What are you waiting for?
If there were a market segment steadily increasing in number and affluence wouldn’t you at least want to check it out? Well, there is and you can no longer afford to ignore…the U.S. Hispanic. Whether you simply haven’t recognized the value of this segment or you weren’t exactly sure how to best market to this group, it’s not too late to jump on the opportunity at hand. The Hispanic population is estimated to have hit 50 million in the U.S., with soon-to-be-issued 2010 Census results expected to confirm that figure. And this group is growing not only in number but also in earning and spending capability. With power like that you’d be a fool to continue to ignore the Hispanic audience.
A recently-published article penned by our own Barry Gilbert highlights the importance and diversity of the Hispanic market. A range of acculturation levels, language preferences, countries of origin, length of time in the U.S., etc., all contribute to the complexity of connecting with the U.S. Hispanic in his/her various forms. But many major brands are finding that this ‘hurdle’ is actually extremely useful data that can be used for pinpoint targeting. By combining this information with a tailored, well-branded and pertinent offer, brand marketers are utilizing today’s front door marketing strategies to hit the mark with their Hispanic targets.
Why are you waiting for official Census results? All the signs are there. Shouldn’t you be diving in to reach the Hispanic audience with strategies that work before your competition does?
A little bit of late news, but PDM is currently attending the Hispanic Retail 360 Summit, which started yesterday and goes until tomorrow. If you’re in lovely San Diego, visit us at Booth #9 in the Hyatt Regency La Jolla.
This year’s conference theme is “Branding to the Trillion Dollar U.S. Latino Market”, and speakers on the list include General Mills, BestBuy.com, 7-Eleven, and one of PowerDirect’s own.
Check out this article from Peter Francese on AdAge.com that details the breakdown of the US Hispanic market, and what we can expect from this growing demographic segment.
Some stunning facts:
- The 2010 Census expects almost a 47% growth in the Hispanic population (in contrast, the non-Hispanic population has only grown 5%)
- 1 of every 3 Hispanics in the US is under the age of 18
- Almost 44% of the demographics is at ease in English
- 75% of adult Hispanics are between the ages 18-49
- The eight states with the most Hispanics are home to 76% of all U.S. Hispanics
Also, to get a general overview of the Hispanic market, download this whitepaper titled “Hispanic Market Overview 2010“, courtesy of HispanicAd.com. Of particular interest is the Top 20 Hispanic DMAs (Designated Market Areas), with Los Angeles, CA ranking first.
Via Portada Online
A recent Portada survey of media executives in the Hispanic and Latin American sectors indicate that there are optimistic feelings of opportunities in these sectors.
More interesting than the survey results are the opportunities and challenges that the executives outline in their answers. Answers range from online marketing to event-specific promotions (i.e. the World Cup, etc.). And don’t miss the answer given by PowerDirect’s CEO:
“Opportunities: The most opportunities for our business for the remainder of the year likely will be with our retailer clients, as there has been a noted upturn in retail consumer spending. The recession has turned the corner and there is greater consumer confidence. As a result, consumers (including Hispanic ones) are expected to spend more discretionary income on various retail purchases including consumer electronics (think “IPad”). This will create an opportunity for us as our retail clients may spend more money on advertising in general and (hopefully) in our media in particular, since we are very targeted and can reach customers around their stores’ immediate trading areas.”
“Challenges: “The most challenging part of our business during the rest of the year (and beyond) will be to roll out our new brand positioning. “The Science of Front-Door Marketing”. We define this as “Tightly integrated blend of proven direct-response methodologies, leading edge monitoring and campaign metrics.” …Our challenge is to communicate our industry’s benefits to marketing and advertising clients and raise the overall Front-Door Marketing & Media industry’s profile.”
Read the rest of the responses here.
PowerDirect was recently cited in an article on Portada-Online.com, a leading source for Latin marketing and media.
The article was about product sampling to Hispanics.
In it, we identified 5 best practices:
- Why direct-to-door is more effective in Hispanic sampling versus direct mail
- How the economic downturn has resulted in more consumers (including Hispanic ones) making purchase decisions before they go shopping
- The value of sampling to introduce new immigrants to your brand
- Why you should identify cultural differences between different Spanish speakers from different countries
- The importance of targeting to minimize sample waste
Check out the article here.