Hispanic Consumers an Untapped Opportunity
Although most US businesses recognize the growing influence of Hispanic consumers, over one-half (51%) of those surveyed don't market to Latino consumers in Spanish, and 82% have no plans to begin or increase existing efforts aimed at Hispanics in the next 12 months, according to a survey from Orci.
Nearly one-third (32%) of businesses surveyed say they invest only 1-10% of their budgets on Spanish-language advertising, while 11% say they invest 11-20% of their budgets.
The Hispanic population comprises more than 15% of the US population and is expected to reach 50 million at the time of the 2010 Census, up 42% since the last Census in 2000.
In addition, the Hispanic population is expected to account for $1 trillion dollars of spending in 2010.*
Below, other findings from the 2010 Hispanic Marketing Trends Survey, which polled 125 senior marketing executives on their views about the Hispanic market.
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Being Hispanic and a marketer at the same time, I have been surprised to see how little investment companies are making to target this growing audience. Furthermore, I have seen poorly designed efforts that had the intention to target the entire Hispanic market when actually offending most non-Mexicans or making grammatical mistakes that changed the actual meaning of the message. Translating an ad into Spanish doesn't mean you are targeting Hispanics, you need to understand their culture, interests and needs.