Connecting With the Hispanic Market, Part Two
 

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A DATAMARK white paper on customer contact with the U.S. Hispanic consumer market. Part two of this two-part series focuses engaging this young, tech-savvy $1.2 trillion market with multichannel ...

A DATAMARK white paper on customer contact with the U.S. Hispanic consumer market. Part two of this two-part series focuses engaging this young, tech-savvy $1.2 trillion market with multichannel customer contact.

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Connecting With the Hispanic Market, Part Two Document Transcript

  • 1. Connecting With the Hispanic Market Part Two Contact Center White Paper March 2014 www.datamark.net •Engaging a $1.2 Trillion Consumer Market •Multichannel Contact With a Tech-Savvy Demographic
  • 2. The purchasing power of U.S. Hispanic consumers was measured at $1.2 trillion in 2012, and is expected to reach $1.5 trillion by 2015, according to the University of Georgia’s Selig Center for Economic Growth1. To put that in perspective, the Hispanic consumer market is larger than the economies of all but 13 countries in the world! The fact that the Hispanic consumer market is so large, and growing steadily due to immigration, high birth rates and an increase in Hispanic entrepreneurship, is the main reason it has the attention of companies’ customer-service teams. ©2014DATAMARK, Inc. www.datamark.net Engage With One of the Largest Economies in the World Upscale Hispanic households (with incomes of $50k or more) are a big part of this demographic powerhouse, controlling about 40 percent of the spending in the marketplace, according to AHAA: The Voice of Hispanic Marketing2. Upscale Hispanics are technologically adept and are more likely to use smartphones, tablets and have service with the top four U.S. mobile providers. When a customer picks up a phone, sends and email or chats online with an agent, they expect security of their personal and financial information to be a top priority. It’s important that a contact center partner be compliant with the payment card industry’s PCI DSS standards for prevention, detection and appropriate reaction to payment card data security. “When a customer picks up a phone, sends and email or chats online with an agent, they expect security of their personal and financial information to be a top priority.” •U.S. Hispanic consumers make up a $1.2 trillion market, a number that is expected to grow to $1.5 trillion by 2015. •Hispanic households with $50k or more in income control $4 out of every $10 spend dollars in the U.S. Hispanic consumer market. Purchasing Power
  • 3. Technology is another critical factor for multi-channel customer contact with the U.S. Hispanic market. The demographic is young, tech-savvy, and one of the most active on social networking sites such as Facebook and Twitter. Companies seeking a customer contact center service provider should inquire about the technology platform used by the center. Beyond inbound and outbound calls, the platform should allow agents to respond to customers through email, web chat and text messaging services. Hispanics also share their experiences— positive and negative—in active communities on social networking sites. In pursuit of a sense of authenticity and trust, they rely on word-of-mouth from friends and family for their purchasing decisions. Hence, it is critical that a contact center partner’s technology platform includes social media monitoring—a way to quickly address questions and concerns through Facebook, Twitter and other channels. ©2014DATAMARK, Inc. www.datamark.net Build Trust Across Multiple Channels •Cell phone ownership: 86 percent of Hispanics say they own a cell phone, similar to whites (84 percent) and blacks (90 percent). •Smartphone Ownership: 49 percent of Hispanic adults say they own a smartphone, similar to whites (46 percent) and blacks (50 percent). •Using Mobile Devices Online: 76 percent of Hispanic internet users say they go online using a mobile device, more than whites (60 percent) and blacks (73 percent). •Purchasing with mobile devices: 16 percent of Hispanics say they make purchases with mobile devices, more than the general market (12 percent). •Social Networks: U.S. Hispanics are the most active ethnic group on social networking sites, with 80 percent of Hispanic adults saying they use social networking sites. The number tops white non-Hispanic adults (70 percent) and black non-Hispanic adults (75 percent). •28 percent of Hispanic adults surveyed said they used Twitter, more than black non-Hispanics (27 percent) and white non-Hispanics (14 percent). “In a pursuit of a sense of authenticity and trust, they rely on word-of-mouth from friends and family for their purchasing decisions.” Technology Use Social Media Use Source: Integer Group and M/A/R/C Research3 Source: Pew Research Internet Project4
  • 4. Within the U.S. Hispanic consumer demographic, women are increasingly achieving success in their educational pursuits and careers. Because of this, they are being recognized for their decision- making power in household spending. According to a 2013 Nielsen survey6, 86 percent of Hispanic women say they are the primary shopper in their households, which means they hold sway over most of the $1.2 trillion in annual buying power. Hispanic women also are quickly embracing a mobile-device lifestyle, choosing smartphones and tablets over laptops and PCs, according to a 2012 Nielsen Mobile Insight study7. ©2014DATAMARK, Inc. www.datamark.net The Decision-Making Influence of Hispanic Women Hispanic women who go online are more likely than non-Hispanic women to own smartphones (77 percent vs. 55 percent), according to Nielsen. Tech savvy and connected through mobile networks, Hispanic women wield purchasing power and influence that requires a multichannel customer contact strategy incorporating a unique understanding of the demographic. •What experience do they have in the Hispanic market? •Does their location provide a quality pool of bilingual customer service agents? •What technology do they use for customer contact? •Do they offer voice, IVR, email, web chat, text, broadcast message and social media support? •Are they PCI DSS compliant? •Do they have quality assurance policies and training programs in place? •Do they offer a no-obligation consultation? Choosing a Contact Center Partner: Questions to Ask
  • 5. The remarkable growth of the number of U.S. Hispanics and their considerable purchasing power—expected to reach $1.5 trillion by 2015—has led to their designation by marketing groups as “super consumers.” The opportunity to connect with this relatively young and highly diverse demographic requires working with business partners who have an innate understanding of the Hispanic market and its language, culture and values. The strategy in the multi-channel customer contact space is no different, and successful companies will take steps to ensure that customer-service agents have the language and technology skills to build valuable long-term trust and loyalty among Hispanic consumers. ©2014DATAMARK, Inc. www.datamark.net In Conclusion: Steps for Success About DATAMARK For more than 20 years, DATAMARK has provided mailroom management, data entry, document processing, contact center, business process improvement consulting and other outsourcing services for Fortune 500 companies across all industry sectors. If you have questions or need assistance in developing your organization’s case for outsourcing and business process improvement, DATAMARK’s business process outsourcing specialists are available for a complimentary initial consultation. Contact us at: www.datamark.net Toll-free: 800.477.1944 Info: info@datamark.net “The opportunity to connect with this relatively young and highly diverse demographic requires working with business partners who have an innate understanding of the Hispanic market and its language, culture and values.” Notes: 1www.terry.uga.edu/news/releases/minority-buying-power- grows-in-2013-according-to-selig-center-report 2AHAA: The Voice of Hispanic Marketing, www.ahaa.org 3shopperculture.integer.com/2013/04/the-checkout-hispanic- edition.html 4Pew Research Hispanic Trends Project, www.pewhispanic.org 5www.nielsen.com/us/en/reports/2013/latina-power-shift.html 6www.nielsen.com/us/en/reports/2013/mobile-consumer- report-february-2013.html