An important aspect of marketing is looking into untapped markets and finding a way to reach them. One of the largest overlooked demographics is the Hispanic market. Currently comprising over one-sixth of the population of the United States, Hispanics hold over $1.3 trillion in purchasing power per year. This is only set to grow, as Hispanics are the second-fastest growing demographic group and make up a majority of the millennial market. In an article by Ad Age, it was revealed that 40% of the Hispanic market is millennials, and about 26% of children in the U.S. under the age of nine are Hispanic.
How to Reach the Hispanic Market
Regardless of being such a rapidly-growing demographic, Hispanics are also generally more in tune with the digital world. A study performed by Viant revealed that, on average, Hispanics spend two hours more a week on mobile devices, and they also tend to be more avid watchers and subscribers to online content, such as Hulu or Netflix. Additionally, about 50% of Hispanics admitted to utilizing hashtags to interact with a brand online. The same study discovered that 36% of Hispanic shoppers found mobile ads to be one of the most persuasive elements in their shopping experience. Social media is clearly a huge tool to employ for tapping into the Hispanic market, and the internet plays a vital role in their consumer decisions.
How to Appeal to the Hispanic Market
It’s important for brands to not just make the effort to reach the Latino population, but to appeal to them as well. According to the Experian Simmons Summer 2011 National Hispanic Consumer Study, 56% of Spanish-speaking Hispanics revealed that they are more loyal to companies who advertised in Spanish and implemented elements of Hispanic culture in their marketing efforts. By bringing in elements of Hispanic culture, the brands created a tie between their company and the Latino population.
An issue in reaching the Hispanic market that most brands run into, though, is thorough understanding of the language and of the culture, as well as knowing where and how to target the Latino population. Additionally, brands often treat the Hispanic market simply as an extension of their current strategy, rather than curating customized content for the market. This lack of attention results in missed opportunities. While having content available in Spanish is a step in the right direction, it is still considerably less effective than a campaign created with your specific demographic in mind. For example, campaigns developed with custom Hispanic content had four times the ROI than campaigns that just translated existing English copy to Spanish. Your consumers want to feel a connection, and that’s not there if you’re just copying content created with someone else in mind.
In order for the relationship between your brand and the Hispanic market to fully evolve, then, your brand requires an agency fully devoted to this untapped market. Vaquero Advertising, the Hispanic division of Agency Entourage, is fully committed to the Hispanic market. Vaquero Advertising curates brand content specifically catered towards the Latino population. We can create an integrated mix of digital and traditional media, paying more attention to the Hispanic consumer and appealing to their base, giving your brand the advantage. Let us build your cultural entourage and contact Vaquero Advertising today!