Earlier this year we posted about the importance of truly knowing your customer base and the ROI on spending the time to understand who you are looking to target. Since then we have done numerous posts on various market segmentations and why and how to enter into these areas.
Today we will be discussing the importance of marketing directly to Hispanic consumers. This is a unique group because of the bilingual nature of the demographic as well as the recent increase in their consumption of goods and services. For instance, in Q1 of 2014, Hispanic consumers’ new vehicle sales growth was up 13% which is more than 3 times the total growth of the market.
According to Forbes, the purchasing power of the Hispanic market is estimated to reach 1.5 trillion dollars by 2015. So how are businesses addressing this market? Carefully but conscientiously. Businesses are identifying ways to market to and address the needs of the Hispanic consumers by considering their cultural desires and needs. It is being referred to as “cultural intelligence”.
Understanding how to adapt products, marketing efforts and sales strategies to be culturally relevant is the latest trend. No longer is a translation enough – businesses need to take it one step further to market directly to the Hispanic consumer.
So how do you identify and connect to these consumers? Reach out directly – Natimark has a database of over 12.5 million Hispanic Households. Of this, 9 million identify Spanish as their first language. Contact us today to find out how you get engaged with this important demographic.