by: Jenny Nepper
According to Forbes
Magazine, “Hispanics, now underserved by advertisers, will be the most important U.S. growth market through midcentury” (2012).
So, what does this mean for your business? And how can you tap into the market that will continue to grow by 167 percent until 2050?
Make a plan
Strategic planning is the best approach to tapping into the Hispanic market; however, translating your marketing materials from English to Spanish is NOT a strategic plan!
- Do your research, ask questions and hold focus groups. Understand how Latinos use your products/services differently than other demographics.
- Consider the cultural connection to your brand/service – Hispanic adults are 25 percent more likely to follow a brand than the average U.S. adult and are highly brand loyal.
- Know the Hispanic demographic you’re trying to reach – Hispanic women make up the bulk of shoppers for the Hispanic community.
- Use public relations to tap into Hispanic media – 93 percent of Hispanics use Google search as their primary search engine and 70 percent of Hispanics use their smartphones to do searches.
- Develop authentic relationships with Hispanic nonprofit organizations.
As you move your business into the future, it is important to be aware of changes in the market and then ensure your success by putting your advertising dollars where they will be most effective.
Get demographic information
The local libraries are your best resource for demographic information. Take a look at MOSourceLink's Resource Navigator to find one close to you. Also, the Missouri SBTDC offers a great Guide to Developing a Marketing Plan and call MOSourceLink at 816.235.6500 for additional marketing resources.
Blog, including statistics, was written from a webinar, “How to Market to the Hispanic Consumer- The Fastest Growing Consumer Group” presented by Nicholas Segura, CEO of Somos Agency.
Content contributed by Jenny Nepper, MOSourceLink. MOSourceLink is a proud affiliate of U.S.SourceLink, America's largest resource network for entrepreneurs.