Earlier this year, 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."
Last month, we opined on Amazon's rollout of their Spanish-language e-commerce site, and the massive opportunity it represents for brands trying to reach Hispanic consumers. A recent announcement by Facebook opens yet another opportunity for marketers to sell directly to the nation's largest minority via e-commerce.
Latinos are a people of faith and for centuries that faith was Catholic. But the number of Latino Catholics is shrinking, thanks in large part to inroads by Protestant denominations, according to figures from The Pew Center, Religion & Public Life.
By now, many marketers have heard of the tremendous opportunities the United States. Hispanic consumer represents in terms of numbers and purchasing power. However, in the age of hypersegmentation and targeting, Millennials and bi-cultural Hispanics have risen to the top of marketer's go-to Hispanic sub-segments. While most companies focus on this target, there is an untapped consumer segment that has serious growth potential, Hispanic business owners.
The last few years have seen an explosion in public discussion and thought leadership around best practices in Hispanic marketing. Forget the articles and white papers. And dispel the marketing myths.
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.