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Marketing Hispanic Millennials (Note pages)

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This version is the PowerPoint Note Pages of the presentation I created for the AMA Houston Seminar: Hispanic Millennials - Best Practices on May 8, 2014

You will learn:

1.- The importance of the Hispanic Millennial Influence Power

2.- Key best practices to leverage the Influence Power to influence older generations’ purchase decisions

Acknowledgement:
I would like to thank Jorge Zapien for the slide design. Also, Leonardo Basterra, Gustavo Foldvari, Henry Cadena and Alex Lopez Negrete for their contribution in the content

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Marketing Hispanic Millennials (Note pages)

  1. 1. AMA Houston presentsAMA Houston presents the Seminar:the Seminar: HispanicHispanic MillennialsMillennials:: Best Practices to EngageBest Practices to Engage Houston’s FastestHouston’s Fastest Growing DemographicsGrowing Demographics Multicultural segments are the fastest growing market in the US. Primarily driven by Hispanics With Hispanic Millennials already accounting for 41% of Houston ‘s Total Millennial Population1, companies in Houston are paying close attention to this group 1 AMA Houston organized a seminar on May 8, 2014 that put together elite panelists who addressed how to harness the purchasing power that these ethnic groups represent This presentation addressed the challenges that Hispanic Millennials’ purchasing power brings and provided key best practices on how to circumvent them You will learn: • The importance of the Hispanic Millennial Influence Power • Key best practices to leverage the Influence Power to influence older generations’ purchase decisions 1: Geoscape, 2013-2018 State Hispanic Gen Y Population; American Marketscape DataStream™ 2013 Series
  2. 2. BigBig opportunityopportunity but aware ofbut aware of 33 importantimportant numbersnumbers 1.- Median Income: Nielsen Report: Millennials – Breaking the myth 2014 2.- Live in Multi-gen HH: MTV Tr3 Ipsos – HISPANIC ADULT MILLENNIALS LIVING THE NEXT NORMAL: AGE OF UNCERTAINTY – 2013. 118 index vs NHW 3.- MTV Tr3 Ipsos – HISPANIC ADULT MILLENNIALS LIVING THE NEXT NORMAL: AGE OF UNCERTAINTY - 2013 2 Hispanic Millennial’s generation size and potential is well discussed and documented in marketing circles However, Millennials have been hit hard by the recession, creating a big dent in their wealth and income As marketers, there are 3 important stats we need to be aware of as a result of this environment: • According to Nielsen, Millennials’s median income is 48K1 • Ipsos identified that more than half (60%) of Hispanic Millennials live in multi- generational households2 • Same Ipsos study recognized that 72% of Hispanic households make purchase decisions as a family team3
  3. 3. Is it worthIs it worth investing ininvesting in HispanicHispanic MillennialsMillennials?? 3 This very last Monday, May 5, Adam R. Jacobson, from the highly regarded online publication HispanicAd.com asked this question in his 2014 Hispanic Market Overview Special Is it worthwhile to invest in a target that is broke? A target that also, lives with mom and dad and ,moreover, that the older generation considers smart but lazy And the answer is, absolutely yes Let me show you why and how we do it at Lopez Negrete Communications
  4. 4. It’s not theIt’s not the demographics;demographics; the battle is inthe battle is in the “Mindset”the “Mindset” 4 The Hispanic Millennials conversation is now centered around the demographics but the actual battlefield is the “Mindset” not the demographics Addressing the Mindset, we can use the Millennial Influence Power, the ability of Millennials to influence older generations in purchase decisions Hispanic non-Millennials know that this generation is: • More educated • More connected (in the know) • Street smart • Tech savvy How Millennials and Non-Millennials see the Millennial Generation (BCG April 2012)
  5. 5. Person whoPerson who argues for,argues for, pleads, orpleads, or supports asupports a cause…cause… AdvocateAdvocate http://www.merriamhttp://www.merriam-- webster.com/dictionary/advocatewebster.com/dictionary/advocate 5 If Influence Power is the key, the question is how to trigger this power And the answer is: “Create Advocates”. Only Advocates will support your product or service in order to influence others However, when we look at the traditional consumer purchase path, Advocacy is at the end of it Then, Advocacy happens after product purchase and we know that Hispanic Millennials do not have that purchase power So we have to redefine the funnel in order to trigger this insight
  6. 6. RecruitRecruit HispanicHispanic MillennialsMillennials andand convert themconvert them to Advocatesto Advocates 7 In order to make use of Millennial Influence Power, we rearrange the traditional funnel in order to effectively create brand Advocates who influence the purchase of the products You need to connect with them, relate to their passion points, gain their trust, know what moves them and talk in their own terms
  7. 7. How do IHow do I Recruit them?Recruit them? 8
  8. 8. HispanicHispanic MillennialsMillennials diverge fromdiverge from NonNon--HispanicHispanic MillennialsMillennials inin what moveswhat moves themthem 9 Hispanic and Non-Hispanic Millennials share some commonalities. However, there are certain specific dial-ups that marketers can use to relate to them These dial-ups include: • Spanish considered an advantage • Risk-takers by nature • Still maintain strong ties with their families • Visual content spread fast through social media channels • Technology a helpful tool to be in the know and connected
  9. 9. Talk in theirTalk in their terms butterms but keep it realkeep it real and authenticand authentic 10 Hispanic Millennials consider the quality of the products and the trust for the products/brands as the two most important drivers of brand affinity, Brand must avoid the “marketing/corporate” talk and converse with Hispanic Millennials in their own terms. However, it must be authentic; if not it will fire back Brand must seed the conversation but it is in the Millennials’ hands if the conversation takes off among them 1: Hispanic Millennials Project 2014 Think Now Research, May 2014
  10. 10. Talk in theirTalk in their terms butterms but keep it realkeep it real and authenticand authentic 11 Hispanic Millennials consider the quality of the products and the trust for the products/brands as the two most important drivers of brand affinity, Brand must avoid the “marketing/corporate” talk and converse with Hispanic Millennials in their own terms. However, it must be authentic; if not it will fire back Brand must seed the conversation but it is in the Millennials’ hands if the conversation takes off among them 1: Hispanic Millennials Project 2014 Think Now Research, May 2014
  11. 11. Talk in theirTalk in their terms butterms but keep it realkeep it real and authenticand authentic 12 Lopez Negrete and Dr Pepper engaged the ubiquitous Latino Pitbull and created a huge consumer-reaching music content platform directed to extremely elusive consumer segment: bi-cultural Hispanic Millennials (18-34) The campaign extended into TV spots, website, social media, promotional tie-in and even a Premios lo Nuestro appearance Air dates for the 2011 campaign were March– December 2011, and March–December 2012. While the overall CSD category and other trademarks were in decline, Dr Pepper was the only one with a positive Hispanic volume change. Case study URL: http://bit.ly/drpeppercasestudy

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