How to Reach the Hispanic Market in 2021May 13, 2021
As the largest minority market in the country, reaching the Hispanic market is key to unlocking business opportunities no matter which industry you’re in. From auto, real estate, beauty, legal services, and more, Latino consumers are a powerful force to be reckoned with. Keep reading to learn how to reach the Hispanic market in 2021 and discover best practices for tapping into this influential audience!
In this article we’ll be reviewing:
- What is the Importance of the Hispanic Market?
- How to Market to Hispanic Consumers
- How to Reach the Hispanic Market
- What Makes a Hispanic Marketing Strategy Successful?
- How to Get Started With Hispanic Marketing
What is the Importance of the Hispanic Market?
When you hear that U.S. Latinos are the largest minority group in the country, it may be tricky to grasp what that fully entails. Considering that 62.3 million Hispanics make up 19% of the current U.S. population, this means that almost 1 in 5 members of the population are Hispanic! If your business isn’t reaching out and connecting with this powerful demographic, you could be seriously missing out.
Take a look at the facts below for a closer look:
- From 2010–2019, Hispanic Buying Power increased by 69% outpacing Non-Hispanics,
who increased by 41% during the same time.
- The Hispanic market is estimated to wield a staggering $1.7 trillion in buying power.
- Many U.S. Hispanics are immersed in both American and Latino culture. They’re largely bilingual and bicultural, with 75% speaking Spanish at home.
In addition to their buying power and the cultural significance of the Spanish language within the Hispanic community, Latinos are also leading digital transformation as tech aficionados, which was heightened even further throughout the COVID-19 pandemic. For instance:
- 57% of Hispanics are spending more than one hour per day on social media, and 27% are spending 2 hours or more — compared with just 48% and 20%, respectively, for the overall population.
- While 94% of Hispanic teenagers were born in the U.S., a staggering 75% of them watch SVOD content originally in Spanish, compared to 83% of Hispanic parents ages 25 to 49 — 71% who prefer the original Spanish, while 29% opt for English dubbing/ Subtitles.
- Latinos spent 18% more time listening to podcasts than the general population during the pandemic. Of podcast listeners, 16% of Hispanics listen every day, over-indexing the average podcast listener by 9%.
- 31% of all Hispanics say they have increased their time spent playing video games online or with a gaming device since the coronavirus outbreak.
- 82% of Hispanic gamers watch at least one hour per week of video gaming content on Twitch.
The Importance of the Hispanic Market by Industry
As the country begins to recover from the pandemic, Hispanics are exhibiting a more optimistic stance than their counterparts — showing that they’re ready to get back into spending and taking part in the economic recovery. A recent poll by the Florida Atlantic University Business and Economics Polling Initiative showed that:
- During the first quarter of 2021, 59% of Hispanic respondents said they are better off financially than a year ago.
- 73% of Latinos polled said they will be better off over the next year.
- 54% of Hispanic respondents think it is a good time to buy big-ticket items, and they were especially in favor of buying a car at 64%.
Latinos are also making major strides when it comes to homeownership. A new study by the Urban Institute forecasts that Latinos will become a major home buying demographic force in the coming years — and they predict that by 2040, fully 70% of new U.S. homeowners will be Hispanic.
Additionally, when it comes to beauty and personal care items, Hispanic shoppers spent 13% more than the national average, and they increased their beauty spending by 6.1% in 2020 (compared to the 3.5% average for that same time period).
As U.S. Hispanics continue to make income gains and exercise their spending power, industries are advised to take note and begin connecting with this influential audience. Take a look at how we’ve helped clients across various industries tap into the Hispanic market to reach their business goals.
How to Reach the Hispanic Market
Now that you know the power of the Hispanic market, it’s time to learn the best strategies to use to reach them. Take a look below for all of the information you need to begin or improve your business’ Hispanic marketing plans!
How to Market to Hispanic Consumers
Marketing to Hispanic consumers is both an art and a science. From the science perspective, developing a Hispanic marketing strategy begins by setting your marketing goals for the campaign, and gaining a better understanding of Hispanic consumers in your area through Hispanic marketing data.
Depending on where you’re located in the United States, the Hispanic market near you could vary significantly. Given the fact that Latinos come from or are descended from over 30 different countries in Latin America, each group within the Hispanic community has their own unique characteristics when it comes to their vernacular, traditions, country-specific holidays, food, etc.
For example, while states on the east coast may have a denser concentration of Puerto Rican or Cuban Latinos, states like California and Arizona primarily consist of Mexican Latinos and Mexican-Americans. This is why in addition to these points, taking age, immigrant generation, interests, income, digital habits, etc. of your target audience is also key to ensuring you reach the right people. From there, you can decide which digital platforms to reach them on to connect with them at the right place and time.
The art of Hispanic marketing lies in creative messaging and a culturally nuanced understanding of who you’re speaking to — which can arguably be the trickiest part to get right. Figuring out if it makes more sense to market to Latinos in English, Spanish, or Spanglish, will depend on your area and its demographics. Plus, deciding where it makes sense to include cultural references or cues is an important additional step.
For more tips and best practices on making your Hispanic marketing campaigns the best they can be, check out our reading recommendations:
What Makes a Hispanic Marketing Strategy Successful?
Successful Hispanic marketing campaigns take proper planning, preparation, and a deep understanding of the Hispanic market. From factoring in language preferences, cultural values, compelling creative messaging, and target audience into account, your business can effectively position itself within the Hispanic market.
The best way to do so is to hire a Hispanic marketing agency made up of Hispanics themselves — since no one knows them better than they do! Learn more about our Hispanic digital marketing services and check out our previous Hispanic marketing campaigns for our client success stories.
For an in depth look at our Hispanic marketing campaigns, head over to our following case study posts:
- Case Study: How Entravision San Diego & TurboTax Engaged Hispanic Audiences at the Height of Covid-19
- How to Use Branded Content Marketing Effectively (with Case Study Example)
Source: Maya Rector, Entravision Local Marketing Solutions