As you build marketing strategies for key target markets that will help you grow your business, odds are you might not be connecting with up to 20% of your potential customers.
Despite now representing 18.7% of the total US population, Hispanic consumers make up a disproportionately small proportion of overall marketing spend. Only 6% of overall industry investment is spent toward the Hispanic community, per the Hispanic Marketing Council.
As the largest minority market in the greater area, adjusting your strategies to this new changing consumer base is more important than ever for businesses.
This shift also presents an incredible opportunity for your brand to stand out.
From healthcare, beauty, automotive, legal services, and more, creating authentic marketing messaging that will reach Hispanic consumers should be top of mind this year.
1) Hispanics account for half of U.S. population growth
Hispanic consumers represent the second-fastest growing demographic group. According to the Pew Research Center, in 2021, the number of Hispanics reached a record 60.6 million, making up 18% of the U.S. population. In at least twenty-one states, Hispanics account for more than 50% of statewide population increases from 2010 to 2019.
Takeaway: With these growing numbers, businesses need to review their current marketing strategies to see if they should include the Hispanic market differentiators into consideration in their inbound and outbound lead generation plans
2) 44% of Hispanics claim they only consume online content in English.
One of the primary concerns for advertisers when appealing to bilingual markets is deciding whether to market in English or hire Spanish translators. But this may not be as big of an issue as one would believe. Research from Think With Google has found that Spanish-speakers only consume English-language content online, even if it differs from the language they would normally speak at home. But while Spanish-speaking customers may consume English content, they are more likely to be loyal to a company that advertises in Spanish. In a survey conducted for Accredited Language Services, the results found that Hispanic consumers say they are more loyal to companies that advertise in Spanish.
Takeaway: When advertisers incorporate the Spanish language and culture correctly into their marketing, this not only brings in more customers but promises more loyalty from them compared to companies that solely advertise in English.
3) More than half of the U.S. Hispanic population is under the age of 29.
Young people are an economic powerhouse in how they are capable of shaping trends, culture, and advertising. According to Ad Age, 25.8% of all children in the U.S. ages nine and under are Hispanic. This growing generation of Hispanic young people will no doubt shape the media landscape in the coming years.
Takeaway: Businesses should keep this growing potential market in mind when considering their marketing message strategies now and years down the line. This generation will help predict trends in the future.
4) Hispanics’ media consumption outpaces other demographic groups
According to Nielsen, Hispanic consumers’ love of media is evident in their weekly media consumption, which speaks volumes about their appetite for content.
At 69%, Hispanic adults 18+ have the highest share of online time spent consuming audio and video; that’s 15 percentage points higher than for the total U.S. In addition, they were 42% more likely to have watched subscription service content on their smartphone, again illustrating the importance of the smartphone in the entertainment lives of Hispanic consumers.
Takeaway: Whether it’s the 29+ weekly hours spent with TV, the 27 hours spent on apps/websites via smartphones, or the 13 hours listening to the radio, marketers have ample choices when determining which path to follow to reach Hispanic consumers.
5) Hispanic millennials are more likely to interact with brands on social media.
In the era of online influence, social media is a vital part of reaching customers. And in a study by Adelphic, 50% of Hispanic millennials said they had talked about a brand online with others or used a brand’s hashtag, compared to 17% of non-Hispanics. Given how much time millennials spend online, and how heavily social media influences their purchasing decisions, these numbers speak loudly to the Hispanic market’s hold on social media advertising.
Takeaway: Not only does social media provide a direct gateway to this loyal Hispanic consumer base, but they, in turn, provide a passageway to widespread, online exposure for companies.
6) Latino-owned businesses are on the rise
In a research study by ​​Stanford Latino Entrepreneurship Initiative, Latino-owned businesses have grown over 34% over the last ten years compared to 1% for all other businesses. On top of this, Latino-owned firms grew revenue at an average of 25% per year while white-owned businesses grew revenue at 19%.
Takeaway: With Latino-owned businesses becoming a greater economic force, it would be useful to see how they connect with Hispanic customers and view them as potential opportunities for partnership and collaboration.
We know how to reach Hispanics.
The Hispanic market continues to prove to be a source of untapped potential for companies looking to expand their consumer base. With an increase in Hispanic-owned businesses, the flexibility that comes with bilingual marketing, and a rising Hispanic population of young consumers, this market proves to be an exciting and essential new opportunity for marketers.
Our bilingual team (link to team page) of connects with potential customers across different language-speaking markets. With creators fluent in both English and Spanish, and a deep understanding of the nuanced demographic and cultural differences, no other agency is better at reaching a greater market of customers and businesses. This also means our content can be translated to cast a wider net in terms of who our services (and yours) can reach.
To learn more about us, or just have a question about what you should be focusing on next for your brand, give us a call and we’ll set up a complimentary 30-minute consultation.
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Let’s make this year amazing, together.