Partnering on a social listening analysis, we and Oye! Business Intelligence examined over 13,000 Facebook and Twitter conversations about the financial needs of U.S. Hispanics, including English and Spanish speakers. Research found that the top conversation drivers were retirement (22%) and how to protect one’s family (13%).
In practice, social insights from Hispanic consumers are used to develop relevant earned media storylines, leading to successful media engagement, and in turn, growth in online conversations.
When developing Hispanic communications plans, listening to social conversations reveals unique cultural nuances for financial organizations to consider:
1. “Carpe Diem” Mentality One of the key cultural elements is the “belief in living for today because tomorrow is uncertain,” or the maxim “only God knows what the future will bring.” By crafting financial messages with an urgency to today’s terms, brands can bring their message to a Hispanic household’s daily to-do list rather than saving it for a conversation at a later date.
2. Hispanic Media Needs Financial Education Content Hispanic decision makers are hungry for educational messages that uplift and inspire their community. Develop stories about your brand’s unique approach to financial education, particular to the Hispanic community, and watch how new audiences notice.
3. Affluent Hispanics Need Guidance, Too The lessons learned about money are foundational to future success. According to a 2014 Wells Fargo study, when it comes to Hispanic investors, 92% say their parents talked “a lot” or “sometimes” about the value and importance of hard work when they were growing up, but in contrast, fewer than half said their parents talked as much about financial issues. The lack of information and the tumultuous economy in their home countries are just a few of several reasons Hispanic households earning more than $100K still require guidance.