Why Firms Need to Market to Hispanics

July 19th, 2010 by Eric Diaz Leave a reply »

Hispanics are young and on Social Media, so why aren’t you marketing to them? And oh yeah, 1 in 3 Americans will be Hispanic within our lifetime (by the year 2050).  The ever-growing Hispanic market within the United States offers tremendous opportunities for marketers. Today an estimated 17% of the US population is Hispanic. Furthermore, Hispanics are the largest growing demographic in the country.  The rate of growth in Hispanic purchasing power is equally impressive and by 2013 it is estimated that Hispanic purchasing power will be$1.3 trillion annually.

In addition to those inspiring figures, Hispanics are also avid users of the internet. In fact, Hispanic consumers are younger than the market as an aggregate.  They are also often early adopters of technology and frequently use social media sites.  More importantly, Hispanics frequently seek out product information online.  57% of Hispanics always go online to find product deals as opposed to 43% of the general market. Hispanics also prefer to learn about brands, compare prices, and make final decisions online. One of the most interesting statistics we found is that 72% of Hispanics trust an online product rating over a friends opinion.

These market conditions make social media a great tool to connect with Hispanic consumers. Social media is excellent for creating a discussion with people, building brand awareness and loyalty.  As Hispanics are already very active on social media it makes sense for marketers to add this approach to their overall campaign. However, there is more to it than just posting content on Facebook and hoping it works. The US Hispanic Market is very diverse.  It is made up of people from multiple countries with their own culture living within various levels of acculturation to American life.   For example, some Hispanics prefer Spanish, while many prefer English or Spanglish.  Overall, successfully engaging Hispanics can be tricky but is an opportunity that cannot be ignored.

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What to read from the Top 2010 Hispanic Online Marketing Reports

How Fortune 1,000 Brands Engage Spanish Speaking Facebook Fans

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