Article originally published on Orlando Business Journal
One of the most common questions I have been asked by executives is: “When will Hispanics buy my products?”
They think that since they have been in business for many years, everybody should know who they are, including the Hispanic markets.
One client shared that his firm has been in the market since 1955, so he thought everybody knew about his company. However, he was concerned about a recent drop in his membership program.
We suggested doing market research and a focus group as a starting point. He was surprised to learn that Hispanics were not aware of the services his company provides. And even more surprising, was how little his current clients knew about his services.
One of the most common mistakes executives make is that they use their personal opinion as a parameter of value. For example: “I don’t listen to Pandora radio so I don’t what to advertise in that media.”
However, according to a ComScore’s report, Pandora ranks No. 1 in music streaming property among Hispanics.
Your customers decide how and when to engage with your brands, not the other way around. To properly engage with your consumers, you have to speak to them about what they want, not necessarily what you want.
Many executives feel vulnerable when it comes to marketing to Hispanics, saying, for example: “I don’t understand their culture and I do not speak their language, so I don’t know what to do.”
According to Geoscape, Hispanics will account for more than half of U.S. population growth by 2020 and more than 85 percent by 2050.
So, instead of asking yourself: “How can I sell more products to Hispanics,” “How can I get Hispanics to convert” or “How can I drive more traffic to my website,” ask yourself: “How can I earn a relationship with them? How can I build the right brand experience? What is the right, culturally relevant approach to earn their trust? How can I influence them?”
Here are 3 helpful tips to earn business from Hispanics:
It is estimated that Hispanics will represent more than 29 percent of U.S. population by 2060. The question is: Do you have a plan in place to target this new mainstream audience?