Beyond the general advice that most companies take for granted when serving U.S. Hispanics (such as being culturally relevant), there are four key strategies that can help companies achieve their marketing goals:
Let’s take a closer look at each.
Digital and Social Media
Hispanics are more likely than the general market to research products online before and while they shop. They look for online reviews and compare prices when shopping for products that range from apparel and food to electronics, toys and tickets.
This group also likes to share their shopping experiences, writing reviews through their mobile phones more often than non-Hispanics. They consume mobile online video more than non-Hispanics, too.
This group is also more active on social media platforms, constantly comparing brands and prices, and being vocal about the brands and products they love (and don’t), it is critical that marketers learn how to target them effectively.
Urban vs. Rural
Recently, the fastest growth in the U.S. Hispanic market has come in parts of the country that have relatively small numbers of Hispanics, according to Pew Research. Compared to the large Hispanic populations in South Florida or California, these groups can be easily overlooked.
But the Pew statistics show that more than half of U.S. Hispanics live in just 15 metro areas. Los Angeles-Long Beach-Anaheim topped the list with 6 million Hispanics, a majority of whom are U.S.-born.
Companies marketing to Hispanic demographics need a keen balance of messaging that appeals to both urban populations and more suburban and rural ones, and that demonstrates their understanding and due diligence on the geographic diversity of this audience.
A More Educated Population
Research from Pew also shows that a growing share of U.S. Hispanics have a college education. In fact, nearly 40% of Hispanics ages 25 and older had some college credit in 2015, a 10% increase from the start of the millennium. That number gets even higher among U.S.-born Hispanics, where more than 50% said they have gone to college.
The numbers are growing so much that Hispanics are now the largest minority group on college campuses, with more than 2 million students ages 18-24 making up 16.5% of all college enrollments.
With this in mind, marketers should look carefully at the media channels and publications they rely on to reach Hispanic populations, and ensure that they’re placing advertising and marketing content in the media that appeal to highly-educated populations as well as more mainstream channels.
Second-generation Hispanics do better than their parents educationally and in terms of household income, according to a report from the National Academies of Sciences, Engineering and Medicine. They also make gains in terms of occupational status.
The 2012 Census showed that 12% of all U.S. companies are Hispanic-owned businesses. That’s 3.3 million. If we include companies owned by two or more U.S. Hispanics, along with family-owned businesses, about 1 in 10 U.S. Hispanics is a business owner.
In addition, the growth rate in the number of Hispanic businesses has consistently been two to three times higher than the national average for the past 15 years, according to a recent study by the Stanford Latino Entrepreneurship Initiative.
So while many marketers know they need to be marketing to Hispanic households, they might be missing out on the massive opportunity to be marketing to Hispanic businesses as well.
A Dynamic Demographic
The U.S. Hispanic market is a powerful force in the economy, one that can represent massive opportunity for companies looking to grow and authentically serve a diverse audience.
By focusing on a few key strategies for reaching these buyers, marketers can ensure their organizations are reaching U.S. Hispanic consumers in the right channels, at the right time, and with the messaging that resonates most.