Recently it appears as if the networks are incorporating Hispanic characters, spokespeople, and shows. What I've found out, is that many of these personalities don't necessarily jive with the Hispanic market. Although I've targeted this market for a variety of clients over the past several years, I decided to start from square one and do some further research.
There's been a lot of talk about online usage segmentation. Nielsen says marketers fail when they focus on demographics alone. It's coined a term, "geopsychodemographics" (say that 10 times fast), to refer to a combination of age, income, education, attitudes, and location. When targeting Hispanics, many agencies do just this.
A recent study by FOCUS: Latino shows very strong interest for online media and technology among urban Hispanics. It reiterates what we all know: This segment is growing. The Web's importance for this demographic is growing apace. The Hispanic segment is primed to purchase new products and services.
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Key findings, as reported by Horowitz Associates, include:
The Hispanic market is said to have a purchasing power of over $425 billion per year. This, coupled with the data above, appears attractive at first glance. However, penetrating this market can be especially challenging. Within the past two to four years, portals including quepasa.com, Español.com, Yupi, and Latino.com, popped and dropped. Some closed their doors completely. Others drastically cut staff, and some just up and reinvented themselves to stay alive. Most U.S.-based sites aimed at Hispanics are in English, not Spanish.
"Under-penetration of advanced services plus pent-up demand for new technologies translate to huge growth potential," says Alisse Waterston, Ph.D., president of Surveys Unlimited.
Are Hispanics getting what they need online? If not, there's a very lucrative opportunity out there.