I went out fishing recently as I love to do when I can find time. But, no matter how much I spent on my gear and how early I arrived, I knew I wouldn’t catch a single fish if I didn’t go to a place where there were fish and brought the right bait.
Sounds pretty obvious, right? But, when it comes to growing revenue and market share, too many companies are ignoring the Hispanic population and thus, are not fishing where there are fish.
Yet, when we look at key areas where brands and general market agencies are focused, such as millennials and digital marketing, the case for credible Hispanic marketing outreach is even stronger.
For instance, 25 percent of U.S. Millennials are Hispanic. Hispanics as a segment are higher users of Facebook and slightly trail Blacks on their use of Instagram (but are ahead of no-Hispanic Whites).
Some industry categories are woefully behind when it comes to targeting the Hispanic market. In healthcare, for examples, many providers and insurers all but ignore the market despite being located in places with very high Hispanic densities or the fact Hispanics are prone to many long-term diseases that can be managed with better and more-trusted communication.
In fact, what brand or what industry can afford to ignore the growth of the Hispanic market and expect to have long-term viability? Remember that Whites are projected to be the minority in the U.S. by 2042. The clock is ticking.
In today’s economic climate, there is no room for inefficiency. This means ensuring you’re fishing where your fish are, and allocating the appropriate budget as your bait. Here are some tips:
• Re-analyze your target customer profile If it’s been a while since you’ve done this, your customer profile may have shifted as the Hispanic population has boomed and is projected to soar to 438 million by 2050, according to Pew Research. If you’re using old data and old models, you are likely over spending in the general market.
• Don’t just cut, invest It’s no secret most companies, as well as their competitors, are cutting their marketing budgets in this down economy. The smart ones are investing some of those cuts into the Hispanic market as a way to gain share. When the economy bounces back, these companies will not only gain back their general market share but will have a new share of brand-loyal customers. If you only want to dip your toe in the water, consider investing in a comprehensive campaign in a test market.
• Don’t assume you’re marketing to us through the general market This is a common misconception often propagated by general market agencies to their clients who express interest in Hispanic marketing. While you may “reach” us, as we do consume English-language media, you don’t “connect” with us with messages created for non-Hispanics in mind. Culture influences our purchasing and consumption, thus marketing to Hispanics is more about speaking to our culture than merely in our language of preference. English advertising with strategies, creative and copy developed with a general market audience in mind will not necessarily connect with us or motivate us to consume.
In case you’re wondering, I did okay, reeling in a couple of beautiful largemouth bass — using minnows.