Hispanic Marketing: Nice to have or a must have?
There are many components that are able to make or break your campaign, but the money maker is KNOWING your target audience. Who are you trying to sell to, who do you want to reach, and who do you want buying your product/services? We want our campaign to fall into the hands of the intended consumer. The more specific and detail driven your target audience is the more proficient your campaign will be.
We ask ourselves whether we want to target males or females, couples or singles, parents, age, etc. and those are things you SHOULD take into consideration. Have you ever taken it a step further and looked at race, ethnicity, or culture? I probably scared or confused you with that question, but just stay with me, there is a point coming!
No, I’m not suggesting that you only market ONE race, ethnicity, or culture. I am asking if you are aware of the demographics in your area and who holds the spending power. According to Santiago Solutions Group, Hispanic spending power in the U.S. has climbed to $1.5 – 1.7 trillion annually. This buying power is expected to grow by 50% in the next 5 years! Spending power is an understatement when it comes to the Hispanic market. They are also growing in population. For the 2017 demographics in the Houston area, Hispanics make up 43.8 % of the entire population. In the state of Texas, Hispanics make up 37% of the population.
According to Google, a 163% increase in population is expected between 2017 and 2050, making up 30% of the US population by July 1, 2050. When looking at the statistics, it is astonishing how quickly the Hispanic market is growing and how the United States is benefiting from it. If you didn’t want to contribute a part of your budget to the Hispanic market then you are missing out on almost 50% of the Houston market! That could definitely affect the results of your campaign and it reaching its full potential. Hispanic population has a median age of 29 years old. This is typically a target age for small and large businesses.
When I say “Hispanic marketing” I am speaking in terms of targeting that specific market. Extending your advertising to networks or channels that are predominately Hispanic driven. Adjusting your digital marketing settings or changing your target audience settings. Sometimes it would be beneficial to do campaign ads, commercials, or videos in Spanish, but it isn’t always a must for Hispanic marketing. There are many different ways to approach Hispanic marketing and how to fully benefit it. If you do your research, work with the right people, and handle it correctly then Hispanic marketing could definitely make your campaign!
Then the million dollar questions is, is Hispanic marketing a MUST HAVE or just nice to have? If we are measuring the success of your campaign by dollars, it is clear that we would want to dip into that 1.7 trillion dollar market. If we are measuring the success of our campaign by the number of people we reach then again, we would want to market to the other half of the general market in Houston.
The Hispanic market is rapidly growing and is predicted to continue to grow at that pace. Taking your marketing to the next level and stretching your budget to the Hispanic market is definitely a must have and would benefit your campaign greatly!
Looking to take your campaign to the next level and start targeting that Hispanic market? Whether it is producing materials in Spanish or putting your marketing materials in the right hands to reach the Hispanic market, we can help!