Article originally published on Orlando Business Journal
Hispanic Heritage Month is a great way to recognize and celebrate the culture of a rapidly growing, influential audience, as well as build and reinforce your brand awareness.
If you do it correctly, you potentially can develop a strong new source of revenue starting with this year’s Sept. 15-Oct. 15 celebration and beyond.
Preliminary 2020 Census findings show that U.S consumers are becoming significantly more racially and ethnically diverse. In fact, the U.S census projects that only 50% of consumers under age 18 will be non-Hispanic white by 2020. That shows how important it is to recognize the influence these diverse demographics can have on business success. This demographic shift is prompting executives across all industries to reevaluate their marketing strategies so they can assure a sustainable growth through Covid-19 and beyond.
If you take these statistics into consideration, the census findings will become a game changer or an “Aha” moment for all brands.
Hispanic consumers are the second-fastest growing segment in the U.S. If you are looking for brand longevity and growth, this is where you will find it. Their median age is 27 years old, compared with 42 for their Anglo counterparts. Also, Hispanic households spend roughly $500,000 more than non-Hispanic households over their lifetime.
Here are five insights into how this market potentially can become an essential part of your business success during Hispanic Heritage month and beyond:
- Authenticity is key: If you are seeking brand growth, you must invest time and reallocate your marketing budget accordingly. You must understand their culture, passion points, consumption habits and preferences at time of purchase. There is no shortcut. If you do it right, you will move the needle significantly in your sales reports.
- Hispanics are a powerhouse: One of the misguided assumptions is that Hispanic consumers are lower-tier, economically speaking. But according to a 2019 study, the Hispanic GDP currently tops $2.3 trillion, making it the eighth-largest economy in the world, ahead of Brazil or Russia.
- Cultural connectivity is in demand: Sociologist believe technology has created a demand of cultural connectivity. According to a study by ESPN, Hispanics spend 90 hours per month online, with 75% of that time on a mobile device. Since Hispanics are known to over-index on digital usage, this demographic leans toward multiple media channels, devices and platforms. An omnichannel approach will help improve your campaign, performance and results.
- Entrepreneurship is at heart: B2B opportunities with Hispanics are on the rise. The nearly 4.4 million Latino-owned businesses in the U.S. contribute more than $700 billion to the American economy every year, according to the U.S. Hispanic Chamber of Commerce. In fact, Latino-owned companies have grown 31.6% since 2012. That’s more than double the growth rate of all businesses across America (13.8%).
- Go beyond the ordinary: Hispanic consumers are growing in numbers, regions and influence. When developing marketing programs, think beyond the general market and consider what can be done to connect with Hispanic audiences. It will give you quick access to additional revenue and greater ROI.
As we emerge from an unprecedentedly challenging year, this growing demographic will prove to be beneficial to your company’s bottom line now and through the next decade. As the best-selling author Og Mandino said: “Always do your best. What you plant now, you will harvest later.”