The most expensive mistake in marketing is targeting the wrong audiences, you need to properly identify your target market, so you are reaching the right consumers. Once that you identify this, you always need to go deep on research.
UNDERSTANDING THE BASICS
First, it is crucial to know that there is a huge gap between the word Latino and Hispano.
The word Latino is a term often used in the United States to refer to people with cultural ties to Latin America, in contrast to Hispanic which is a demonym that includes Spaniards and other speakers of the Spanish Language.
51% share of Hispanics with no preference between being called “Hispanic” or “Latino”. Among those who care, “Hispanic” is the preferred by over a 2-to-1 margin.
LET’S GET DOWN TO WORK!
Once you identify one group from the other, only then will be possible to develop a strategy for the Hispanic/Latino market with viable competitive position. Including:
• Identify all the necessary about placing your product/service in the Hispanic & Latino market
• Assess exclusive marketing opportunities
• Establish a culturally appropriate that is designed to the distinctions of Hispanic & Latino market
• Enhance the advertising and the image management in a personalized manner to the Hispanic & Latino market
• Customer service strategies with same level of cultural values where Hispanic & Latino market feel relatable
THE GOLDEN RULE
To create a good marketing strategy, the golden rule is to understand your targeted market, this means that you need to find out what problems you will need to solve. For example, in this case, many people would think that advertising for Latinos is just as simple as translating commercials directly to Spanish, so they know what the ad is about. Well, is not that simple. For Latinos is more about feeling relatable with something that shares same culture, values and lifestyles, rather than just listening to their own language.
YOUNGER GENERATIONS HABLAN ESPAÑOL TOO
Another necessary tool on your side is managing your advertise content and platforms according to the age of your consumers. Here’s why:
Nielsen (a leading global information & measurement company) states that:
“Sixty-three percent of Spanish-dominant Hispanics are age 35 and older, compared with only 4% of those under age 18. Over half (58%) of Hispanics under 18 are bilingual. Despite increasing proficiency in English, messaging in Spanish and in-culture is still very relevant to younger generations. And 1 out of 4 kids is Latino. By 2060, it is estimated that 1/3 of the US population will be Latino.”
Hispanic & Latino market is stronger than ever, and they are growing exponentially, and so is their purchasing power (and it will increase tremendously over the next 10 years!). If Hispanics & Latinos are not currently in your marketing radar, chances are you are one step behind your competition.
And like Glenn Llopis from Forbes said: