The US Hispanic population, with its growing purchasing power and impressive growth in media usage, has companies scrambling for ideas and ways to effectively target this barely tapped market. According to TNS Media Intelligence, marketers invested 10.5% more in America's largest minority in 2005 than they did in 2004. In the US market overall, marketers invested a mere 3.4 percent more from 2004 to 2005.
In 2002, the US Hispanic population officially became the largest minority in the United States, and it will continue in this position through at least 2050. Synovate reported in 2004 that over 43.5 million US Hispanics make up almost 15 percent of the US population—a percentage growing 5 times faster than the general population, which is more than a 70% increase in the last 10 years. By the year 2020, which is only 14 short years away, there will be 1 out of 5 Americans to be of Hispanic origin. This source also tells us that net natural growth of the Hispanic population (births minus deaths) surpassed immigration as the main source of population growth in 2004. This means that each year over 1 million children will be born to Hispanic mothers. Have you ever wondered where they will go to school and grow up learning? Better yet, how companies are marketing to them?
This report from Marketingprofs.com and iHispanic Marketing Group will present what other professionals are doing effectively to target this market, as well as what limitations should be considered or perhaps what your competitor's weaknesses may be, in which case you can gain an edge in winning market share if you take appropriate action. You will receive hard-to-find data about trends, targeting segmentation, marketing tactics, and the most common limitations of those who have not yet been able to do any, or have done little, marketing to the Hispanic population.
MarketingProfs.com and iHispanic Marketing Group partnered to research key facts on the Hispanic market via a study conducted with 1026 respondents.
First, it's important to point out that 59% of all respondents said their organization does or plans to design marketing efforts specifically for Hispanics; that number increases to 64% when considering respondents with headquarters in the United States. That is, the other 41% or 36%, respectively, may reach Hispanics but do not have specific marketing programs designed to attract this market.
We also know we have a very accurate scope of the market because it's well represented among all sizes of companies:
What size is your organization in annual revenue?