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Latino Marketing - Financial
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Latino Marketing - Financial



By Kamila Gornia

By Kamila Gornia



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Latino Marketing - Financial Latino Marketing - Financial Presentation Transcript

  • July 2013 Kamila Gornia - Strategy
  • “What bothers you when marketers target your ethnicity?” Latinos are conscious of stereotypes and negative portrayals in media: − Huge family − Day laborers − Lower socio-economic − Illegal immigrants − Mariachi music/sombreros − White-washed celebrities Latinos are a complex market that actively seeks out negative connotations of their culture in media and are not afraid to let their outrage be known online. http://l.yimg.com/cv/ip/i/us/ayc/webinars/yahoo__marketing_to_hispanics_web inar.pdf
  • How are they really?
  • Generations There are more US-born Latinos than there are immigrants. There are currently more Latinos being born here than are coming in (2010). − 40% are 1st generation − 60% are 2nd and 3rd generation+ Acculturation levels are at a high (NBC Latino, 2012). − 74% of Latinos identify more with being American − 19% say they identify with both ‘American’ and ‘Latino’ This market is increasingly more acculturated and therefore none of the typical portrayals and stereotypes are relevant. http://l.yimg.com/cv/ip/i/us/ayc/webinars/yahoo__marketing_to_hispanics_webinar.pdf http://www.hispanictrending.net/2012/09/nbc-latinoibope-zogby-survey-we-are-american- say-most-us-latinos.html
  • Ethnicity Ethnicity is extremely important to Latinos. Latinos are more likely to nurture their ethnicity than Asian Americans − “Trying to get in touch with my ethnic identity - 56% vs 38%Asian There are differences in ethnicity drivers for 1st and 2nd+ generations − 1st generation – political beliefs, traditional and cultural behaviors, language − 2nd+ generation – political beliefs, speech and dialect, physical appearance Latino immigrants prefer to stay true to their roots in terms of behavior, while for other generations ethnicity is more about outward expression and bicultural nature. This is important to remember when deciding which generation is being targeted as different qualities will be relatable to different generations. http://l.yimg.com/cv/ip/i/us/ayc/webinars/yahoo__marketing_to_hispanics_webinar.pdf
  • How are their finances?
  • Perception of Banking Conventional banking is not usually a part of the traditional Hispanic upbringing and, when coupled with general skepticism, may lead to a general mistrust of banks within this market. − Latinos are among the most unbanked minorities in the US (2013) − Non-citizen Latinos are less likely to engage in banking practices. It is apparent that 1st generation Latinos are more likely to be unbanked due to citizenship-related issues and untrustworthy perception of banks. When targeting this generation, new member acquisition may be a good starting focus point as it is more likely to be relevant to this market. http://linar.rutgers.edu/politics/item/579-latinos-most-unbanked-ethnic-minority-in-the-us-study#.UfFSFRbx-0s http://www.huffingtonpost.com/glenn-llopis/hispanics-must-make-banki_b_1446967.html
  • However… Even though there is a general mistrust of banking institutions among Latinos, the number of debit and credit card holders continues to grow. Between 2004 and 2011, the number of Latinos with.. − Debit/ATM cards increased by 115% (vs 51% non-Latino) − Credit cards increased by 23% (vs -7% non-Latino) Although the number of banking Latinos continues to grow, it is impossible to ignore the fact that general bank mistrust remains and a large number of the US Latino population is still unbanked. Nurturing and cultivating these numbers may be accomplished by tapping into what Latinos care about and how they want to be communicated with. http://latino.foxnews.com/latino/money/2013/06/03/nerdwallet-will-mobile-banking-change-way-bank/#ixzz2ZzLiVUrE
  • Trust Building Latinos need to establish a trusting relationship with a brand that helps them embrace their culture. − 72% 1st generation Latinos seek out information about brands that target them specifically (vs 29% 2nd+ generation) − Portraying Latinos in a positive light and creating local community support is important to Latinos of all generations. Latinos are sensitive to how they are portrayed by brands, therefore it is crucial to reach them in a relevant and non-stereotypical way. Portraying them in a positive light and aiming to form partnerships by tapping into what they want from a bank is a good way to begin building trust. http://l.yimg.com/cv/ip/i/us/ayc/webinars/yahoo__marketing_to_hispanics_webinar.pdf http://www.huffingtonpost.com/glenn-llopis/hispanics-must-make-banki_b_1446967.html
  • What do they want? Aligning bank practices with Latino expectations is an important step to increasing acquisition and retention rates. Latinos are early adopters (2013) − 85% of Latinos engage in online banking (vs 74% US) − 70% use their smartphone to do mobile banking − 13% of unbanked Latinos said they are ‘very likely’ to open a bank account on their mobile device if the option was available to them As a highly digital and social market, Latinos expect banking institutions to be up- to-speed with online and mobile trends. Providing bilingual websites and mobile apps may be beneficial to ensure both generations can benefit from this practice. http://www.hispanicbusiness.com/2013/3/8/mobile_banking_usage_up_banks_need.htm http://www.nationalmortgagenews.com/dailybriefing/More-Hispanics-Bank-Online-than-Any-Other-Group-1036418-1.html?site=default_msn http://pewinternet.org/Commentary/2012/March/Pew-Internet-Social-Networking-full-detail.aspx
  • How to reach them?
