As we near the most "archetypical" of Hispanic holidays, Cinco de Mayo, instead of getting into an exhausting explanation of why (or why not) the day is important, below are my "cinco" mega topics to keep in mind when activating Hispanic marketing.
Last month, Amazon quietly rolled out a Spanish-language version of Amazon.com and in turn, helped dispel the myth that because Hispanics are young and the majority are U.S. born, there is no reason to communicate with them in Spanish.
For the third year in a row, Google has opened the doors of its New York office for its annual Multicultural Marketing Forum. Since its inaugural year, Google has expanded the focus of the then-U.S. Hispanic Marketing Forum to include African-American, Asian, and LGBTQ audiences. While the forum now covers more verticals, this event is still a game changer for Hispanic market researchers.
We have all heard the statistics of the huge $1.5 trillion Latino buying power but seldom do we hear or talk about Latino wealth creation. In my book, wealth is a more important long-term indicator than buying power as it is a measure of the long-term progress, well-being and freedom of a community. After all, a wealthier Latino community would have even higher levels of buying power.
Last month, a debate broke out online between Jeffrey Bowman of Reframe: The Brand and the Association of Hispanic Advertising Agencies over the relevance of total market vs. multicultural marketing.
Clients have started thinking about 2018, even though 2017 only just started. I know it seems crazy, but keep in mind, national retail and promotional partnerships require significant lead time. Meaning, as a marketer, if you want to do a promotion around next year's big soccer tournament, you need to start thinking about it today. Yes, I'm referring to the World Cup. We are about 15 months away from Russia 2018, with soccer qualifiers and lead-up tournaments already in the works.
Earlier this month, Snapchat went public in the biggest tech IPO since 2014, raising $3.4 billion to advance its vision to "empower people to express themselves, live in the moment, learn about the world and have fun together."
Multicultural marketing has created a marketing economy based on segmenting the population by ethnicity. While ethnicity segmentation has worked for the past several decades, as I pointed out in an earlier column, that foundation is starting to crack. Our industry is experiencing a paradigm shift. As we attempt to make sense of this existential crisis of marketing models, we should consider how we segment and why.
This year's Super Bowl ads brought to light the role advertising plays in our cultural discourse. As I discussed in a recent NPR interview on the controversy over Super Bowl ads from Budweiser and 84 Lumber, advertising is both a reflection of our culture and an influencer on the culture.
With 59 million Hispanic consumers in the U.S. possessing purchasing power of $1.5 trillion annually, winning over this valuable segment is integral to the success of many consumer brands. Yet time and again, advertisers make the same glaring errors in their attempts to understand advertising performance among Hispanic consumers.