The Latino* market has more influence and power than ever, and an analysis of the demographic data gives away an even more promising future.
According to Forbes, the LatinX population is “growing its GDP at 8.6%, faster than China, faster than India”. In monetary terms, the size of the U.S. LatinX market measured by GDP was “$2.6 Trillion in 2018, up almost 9% from $2.3 Trillion in 2017. If the U.S. LatinX market were its own country, it would be the 8th largest economy in the world and the largest LatinX market in the world, larger than Brazil and more than twice the size of Mexico”.
“Your company cannot afford to see the LatinX markets ascend without participating in the success of this vibrant community.” This idea is a firm belief Carlos Velasco, Novle, Community Activators, Founder, and CEO, lives daily. “The secret to successfully participating in this vast market is to embrace a community marketing strategy that promotes the creation of spaces for brand engagement and loyalty,” said Carlos.
But to get in this fantastic market, your company must adopt a distinctive philosophy that underscores the building of meaningful relationships and two-way conversations.
The engagement with the Latino, LatinX community must be intentional, transparent, and conversational without imposing conventional patterns.
Unlike traditional advertising and transactional marketing, the LatinX strategy must focus on connecting to build long-term relationships. This emphasis on communication and community is about having conversations and acknowledging your customer’s power. The goal is to listen to make them feel recognized, heard, and part of your messages.
Carlos’ experience says that LatinX customers are more likely to consider a product or service if it has a strong sense of connection, community, and culture.
The secret to successfully participating in this vast market is to embrace a community marketing strategy that promotes the creation of spaces for brand engagement and loyalty. Carlos Velasco, Novle CEO.
Four ways your company can connect with the LatinX Market and Community
1.-Community Marketing vs. All Paid Advertising
The traditional marketing vision is to invest heavy sums of money via conventional advertising in a one-way communication strategy. The community approach, in contrast, mixes some wise paid advertising but centers your messages and engagement on community marketing.
This approach requires building a group of engaged members and having these groups interact with the brand. Some brand owners fear this approach is more expensive, but it is not necessarily true. What is true is that the conversations and interactions you create with a community marketing approach will turn into effective feedback and engagement.
2.-Achieve Acquisition Through Engagement
People adopt successful products or services as part of their identities. For example, many Latino, LatinX individuals adopted the app WhatsApp as a form of communication. This acquisition is due to the prevalence of the use among their families in Latin America, where the cost structure of the platform is more favorable than other forms of communication. Therefore, the impact of the relationships affects the adoption of platforms by many individuals living in the USA. All these factors are essential to know to make your firm relevant.
It is crucial to building brand communities to empower customers. With network-based marketing and other marketing strategies, brand owners can deliver a better engaging customer experience, increasing acquisition rates.
3. Let your Latino – Latinx customers have a voice and Interact in Created Spaces
Drive two-way conversations and let your LatinX customers have a say in the direction of your marketing strategies. There is no doubt that LatinX customers drive brand success when their voices are heard. The more you listen to your customers, the easier it will be to retain them and inspire brand advocacy.
Use the power of community marketing instead of relying on costly traditional, one-way advertising, hoping people will leave positive reviews on a website. In contrast, create an online or physical community that will deepen the connections and develop spaces for interactions, allowing you to harvest valuable feedback.
Educated guesswork is no longer enough driver of your marketing strategy. Feedback and participation are. When you empower your customers with a voice in the direction of your brand and the development of its value proposition, they become part of the team.
Your goal is not only creating customers but brand advocates who will encourage other members of the community to participate with the brand and the conversation spaces created by your community marketing strategy.
4. Sell Directly to Your Community
One terrible advertising approach is to constantly bombard your customers with a barrage of sales pitches in the hope that the numbers alone will yield results. That’s where advertising becomes spamming. Instead, give your customers the option to buy with as little friction as possible. Allow your members to buy through apps or forums and bring the ability to purchase your product or service more effortless for them.
Experts say that today’s social media marketing teams often apply the 60/30/10 rule: 60% of what they post is engaging content, 30% is shared from other sources, and just 10% is promotion- or sales-driven. Community marketing can work with this percentage mixture.
Developing a community marketing strategy allows you to transcend the limitations of public platforms and provide a fully customized experience that incorporates features like in-app purchases, subscriptions, discount codes, influencers, community leaders, expert messages, etc.
“You can become part of the ascendancy of the Latino market with thoughtful strategies that create community and brand advocates for your product(s) or service(s). This approach is practical and highly satisfactory,” concluded Carlos Velasco.
*We use the gender-neutral LatinX.
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