Only six weeks in, 2017 is already showing signs of being a big year for multicultural marketing. Corporations are doubling down on diversity initiatives. Strategic purchases and mergers have occurred and projected multicultural spend is trending upward for the year.
A recent report from Packaged Facts, Hispanic Pet Owners in the U.S.: 20 Million and Growing, really caught my attention since there are 20 million Hispanic pet owners in the U.S.
The lines between market research and marketing data are blurring. This really comes as no surprise, however. The convergence of these two disciplines was bound to happen at some point. While both industries are grappling with the implications of what this phenomenon means for the way they conduct research, startups shops are seizing the opportunity.
The financial services industry is no stranger to the Hispanic market. Many of the largest national and regional banks, insurance companies, tax preparation and investment firms have been targeting the Hispanic market for years. In 2014, the financial/insurance category spent a total of $352 million in measured Hispanic-targeted media (Nielsen, SSG). According to AHAA, from 2006 to 2010, expenditures by the financial services category saw a major increase in allocation of overall ad spending to the Hispanic market.
They say that the bulk of the president's job is dealing with the unexpected. Candidates campaign on platforms and promises which in many cases are not fulfilled nor accomplished. So what candidates say to get elected is one thing, and what they do when they are in office is another. The election of Donald Trump was, to many, unexpected. Politics aside, a question has been lingering in my mind about whether this will be good or bad for business (and by business I mean the Hispanic marketing communications business). There are a couple of areas where I think a Trump ...
This week, I was honored to be named to the board of AHAA, the Association of Hispanic Advertising Agencies. Having co-founded a Hispanic advertising agency over 15 years ago, I see the opportunity to serve on AHAA's board as a huge aha moment in my Hispanic marketing career.
For market researchers, 2016 was one for the record books. Election poll predictions were an epic fail. Historic demographic shifts rocked traditional models. And we're still arguing over the definition of Total Market. It's fair to say that the market research industry is in dire need of some soul searching. And as a researcher myself, I've done a little of my own and have come up with three Hispanic market research predictions for 2017:
You have likely read the numerous articles and studies that highlight Hispanic consumers in the United States. Particularly, analysts and media tout the incredible growth, young demographics, amplified spending power and hyperactive digital and mobile consumption of the Hispanic market - all of which make it one of the most attractive demographics for marketers. However, U.S. Hispanics are vastly underserved, and the opportunities to reach them through digital remain largely untapped.
It's December, so let's take a stab at some predictions for 2017. I put together the following list for all those who work in or around Hispanic marketing. Some of these predictions probably won't surprise you. Some will. And some - if they come to fruition - will be game changers. Check back in December 2017 to see how I did.
As we were presenting work to a client a question came up: "Where is the Latino relevance in the execution?" Frequently, when presenting creative work for the Hispanic market, there is tension in trying to show something that is unique to Latinos in the work, and the question of whether or not you really need it.