At 53 million people strong, Hispanics make up more than 17% of the total U.S. population with an estimated $1.5 trillion buying power in 2015. In light of immigration reform and the continued growth of Hispanics stateside, businesses should take steps right now to meet the demands of this sophisticated market. Gone are the days of translating sales materials or ads into Spanish; marketing efforts require a specialized understanding of the various cultural nuances that make up the myriad cultures of Hispanics.
Take a look at AC&M’s Four Tips To Win At Hispanic Marketing in 2015:
- Hispanic consumers come out of the shadows
With immigration reform such as the DREAM Act, many undocumented Hispanics living in the U.S. can come out of the shadows to continue making positive contributions to the economy. According to the Partnership for a New American Economy, the DREAM Act will add $329 billion to the U.S. economy and create 1.4 million new jobs by 2030. What’s more, the DREAM Act will result in an additional $5.6 billion in state and federal household income tax revenue and $4.6 billion in federal business tax revenue.
In some states, undocumented immigrants can apply for a driver license. This could be a huge boon for the automotive and insurance industries that will undoubtedly see growth. In California, for example, it’s expected that 1.4 million undocumented people will apply for a license under the new law.
CONSIDER THIS: What types of products and services will Hispanics in your city or town seek out in 2015? How can you capitalize on marketing to Hispanics who will look for new services or seek to enhance their “American Dream” experience through new ones? How will Hispanic spending power affect your business?
- Hispanics are hyper-connected
U.S. Hispanics are the most actively engaged users of digital and social media. They are extremely connected via mobile devices, specifically smartphones. In a September 2013 study, Experian Marketing Services found that 18.7% of Hispanics ages 18 to 34 would be interested in receiving advertisements on their mobile devices, compared with 8.5% of non-Hispanics the same age.
Furthermore, according to a recent Univision study, Hispanics are 80% more likely than non-Hispanics to purchase the products they see advertised on mobile. Hispanics are not only increasingly connected through smartphones, but they are using digital media to engage with brands on a deeper level; Forbes reports that 80% of Hispanic adults use social media. Comparatively, that’s more than non-Hispanic whites at 70% and African Americans at 75%.
Hispanics see social media as a sharing tool to connect with family and friends stateside and abroad. They share five times more content than non-Hispanics, and are the most actively engaged consumer demographic via social media. Whether you connect with Hispanics in English or in Spanish, building relationships with these highly active consumers using culturally relevant content is a must.
CONSIDER THIS: Hispanics don’t want to be sold; they want brands to embrace their cultural relevancy. How can your brand use digital or mobile to connect with various segments of Hispanics?
- Summer Super Bowl
What? Two Super Bowls? That’s right! CONCACAF Gold Cup is the Super Bowl of the summer for Hispanics. Big brands and media powerhouses are already ramping up for the Gold Cup at select cities across the U.S. in July. Targeting fans of the Mexican National Team, aka El Tri, is one of the best ways to connect with Hispanic consumers in an authentic way, with plenty of opportunities for your brand to gain exposure regardless of budget size. The Gold Cup is the perfect platform to get up close and personal with the Hispanic consumers like El Tri fans. In AC&M’s hometown of Charlotte, NC, the Gold Cup will be front and center. We plan to leverage this opportunity for our clients in a big way!
CONSIDER THIS: Event activations are a great way to connect your brand directly with Hispanic consumers. Working with a professional soccer marketing agency to get your brand or service in front of the right people at the right time can help you grow your bottom line.
- The new south
Major metropolitan areas like New York City, Los Angeles, Miami, Chicago and Houston will always be Hispanic strongholds, but smaller urban areas in the south are also growing rapidly. Charlotte, NC (Mecklenburg County) has one of the fastest growing Hispanic populations in the country. According to the Charlotte Observer, from 2010 to 2013, Mecklenburg County’s Hispanic population increased 10.9 percent to nearly 125,000 residents. Its white population, meanwhile, increased 5.4 percent to about 591,000. The county has nearly 1 million residents. Between 2000 and 2012, the top four states with the fastest-growing Hispanic populations were in the south: Tennessee (up 163%), South Carolina (161%), Alabama (157%), and Kentucky (135%).
According to the latest projections from the U.S. Census Bureau (2012), the U.S. Hispanic population is projected to grow to 129 million by 2060. Its share of the U.S. population, currently at 17%, is expected to reach 31% by 2060.
CONSIDER THIS: Targeting Hispanics in non-traditional markets and smaller urban areas mean that marketing and media buys will likely be more affordable and bring larger ROIs to businesses. Understanding what drives Hispanic consumer behavior from a cultural standpoint will assist in marketing efforts. With the rapid growth of this diverse market, investing in a Hispanic marketing strategy is a smart move for 2015 and beyond.
Image Courtesy of: Outspoken.com