Hispanic consumers, and they generate 51% of the Hispanic aggregate income.
- Additionally, unlike other ethnic groups that are achieving growth through immigration, the Hispanic community is primarily growing by U.S. births – which account for 78% of that population growth. This means that in contrast to first generation immigrant communities (which have traditionally been slower to assimilate to U.S. culture and customs), the Hispanic community is an ideal, and massive target for your business.
- The Hispanic community represents some of the most brand-loyal consumers in the United States, with 54% of them showing loyalty to companies that show appreciation of their culture by advertising in Spanish.
The bottom line? If you’re not marketing to this community, you need to do it and you need to do it now.
Ok, but how?
That’s where we specialize. The Hispanic Approach, LLC is a full-service marketing agency, offering everything you need to successfully reach Hispanics. Some of the services we provide include:
Marketing Consulting Services: We partner directly with our clients to effectively understand their business and industry so that we can offer intelligent solutions to their marketing challenges and needs. Our experience in marketing everything from banking products to non-profit organizations, on both local and global scales, has given us the necessary insight and expertise to offer a well-targeted, culturally sensitive campaign. We will work hard and seek every opportunity to communicate your message and services through a marketing campaign that will reach, interest and convert the appropriate audience to your business.
Business Development and Hispanic Market Sales: Don’t have a dedicated bilingual and bicultural sales marketing team in your organization? Don’t worry. This is where many of our clients begin their relationship with us – “testing the waters” of marketing to Hispanics with business development and sales. We have a team of bilingual and bicultural professionals who will become an extension of your company and perform the business development and sales roles on your behalf. More importantly, after we prepare a strategic plan, we will execute it from beginning to end. We start by initiating an awareness campaign and sales tactic business initiative program within the community. This is a low-risk, low-investment solution for most companies as it involves a modest involvement on their part and The Hispanic Approach is only compensated on the percentage of the success that we deliver.
Latin America and International Relations: Looking to replicate your company’s domestic market success into Latin American markets? We can help. Our international experience and long-term relationships with these markets make us a suitable partner to help open new markets in Latin America.
Branding, Graphic Design and Messaging: Effectively adapting your company’s message to the Hispanic community often means more than merely translating your marketing language verbatim. Hispanics often require different images, words, tonality and designs that better appeal to their community. At the same time, you don’t want to completely dilute the message of your company’s brand. That’s where we specialize. We can effectively take your message to the Hispanic market in a way that appeals to that community while also preserving, and building upon the values of the company’s existing brand and market presence. From print and direct marketing to digital and social media, we can adapt your message to any medium, including print sales collateral, brochures, advertising, websites and more.
Market Research: At The Hispanic Approach we begin every relationship with our potential clients by conducting extensive research and providing supportive and productive consulting sessions. We believe in thoroughly knowing and understanding our customer’s product, interests and goals so we can effectively take them to the Hispanic market. Informal and formal focus groups, one-on-one interviews, and surveys are conducted and analyzed to educate our client in the Hispanic culture and sub-culture of the diverse Latino market.
Public Relations: Hispanic PR is a critical element in integrated marketing communications campaigns targeted at the Hispanic consumer. This particular market is extremely relationship driven. Hispanic consumers, as a whole, have a natural affinity toward companies whom they perceive as seeking a real interest in their culture. When companies offer real engagement, clients respond, and the result is a genuine connection. We understand and can develop and implement a creative and fruitful Hispanic PR campaign that will incorporate relevant community events and beneficial grassroots programs to exhibit the trust and understanding necessary to gain market share and build loyalty.
Translations and marketing material: Although we offer translation services to our clients, we also provide copywriting and transcreation services that will make the most of your campaign and marketing materials. Our number one goal is to make the transition from one language to another while maintaining the copy’s primary intent, tone and context. For these reasons, we approach this service from both a marketing and cultural perspective. Each piece of content is translated or re-written to reach the target audience in a compelling and culturally accurate way. We also specialize in making sure that problems of intent and clarity (with regards to the source language) do not happen– helping to avoid any embarrassing or even offensive translations that could potentially harm your business’s efforts.
Advertising: Think about how many bad advertisements you see on a daily basis. Effective advertising, one that delivers a clear, concise message in a creative way that captures the viewer’s attention, is hard to do well in the language and culture in which you were raised and are accustomed to – let alone a foreign culture. We believe in culturally sensitive marketing solutions. The biggest media budget in the world will not help you grow market share if you’re not putting out the right message, in the right place at the right time. We understand the diverse market you are trying to reach. We speak their language, and we understand their culture. We approach creative advertising, mobile marketing, social media marketing and public relations from your target market’s perspective. We also know the most efficient channels, mediums and media buys that will give you the biggest return for your marketing money.