6 Easy Steps to Spark Product Conversations and Connect with the Hispanic Market
The purchasing power of the Hispanic market is projected to reach $1.6 trillion by 2018. Fine-tune your strategy or risk losing your market share.
Brand managers, business consultants and entrepreneurs talk about the importance of reaching the Hispanic market. However, despite all their talk, the marketing efforts they traditionally use to target this group have not expanded at the same rate as the multicultural population explosion.
Worried that you too will not be able to reach this influential audience effectively? Here are the six steps you need to take to spark product conversations with Hispanic consumers.
1. Understanding Your Audience Matters
Marketers often miss opportunities in the Hispanic market by being too quick to view Hispanics as one monolithic ethnic group, defined only by language or geographic location. This is a big mistake, because different segments within this group exhibit separate and distinct tendencies and behaviors as illustrated by the graphic.
2. Make Sure Your Product Fits
Keep product fit in mind. Findings from Mintel, a marketing intelligence agency, indicate that Hispanics place quality and reliability first no matter their level of acculturation. In order to grab the attention of this segment, showcase these aspects of your product. By identifying the best product fit for the segment you can approach Hispanic consumers without fear.
3. Keep it Going with Consistency
The next step is to ensure you can maintain consistency. Consistency is held in high regard by the Hispanic market. It can hurt brand loyalty if expectations aren’t consistently met. If your product is going to make the right connection to the multicultural market for your brand, make sure it can maintain uniformity.
4. Capitalize on Your Value Propositions
Your value proposition is your business or marketing statement. It effectively explains and demonstrates to the consumer why they should buy your product or use your service. The perfect value proposition is brief, persuasive and motivates the consumer to make a positive purchasing decision.
Capitalize on this and review your value propositions to make sure the solutions your product offers and the problems it solves are concrete. You give your product conversation among Hispanic consumers a significant boost by taking this step.
5. Don’t Channel Surf — Make the Most of Your Channels
Your next step is to evaluate your channels and how you use them. Hispanic consumers are becoming more receptive to digital advertising but can still be engaged through traditional advertising. Take note that Hispanics also value the community engagement efforts made by brands that want to build trust. Based on this information, grassroots marketing and brand activations can be an effective way for brands to utilize their traditional advertising channels.
6. Follow-up on All Findings and Opportunities
Brands must keep feeding the fire after they have set their campaign in motion. How? You must follow-up on your findings with daily diligence.
Remember, Hispanic consumer segments maintain strong brand loyalties. You shouldn’t miss any opportunity to build consumer relationships. Whether it’s a lapse in consistency from another brand or a willingness to trying something new, the chance to gain the brand loyalty of even just a few Hispanic consumers could easily lead to swaying many more.
One Final Note on Marketing to Hispanics
Wouldn’t it be in your brand’s interest to appeal to these consumers before you miss out on a massive financial opportunity? In order to achieve your goal it is important to understand your audience, meet their expectations through product fit, make the most of your channels when you engage your audience, and follow-up on every opportunity.
We at VRTC hope this information proves useful in bolstering your marketing efforts. Is there anything you would like to add to the conversation? If so, leave a comment and share your experience. If you enjoyed the article, share it! Big or small, if you need assistance in starting a product conversation in the Hispanic market with confidence, simply #AskVRTC.