Marketing your product or service to Hispanics can give a nice boost to your bottom line. Not only are Hispanics a growing market segment in the United States. They currently make up 17% of the population, and that number is on the rise. This post will take a look at some of the benefits you can expect to receive by marketing specifically to this rising demographic.
1. More Loyal Customers
As this article at Forbes points out, Hispanic consumers actively look for brands that empower and embrace their culture. By specifically targeting Hispanics, and doing so in a way that shows them that you care about them and their culture, and that you aren't just pandering to get their money, your brand will beat out competitors in the hearts of the Hispanic market.
They will not just be more willing to buy your product, but they will stick with you because you will have connected with them on a cultural level. Your bottom line will benefit from having this consistent and loyal demographic on your side.
2. Value-Driven Customers
Aside from certain times of the year, Hispanic customers are more value-driven than other consumers. This makes them an ideal demographic in which to market bundles and other high-value items.
More importantly, if offering the most bang for the buck is a part of your brand's strategy, Hispanic customers are a natural fit that will be receptive to your business if you reach out to them.
3. Higher Spending Customers
Data presented in this article by Nielsen shows the U.S.-born Hispanics spend 14% more per basket than their non-Hispanic counterparts. Not only that, but they shop more frequently than non-Hispanic consumers do. Foreign-born Hispanics spend less than those born in the U.S., but still outspend non-Hispanic consumers on a per basket basis.
According to Anne Loehr, Hispanics spend between $1.5 - $1.7 trillion dollars per year. A campaign that convinces these high-spending consumers to make your business their business of choice can funnel that spending into your profit column.
4. Customers that are also Marketers
Hispanics lead the way in word of mouth advertising. They are more likely to write reviews, share on social media, and help promote the brands and products that they love.
What this means is that your initial ad spend on acquiring these customers is not the end of its reach. You'll gain customers actively engaged in making that initial spend stretch further than any other demographic could take it. What this means is that targeting the Hispanic market can also help you reach outside of that market to all of their extended networks.
If you're looking for more details on marketing to Hispanics digitally, check out our 5 Secrets to Reaching Hispanics on Facebook.
5. More Accessible Customers
Pew Research shows us that the gap between internet active Hispanics and other groups has either disappeared completely or is rapidly shrinking. More importantly, Hispanics are more likely than Whites, the next highest group, to use a mobile phone to access the internet. This rapid adoption of technology by Hispanics means that your company can reach them via digital means efficiently while they are on the go... at higher rates than other demographics.
What we can take from this is that specifically targeting Hispanics can help maximize the effectiveness of any digital advertising and marketing push.
Simply advertising in Spanish is not enough to really capture the Hispanic market. There are a number of different cultures in the catch-all phrase of Hispanic, and they each are most receptive to companies that they feel represent their specific culture.
Our team has the knowledge of a variety of Hispanic cultures that will ensure you get the best reach into this exciting market segment possible. If this sounds like something that could benefit your business, please contact us today!