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Engaging Hispanics to Drive Growth

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Learn 5 key questions to ask how important Hispanics are to your brand, as well as a few dos & don'ts to best engage this growing U.S. market segment.

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Engaging Hispanics to Drive Growth

  1. 1. © 2015 DIAZ & CO. Hispanic Experts, Inc. TOTAL MARKET STRATEGY BUILDERS™ EDUCATIONAL SERIES Engaging Hispanics to Drive Growth Sandra Diaz, President www.diazandco.com info@diazandco.com (646) 580-5842
  2. 2. © 2015 DIAZ & CO. Hispanic Experts, Inc. Leaving Money on the Table? 2
  3. 3. © 2015 DIAZ & CO. Hispanic Experts, Inc. Sizeable Market to Impact Business 3 U.S. Hispanic Buying Power = $1.5 Trillion Huge segment, market as large as Canadian economy
  4. 4. © 2015 DIAZ & CO. Hispanic Experts, Inc. • Mainstream initiatives make Hispanics Aware • Engage Hispanic passion points to Differentiate • Awareness + Differentiation = Trial = Sales Why Hispanic Marketing? 5
  5. 5. © 2015 DIAZ & CO. Hispanic Experts, Inc. Can You Afford to Ignore Hispanics?
  6. 6. © 2015 DIAZ & CO. Hispanic Experts, Inc. Which to Use – Hispanic or Latino? (BTW, most prefer Country of Origin) 7
  7. 7. © 2015 DIAZ & CO. Hispanic Experts, Inc. How much of your business comes from “dark green” areas? 8 Quintiles High ~40% Hispanic Above Average ~20% Hispanic Below Average ~9% Hispanic Low ~5% Hispanic Very Low ~2% Hispanic Source: Nielsen Pop-Facts, 2011
  8. 8. © 2015 DIAZ & CO. Hispanic Experts, Inc. Rate Your Brand % of Business from “Green Areas” Score All in CA, TX, FL, NY, IL, AZ, NJ, CO 3 Don’t Know 2 More than 40% 3 Between 25% and 40% 2 Less than 25% 1 9
  9. 9. © 2015 DIAZ & CO. Hispanic Experts, Inc. What % of your Target Market is Hispanic? Home Depot shoppers 10 40% of Home Depot stores are “Hispanic”
  10. 10. © 2015 DIAZ & CO. Hispanic Experts, Inc. Defining Your Target Market • Consumers • Demographics – Age – Income 12
  11. 11. © 2015 DIAZ & CO. Hispanic Experts, Inc. Hispanics make up a large segment of U.S. population < 50 years old 13 Source: U.S. Census projections
  12. 12. © 2015 DIAZ & CO. Hispanic Experts, Inc. U.S. Hispanics of all generations actively engage in both cultures 15 Source: AHAA University (18-29) (30-44) (45-64)(Age Range) Cultural orientation is the degree to which individuals actively engage in certain parts of culture (food, music, language, media, celebrations, etc.)
  13. 13. © 2015 DIAZ & CO. Hispanic Experts, Inc. Rate Your Brand Age of Target Consumers Score 0 to 34 years old 2 35 to 49 years old 3 More than 50 years old 1 Don’t Know 2 16
  14. 14. © 2015 DIAZ & CO. Hispanic Experts, Inc. A higher % of Hispanic households have income below $35,000/year 17 Source: U.S. Census data
  15. 15. © 2015 DIAZ & CO. Hispanic Experts, Inc. Rate Your Brand HH Income of Target Consumers Score Less than $35,000/year 3 $35,000 to $100,000/year 2 More than $100,000 1 Don’t Know 2 19
  16. 16. © 2015 DIAZ & CO. Hispanic Experts, Inc. How much do Hispanics spend on your category vs. Non-Hispanics? 20 Source: Consumer Expenditure Survey
