Is the Hispanic market still a “Niche” market?

Is the Hispanic market still a “Niche” market?

Six years ago, when I decided to create my marketing firm, The Hispanic Approach, I said to myself, “this is great, we have a niche”! I am happy to report I was wrong.The truth is that US Hispanic audiences are the second-largest in terms of buying power, with around $1.5 trillion to spend. Many companies are looking to build either US-Hispanic or multicultural departments within their operations. We are not a niche market anymore, we are Main Stream, we are HUGE!Companies like Walmart, Lowe’s, JC Penney, Coca-Cola, Facebook, and many more get it. They continue to advertise their brand and products to this HUGE market. However, even the big players sometimes do it wrong.Companies need to understand that Hispanics or Latinos are not homogenous. We are actually quite different. So, while we speak the same language, Spanish, large or small corporations need to understand that the Hispanic market in California is different from the one in New York and different from the one in Florida. So therefore the marketing campaign needs to be different and tailored for the specific audience.When I was put in charge of developing a Hispanic Division for a local bank in Chester County PA a few years ago, I needed to understand that the Mexican community was not the same as the Puerto Rican community. So the message and even the way that we communicated needed to be different. It had to be culturally relevant for the audience. The division was a success if you are wondering how that went.The point is that Hispanics are growing, and will continue to do so, and quickly. Their purchase power will continue to increase and you need to be prepared.Good news is, the Hispanic Approach can help you! Check out our website: www.thehispanicapproach.com; Or send us an email at info@thehispanicapproach.com for any questions or inquiries.

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