In a previous article, “Allocating Latino Marketing Budgets With Projections,” we started discussing one of the most serious issues that come into play when planning multicultural marketing strategies: budget allocation.
Today, we will focus on the remaining points: organic search and paid search campaigns, and revenue consideration and measuring sales data.
Organic Search and Paid Search
When planning your Hispanic marketing strategy, one question you probably ask yourself is, what percentage of your marketing dollars to allocate to print, tv, radio, and online. For those dollars that are directed online (our focus here), the next question is, how much goes to organic search and paid search campaigns (we decided to selectively ignore social media for simplicity’s sake and because it deserves another article on its own).
Normally, there’s always some sort of combination between efforts involving organic search and paid search. How to hit that sweet spot? Here are a few important questions you may want to ask yourself to self-assess your situation:
When marketing to Latinos, it is important not to overlook language barriers when considering the Hispanic demographic, both in the United States and Latin America – particularly when trying to reach this demographic through ads and web content. Enough has been written about this topic so I will continue with other considerations when planning multicultural marketing strategies.
CPM, CPC and CPA Considerations
In Hispanic search engine marketing, in order to gauge the effectiveness of a paid advertising campaign, it is important not only to measure cost per impression and cost per click, but also cost per conversion and cost per acquisition or cost per enrollment metrics.
It may be tempting for business executives to significantly increase their spending on Latino advertising due to the rising affluence of the ethnic group, but all the metrics presented above should always be observed to guarantee that a good portion of Latino consumers are exposed to a specific marketing campaign, and that enough of them visit your landing pages, enroll in your programs or acquire your products and services.
Revenue Consideration and Measuring Sales Data
Budget allocation should always be performed along a sound revenue projection. Increased spending when marketing to Hispanic Americans should be justified by the demand and the leads or consumer sales that it can generate. Statistical models and recent reports can help in this regard, and even the judgment of staff members who have first-hand experience in this matter can be trusted, but the bottom line remains: Marketing budgets should always be contingent upon revenue projections.
Multicultural marketing requires a segmented accounting of sales. Qualitative data should always be analyzed and factored in, but quantitative data are the best indicator when making future decisions about budget allocation as well as determining ROI.
With that said, I am interested in hearing what you think about planning for Hispanic marketing campaigns. Please leave comments, good or bad. If you liked it, please share it via email or tweets.
There is actually a very easy way to measure the effectiveness of advertising. It's an easy-to-use mathematical equation called "The Barrows Popularity Factor." You can read more about it at www.barrows.com. For more information about the math, call Robert Barrows at 650-344-4405.