This week, I was honored to be named to the board of AHAA, the Association of Hispanic Advertising Agencies. Having co-founded a Hispanic advertising agency over 15 years ago, I see the opportunity to serve on AHAA's board as a huge aha moment in my Hispanic marketing career.
For market researchers, 2016 was one for the record books. Election poll predictions were an epic fail. Historic demographic shifts rocked traditional models. And we're still arguing over the definition of Total Market. It's fair to say that the market research industry is in dire need of some soul searching. And as a researcher myself, I've done a little of my own and have come up with three Hispanic market research predictions for 2017:
You have likely read the numerous articles and studies that highlight Hispanic consumers in the United States. Particularly, analysts and media tout the incredible growth, young demographics, amplified spending power and hyperactive digital and mobile consumption of the Hispanic market - all of which make it one of the most attractive demographics for marketers. However, U.S. Hispanics are vastly underserved, and the opportunities to reach them through digital remain largely untapped.
It's December, so let's take a stab at some predictions for 2017. I put together the following list for all those who work in or around Hispanic marketing. Some of these predictions probably won't surprise you. Some will. And some - if they come to fruition - will be game changers. Check back in December 2017 to see how I did.
As we were presenting work to a client a question came up: "Where is the Latino relevance in the execution?" Frequently, when presenting creative work for the Hispanic market, there is tension in trying to show something that is unique to Latinos in the work, and the question of whether or not you really need it.
Another year is coming to a close and with it another leap forward in Hispanic digital marketing. As we finalize 2017 plans for our clients, we think the coming year is poised to push the Hispanic digital marketing industry to even greater heights.
Emerging markets have become an increasingly important audience for today's marketers, as they offer significant new avenues for revenue. Traditionally, marketers would create buyer personas and place consumers into buckets to drive targeted marketing campaigns, but this approach doesn't take into account the unique needs and personalities of cross-cultural consumers. In fact, addressing cultural markets is a self-proclaimed weak point for many marketers. But by ignoring these audiences, marketers are missing out on huge opportunities.
This was a banner year for multicultural market research. With large consultancies like PwC with their "Always Connected" study entering the multicultural arena to stalwarts like Nielsen continuing to produce high-quality work, total market consumer insights are widely available for brands looking to tap into this market.
There is a big reason why marketers have spent the last five years obsessed with Millennials - the numbers. Millennials total 75.4 million and have overtaken Baby Boomers as America's largest generation. The business community is also starting to pay attention to the next generation, Gen Z. This group of people under the age of 20 is already almost as large as Millennials. Millennials and Gen Z combine to make up more than 50% of the entire U.S. population. The future is now.
Complexities associated with navigating the new majority were amplified during the 2016 Presidential election with increasing ethnic diversification, generational differences, and the growth of upwardly mobile Hispanic households influencing candidate selection. Increasingly progressive-minded U.S. born Latinos and Latina power also played a role.