How to-capture-us-hispanic-market


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How to-capture-us-hispanic-market

  1. 1. How To: Capture the U.S. Hispanic MarketThis article was originally published on the Acclaro blog.Category: Marketing, Global Trends, Top Ten"The concept of an average American is gone, probablyforever." - Peter Franchese, founder of American Demographics magazineThe 2010 census was the first time that the U.S. government made a concerted efforttoinclude all multilingual immigrant groups, and as a result it will likely show the U.S. as itis: a truly multicultural nation, a multigenerational society and a multi-segmentedhousehold economy.Specifically, the new census will show numbers reflecting a large and fast-growingHispanic population that for years many people were aware of, but never fully graspedthe impact this group can have in the future. The Hispanic segment will represent over50 million consumers with over a trillion dollars in buying power, writes Terry Soto in TheTransformation of the U.S. Consumer Market (pdf).Page 1: How To: Capture the U.S. Hispanic Market Copyright © Acclaro 2012
  2. 2. But how do you capture and retain the Hispanic consumer? First and foremost, you needto gather market insights. Because the U.S. Hispanic is so incredibly diverse, you have toidentify and understand the micro-segments within it that will be the most productive foryour brand.For instance, find out geographically what makes the most sense. Texas and Californiahave high concentrations of Hispanic consumers, with Los Angeles the largest citymarket, with 5MM total — more than the entire country of Costa Rica. If you are lookingfor volume, geographically targeting these regions would make your marketing and salesefforts more efficient.Also, the segment as a whole is young and fertile — they are and will continue torepresent a stronger growth market compared to non‐Hispanic whites who are older andnot having kids at the same rate. Know how your product or service benefits this agegroup, and think about the long-term investment of gaining loyal customers now.What about language? Translation can be tricky, since the type of Spanish spoken bythese groups can be very different. And, knowing that two thirds of Hispanics speakEnglish and consume mostly English language media, is there value in marketing toHispanic consumers in Spanish?Definitely. The answer again lies in those multicultural insights. When you have solidinformation concerning pertinent lifestyle and cultural aspects, you can use those as cuesas input for product development, messaging, merchandising and promotions in bothEnglish and Spanish.From an article in AMAs MarketingPower (registration required):This means ensuring that product/service and retail delivery aligns with the types ofHispanic customers buying the company’s products or going into your stores or websites— this would include digital screens, employees, self‐serve payment or checkout kiosks,signage, collateral, merchandising and product assortment.This also means that post sale strategies, actions and communications must follow suit —everything from billing, to customer service lines, CRM and loyalty efforts and evenonline account management functionality must all be in alignment — this doesn’t alwaysmean language, but it certainly means culturally relevant content and images.Given the recent controversy around Arizonas immigration enforcement law, somecompanies are jittery about blatantly marketing to strictly non-English speakers, and viceversa. How do you direct messages at recent immigrants, without taking a politicalstance or scaring them away?Page 2: How To: Capture the U.S. Hispanic Market Copyright © Acclaro 2012
  3. 3. Reduce messaging that may call immigrants out publicly, such as billboards or in-storemarketing, and instead buy more Spanish media spots to reach them in the privacy oftheir homes, the article suggests. Wells Fargo, for example, offers but doesn’t overtlyadvertise the fact that they accept Mexican ID cards from people opening an account.About Acclaro: Acclaro is an international translation and localization company thathelps the world’s leading brands succeed across cultures. We specialize inwebsitetranslation, marketing campaigns, documents and software localization to give clientsan authentic voice in key language markets. North America: 1-866-468-5106 Worldwide: +1-914-468-0222 www.acclaro.comsales@acclaro.comPage 3: How To: Capture the U.S. Hispanic Market Copyright © Acclaro 2012