Are you ready for the future? The end of 2022 is an excellent time to reflect on last year’s successes and plan for the 2023 marketing strategy. The center of the strategy should be reaching the influential Hispanic Consumer Market.
In this blog, you will learn how to engage with the Hispanic Market in 2023 and be ready to take your business to the next level.
Leading businesses understand the Hispanic Market is robust and are making efforts to engage, connect and relate effectively with it.
Hispanics are the largest minority group in the United States of America, comprising about 20% of our nation’s population. Their total consumer purchasing power in 2021 was an impressive $1.7 trillion!
Get this: The Hispanic Consumer Market in the USA is larger than more than a dozen world economies.
Connecting and relating to this market is paramount!
However, despite its massive influence, businesses dedicate only 4.2 percent of advertising budgets to the Hispanic Consumer Market.
Community members are aware of that: according to a study, “78 percent of Hispanic consumers do not think brands target them enough and do not see themselves reflected in the marketing campaigns.”
If businesses commit to prioritizing these consumers, they will find increased brand loyalty, affinity, and customer lifetime value.
To bring this strategic focus, let’s list some guiding principles to engage and conquer the Hispanic Consumer Market in 2023.
1.-Define Clear Goals to Engage the Hispanic Consumer Market
“The number one issue,” according to Cesar Melgoza – Geoscape’s Founder and CEO, “is that companies fail to recognize the critical importance of the Hispanic market to their overall top and bottom lines. They believe they can experiment and only incrementally invest in this segment. They’re mistaken because, for most companies, it is the bulk of their growth into the foreseeable future.”
Conquering the Hispanic Consumer Market is not an afterthought but should be THE priority goal for your company.
Refrain from viewing the Hispanic market as an extension of the overall marketing strategy but invest in the efforts deliberately and decisively to make a difference. Allocate sufficient capital and invest in the future to develop a Hispanic-centric and well-funded plan.
2.-Develop a Data-driven Strategy
The essential step in reaching the Hispanic marketplace is working a holistic-data-based decision-making process to incorporate marketing, demographic and financial data.
Analyze the size of your potential market through demographic profiling and the investments necessary to reach it. Basing your decisions on data will create a solid base to guide your choices.
3.-Local and Personal vs. Impersonal and Distant
An important strategy is transforming the engagements with the Hispanic Consumer Market from impersonal and distant to local and personal.
Hispanic individuals interact with brands and channels in a more personalized way. Remember that family and community are central issues for the Hispanic consumer, regardless of age or income level.
“I would consider hyper-local marketing a key element in any strategy targeting the Hispanic demographic” -Gabriel Torres, Vice President and General Manager for the Southeast Region, T-Mobile.
This local approach means engaging individuals or groups where they live and shop. Imagine how important this is when launching new products or opening new stores. Engaging stakeholders and community leaders in your local efforts will bring the consumer to a familial territory.
Go beyond the traditional thinking that the Hispanic Consumer Market locates in certain States in the USA, such as Arizona, Texas, or Florida.
Understand that there is a valuable segment of dynamic 16-24-year-old consumers populating many areas with high levels of acculturalization.
This fact underscores the prioritization of cities/towns across other areas away from traditional strongholds.
This approach based on demographic data helps to craft a local strategy, with a 360-degree system incorporating a prioritization of Hispanic consumers, brands, geographies, media, and distribution channels.
The community analysis further incorporates the need to participate, invest and sponsor local community events important to our Hispanic audience’s lifestyles.
4.-Engage your Hispanic Talent
A successful marketing strategy that targets the Hispanic Consumer Market needs to deploy a pool of Hispanic talent and leadership.
Companies need to invest in the proper Hispanic-centric agencies, such as Novle, Community Activators, to get the expertise to create intelligent and sensible strategies.
The right talent team will bring the information, data analysis, resources, testing, and deployment of the right marketing strategy.
5.-Test, Refine, Prove, Analyze and Repeat
Invest time and resources to test, refine and prove your messages.
This exercise requires analysis and reliance on electronic tools, which can only occur if reliable data and analytics exist.
We are lucky to live in a world where we can find the responses to our marketing campaigns with the proper knowledge to access the analytic tools for websites and media.
Engage experts in data analysis for diverse media, from web traffic to social media and even headcount, and collect feedback from persons attending live events.
Be bold in conducting focus groups if your budget allows it, and recruit stakeholders to run your messages before implementing your marketing plan.
In this incoming 2023, marketing leaders prioritize the Hispanic consumer market as their high priority for future growth. The strategies for victory should include local and personal engagements, data analysis for decision-making, testing, and refining messages working alongside Hispanic agencies and talent.
The future of your brands will look promising and bright.
We are Novle
Novle can help your business integrate with the Hispanic-LatinX Market bringing meaningful profitability to your bottom line. Subscribe to our mailing list for updated community activations, or contact us directly HERE.