Hispanic Marketing - Introduction
Some time ago, I stumbled upon a video by Univision, that introduced me to Hispanic marketing. I’ve been hooked since. As an advertising nerd, I leaped into this “new” area and immersed myself in research. Instead of letting it build up in binders and in my bookmark folder, I decided to share what I have learned - for there is someone out there who is bound to need this information. If you have any questions or comments throughout this mini-series, send’em my way!
Hispanics are not only Spanish.
They’re Spanish. They’re English. Y a veces, they’re both. [Spanglish].
"English is the language of the mind. Spanish is the language of the heart."
Juan Fuara, expert of U.S. Hispanic Culture and author of The Whole Enchilada: Hispanic Marketing 101, could not have said it better when asked about Hispanic marketing at the Reaching Audiences Conference at Texas Tech University.
Now, I know what you’re thinking - “Hispanic marketing?! Why are only Hispanics being targeted? What does that mean? Who cares?”
Okay, okay.. you may not be thinking that, but over the next couple weeks, I’m going to answer those questions for you because, although you do not care now - you should AND you eventually will.
You’ve probably read the headlines - ”Hispanics Hit the 50 Million Mark in the Census.”
Hispanics are the largest, fastest growing minority group in the U.S.
Whether you want to admit it or not - America has a new face. And although there are many skeptics out there who are uncomfortable with the idea that minorities are making up the majority, business could not get any better with the new change.
So why should Hispanics be targeted? What sets them apart from other minority groups or the “general market”?
Let me break it down for you:
- 1 in every 6 people in the U.S. are Hispanic.
- 1 out of every 4 babies born each year are Hispanic.
- Hispanics will account for 95% of the teen population growth through 2020.
- The Hispanic population under 20 are 18 million strong, and growing!
- If the U.S. Hispanic population were a country, it would be the SECOND-LARGEST Spanish-speaking country in the WORLD.
- Hispanics are the 15th largest consumer economy in the world.
- Post-recession, the Hispanic market has resumed it’s unusual pattern of growing faster than the general market.
- Market analyst IBISWorld, in a special August 2011 report, estimated that overall Hispanic-American buying power totaled $1.1 trillion in 2011, or about 9.5% of the U.S. total.
- By 2015, Hispanic buying power will hit $1.6 trillion, IBISWorld forecasts, growing at a 48% clip, compared to about 27% for the entire nation.
Do you own or market a business? Do you target Hispanics?
Over the next few weeks, I’ll be breaking down Hispanic marketing, touching base on everything from target audience do’s and dont’s to social media, and the power of technology.
Check in next friday, April 12, for Part 2 - Target Audience: Myth & Realities.