Article originally published on Orlando Business Journal
Hispanics are no longer a sub-segment of the economy. They played an important role during the last presidential election and are emerging as a powerhouse of economic influence. Hispanics now have the weight to significantly affect your company’s bottom line — today and well into the future.
With more than 55 million Hispanics living in the U.S., they are the second-largest consumer group in the U.S. So, one direction or another, this growing community will impact your company.
How can you implement the right strategy to connect with Hispanics? Establish a more effective level of investment, commitment and cultural engagement.
Most of the time, companies fail to understand the importance of being culturally relevant because they are so focused on their brand’s interest rather than the Hispanic consumer’s cultural values, perceptions, preferences and passion points. You can have a strong and compelling Anglo campaign you have translated to Spanish, but if it doesn’t genuinely resonate with Hispanics you will not gain their support. You simply cannot assume they are the same as your Anglo consumer.
We live in a fast-paced world where sometimes companies try to make a quick buck without factoring in the big the picture. Companies do not invest the right time and budget to understand who Hispanics are, how they naturally think and what cues trigger their behaviors, setting the company up to fail.
If you really want to have a compelling and effective marketing strategy that will engage Hispanics, here are some tips that can help your company create a lasting consumer relationship:
- Start off on the right foot: Hispanic consumers have historically represented a longer-term return on investment. You need to gain the community’s trust first so they start buying from you. Be clear and friendly in introducing yourself to the community and take the right steps to build a relationship. If you consider the longevity of the relationship, their brand loyalty and purchasing power, the marketing money you dedicated specifically to this segment will be well invested.
- Use the right language: Hispanics can be reached in English or Spanish, but only with messages that truly respect and embrace their cultural nuances and speak directly to them. Do not assume that your English campaigns will resonate with them because they speak English. On the contrary, you still need to align your communication to their attitudes and values. Stay away from straight translations. These inauthentic efforts stand out like a sore thumb, show a sign of disrespect and make Hispanics feel undervalued.
- Create a relatable experience: Hispanics don’t want to be sold; they buy brands that build upon and empower their cultural relevancy. Instead of forcing Hispanics to assimilate or to make them be part of the “mainstream,” brands must consistently integrate the U.S. Hispanic consumer mindset. Only then will opportunities open up for greater brand growth.
- Genuinely invest in the community: Building momentum for your brand with Hispanic consumers requires a true intent that speaks to and supports their culture. Make a real effort in becoming part of and giving back to this community. For example: Sponsor Hispanic festivals, provide scholarship opportunities, participate in events, and so on. Your company needs to show sincere appreciation for their trust and business.
It is estimated that by 2050, 54 percent of America will be minorities. The question is: Will you be ready for this demand? The steps you take right now will have a significant impact on whether or not your company will thrive in this evolving marketplace.