  17. 17. © 2015 DIAZ & CO. Hispanic Experts, Inc. Index to Non-Hisp Brand Category % of Income Spent Score Chobani Food/Dairy 129 3 Chipotle QSR/Fast Food 123 3 FireTV Subscription TV 108 2 iPad Electronics 108 2 Solar Electronics 108 2 Tesla Automotive 106 2 FitBit Health & Fitness 68 1 21 Source: Consumer Expenditure Survey Rate Your Brand
  18. 18. © 2015 DIAZ & CO. Hispanic Experts, Inc. How much do Your Competitors spend on Hispanic marketing? 22 2013 U.S. HISPANIC MEASURED MEDIA SPENDING (Millions) AT&T: 125  T-Mobile: 99  Verizon: 71  Sprint: 69 Source: Advertising Age 2014 Hispanic Fact Pack
  19. 19. © 2015 DIAZ & CO. Hispanic Experts, Inc. Rate Your Brand Brand Category % Spent on Hispanic Media Score FireTV Subscription TV 17.9% 3 FitBit Health & Fitness 11.3% 3 Chipotle QSR/Fast Food 9.2% 3 Chobani Food/Dairy 4.8% 2 Tesla Automotive 4.4% 2 iPad Electronics 3.5% 1 Solar Electronics 3.5% 1 23 Source: AHAA Study
  20. 20. © 2015 DIAZ & CO. Hispanic Experts, Inc. 24 Is Brand Sold in Latin America/Caribbean?
  21. 21. © 2015 DIAZ & CO. Hispanic Experts, Inc. Rate Your Brand Latin America/Caribbean Presence Score Have Manufacturing/Distributors and Advertising for 5+ Years 2 Present < 5 Years/No Presence 3 Don’t Know 3 25
  22. 22. © 2015 DIAZ & CO. Hispanic Experts, Inc. Can You Afford to Ignore Hispanics?
  23. 23. © 2015 DIAZ & CO. Hispanic Experts, Inc. Tally Up Your Scores Grand Total Score Range Hispanic Importance/Approach 11 or less Not as Important Some “Test & Learn” Initiatives 12-14 Important Add Tactical Initiatives to Main Plan 15 or more Extremely Important Plan Upfront & Change Processes 27
  24. 24. © 2015 DIAZ & CO. Hispanic Experts, Inc. 5 Tips to Win with Hispanics
  25. 25. © 2015 DIAZ & CO. Hispanic Experts, Inc. DON’T sterotype 29 DO Research Your Target
  26. 26. © 2015 DIAZ & CO. Hispanic Experts, Inc. Start with Secondary Sources 30
  27. 27. © 2015 DIAZ & CO. Hispanic Experts, Inc. DON’T think you need Hispanic products 31
  28. 28. © 2015 DIAZ & CO. Hispanic Experts, Inc. DO feature mainstream items they prefer and find ways to personalize your offer 32
  29. 29. © 2015 DIAZ & CO. Hispanic Experts, Inc. DON’T assume it’s just about Spanish 33 DO Think About Cultural Relevance
  30. 30. © 2015 DIAZ & CO. Hispanic Experts, Inc. DON’T rely on Google Translate or only 1 Spanish-speaking employee 34 Safe translated as Safety Deposit Box Two misspelled words DO Engage Professionals & Use a Panel
  31. 31. © 2015 DIAZ & CO. Hispanic Experts, Inc. DON’T focus only on Hispanic media 35
  32. 32. © 2015 DIAZ & CO. Hispanic Experts, Inc. DO advertise in Mainstream media with high Hispanic appeal 36
  33. 33. © 2015 DIAZ & CO. Hispanic Experts, Inc. Key Takeaways
  34. 34. © 2015 DIAZ & CO. Hispanic Experts, Inc. Key Takeaways • You can reach Hispanics in mainstream but must engage them to differentiate • Can you afford to ignore Hispanics? Check First! – Geography – % Hispanics in Target Market – Hispanic spending in Category – Competitive pressure • DON’T stereotype or engage only in Spanish, in Hispanic media or with Hispanic-specific offering – DO research their targeted and mainstream preferences, be relevant in language and in culture 38
  35. 35. © 2015 DIAZ & CO. Hispanic Experts, Inc. Best Approach for Other Brands? Click Here to Take the Quiz! info@diazandco.com (646) 580-5842
  36. 36. © 2015 DIAZ & CO. Hispanic Experts, Inc. Q&A

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