  • Social Media Latinos enjoy and listen to brand messages more than peer recommendations on social networking sites . Social networking highly popular. − 78% Latino Internet users frequent social networking sites (vs 67% US) − Facebook has the highest reach for Hispanic Internet users (64%), followed by LinkedIn (17%) and Twitter (15%) Brands over peers in social media environment − 9% Latinos are likely to purchase products they see advertised on social media (vs 7% US) − 24% Latinos like to follow their favorite brands on social media (vs 20% US) − Latinos pay less attention to other consumers’ product reviews than do non-Lationos (26% vs 30% US) Given the extremely popular nature of social media among Latinos, it is crucial to have as much brand presence on this medium as possible. Having a bilingual social media staff may be beneficial to ensure a fault-free experience for Latinos of all generations. http://pewinternet.org/Commentary/2012/March/Pew-Internet-Social-Networking-full-detail.aspx AdAge, Hispanic Fact Pack Jul 2013 (Print)
  • Online behavior Given that Latino market is a highly digital and social one, it is important to notice how exactly they can be reached. Generational differences in digital behavior − 57% 1st generation are weekly visitors to websites that are in Spanish (vs 21% 2nd+ gen) − 59% 1st generation are weekly visitors to websites geared toward Latinos (vs 20% 2nd gen) − Of the Latinos who are online, ~84% are 2nd+ generation, while ~54% are foreign-born (2010) It is clear that there is a disconnect between communicating with Latinos of 1st and 2nd+ generations online. Immigrants stay closer to their heritage by visiting ethnicity-related and in- language websites, whereas 2nd+ generations are harder to pin point with their cultural preferences. AdAge, Hispanic Fact Pack Jul 2013 (Print) http://l.yimg.com/cv/ip/i/us/ayc/webinars/yahoo__marketing_to_hispanics_webinar.pdf
  • Messaging
  • Language Spanish language is extremely important, however when it comes to messaging, using Spanish is not always the best solution. Spanish language is here to stay (2012) − 75% of Latinos speak at least some Spanish at home − 95% of Latinos believe it is very important for future generations to be able to speak Spanish Spanish language messaging is limiting when targeting all Latinos (2012) − 78% of 1st generation Latinos appreciate seeing ads that are in their language (vs 40% 2nd+ gen) − 69% of 1st generation Latinos feel that ads do a good job speaking to their ethnicity (vs 26% 2nd+ gen) Latinos of different acculturation levels respond differently to targeted ads. While Spanish language is seen as important in life, it is not necessarily seen as such in advertising. It is important to determine the generation of the Latino target in mind before deciding on a particular messaging strategy. http://www.hispaniconlinemarketing.com/2013/06/why-spanish-will-always-be-critical-for- reaching-hispanics-online/ http://l.yimg.com/cv/ip/i/us/ayc/webinars/yahoo__marketing_to_hispanics_webinar.pdf
  • Translations Latinos can tell when an ad has been directly translated from the English version and they prefer to see specially designed ones that target them. Spanish language ads are perceived differently than English ads (2010) − Spanish-language ads are more attention grabbing than English language. − Half of Latinos perceive that the Spanish language ads they see are the same ads created for the general population, but in Spanish. − Latinos use Spanglish as a bonding tactic and see it positively as a part of life, however in studies it’s been shown that the use of Spanglish may only be seen positively when relating to a product if used in a TV spot dialogue with a bicultural speaker. (2011) While bicultural Latinos are not negatively impacted by the perception of Spanish- translated ads, they would still like to see targeted ads specifically for them. Including the elements that comprise a well-perceived Spanish language ad is a nice touch to building a relationship with this market. http://www.savision.org/researches/Latinos%20Speak%20About%20Latino%20Targed%20Advertising.pdf http://citation.allacademic.com/meta/p_mla_apa_research_citation/4/2/3/5/1/p423513_index.html
  • Is language important? Ads do not need to be in Spanish to be effective. − There is no preference for seeing ads that are in Spanish or English (2010). − As long as ads are still culturally relevant and clearly features the product and its benefits, English ads are just as effective as Spanish ads in influencing purchases (2010). − Latinos can identify with ads in either language, the most important thing are the cultural elements that are included in the ad (2010). Latinos do not have a specific preference for ads in terms of language since there is such a large number of 2nd+ generation living in the US. If the ads are to target the 1st generation it may be beneficial to use Spanish language, whereas if we are targeting 2nd+ generation, using English may be the way to go, making sure that both perceive Latinos in a positive light and use Latino speakers/models in the visuals. http://www.savision.org/researches/Latinos%20Speak%20About%20Latino%20Targed% 20Advertising.pdf
  • Cultural Relevancy Targeted ads receive generally positive reactions if they: − Respect the Latino culture − Using Hispanic actors/spokespeople that are neutral − Show respect for Latinos without stereotyping − Provide emotional connection to Latinos − Show Latinos working in respectable positions − Show understanding of the diversity of Hispanic race − Use correct language, whether it’s Spanish or English − Are realistic Not all Latinos want to be reached in Spanish, however every generation wants to see ads that are culturally relevant to their ethnicity. http://www.savision.org/researches/Latinos%20Speak%20About%20Latino%20Targed% 20Advertising.pdf
  • Conclusion − Latinos care the most about being perceived positively and not in any stereotypical way. − Using specially-created Spanish language ads (not direct translations) is the most effective when targeting 1st generation Latinos. − Using English language may be effective in targeting Latinos of all generations as long as they remain culturally relevant.