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Marketing to Hispanics
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Article 1: Why The Hispanic Market?
The Hispanic market currently represents nearly 15 percent of the total U.S. population, is growing by nearly 2 million people every year, and is projected to account for 20 percent of the entire population by 2020.
“No business can afford to overlook one-fifth of the population,” says Kelly McDonald, president of McDonald Marketing and an expert who speaks frequently on the topic of marketing to Hispanics. This market offers what McDonald calls the three L’s: large, lucrative and loyal.
“When identifying any potential target market, you first have to determine if it’s large enough to justify your investment,” she explains. “Then you have to make sure they can afford to buy your products and services. And finally, you want to be able to retain these customers and get them to buy more from you.
“I have never seen a market that delivers the 3 L’s better than the Hispanic market,” McDonald says.
Consider: Hispanics are now the largest ethnic minority in the country (with an estimated 43 million people). Hispanic households are enjoying growing wealth and purchasing power (the median incomes of Hispanic households rose by 20 percent between 1996 and 2001). And Hispanics are well known for their loyalty — once you get them as customers, if you satisfy them, you’re likely to keep them.
As impressive as the statistics are, “you can’t look at where the Hispanic market has been or where it is today to see where it’s going,” says Steven Little, a small-business growth expert who specializes in the Hispanic market. “We can learn from past immigrations how things might play out in 2020.
“That’s the real business opportunity — realizing that there’s a very specific and lucrative niche to pursue, and that there aren’t many companies currently going after it.”
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