Latino marketing is critical to any business’ success. The Latino population makes up a significant portion of consumers in the United States. If your company isn’t targeting Latino consumers with culturally responsive Latino outreach campaigns then profits, loyal customers, and growth are being lost.
Brands prioritizing Latino marketing will enjoy more consumers, more visibility, and higher profits. Are you focusing on Latino marketing? Here are four reasons why Latino marketing should be a goal of all companies:
1. A bigger audience
The 2012 US Census Report estimates there are over 52 million Latinos in the country. By 2050, Latinos will make up 30 percent of the total US population. Latinos are the largest minority group in the country and are on average ten years younger than the general population.
2. Buying power
Over 52 million Latinos means incredible buying power. As a result, companies should be competing for a cut of this massive market, angling for the best way to earn Latino dollars. Statista, which aggregates research from various reputable sources, estimates the Latino purchasing power is over $1.5 trillion in the U.S. Plus, Latinos tend to spend more on clothing and food than the general population. In other words, Latinos are spending more on products and services considered “luxury”—a reality that can benefit many businesses.
3. Social media usage
Latino marketing strategies should include comprehensive social media campaigns. Social media is very popular with Latinos, and it’s used to both connect with loved ones as well as showcase which brands, products, and companies users like. Pew Hispanic Center estimates that 68 percent of Latinos use social media “at least occasionally.” In 2016, North America officially ushered in the era of “mobile readiness,” meaning more people use mobile devices than laptops or desktops. Latino marketing campaigns prioritizing social media, mobile readiness, and responsive design have a distinct advantage over the competition.
4. Brand loyalty
Loyalty is built into the Latino culture, and it can extend to brand loyalty. However, businesses need to earn all of their customers’ trust. As a result, Latino marketing tactics that tap into Latino values of loyalty and trust will enjoy faster, better returns. Latinos are especially savvy at word of mouth recommendations, both in person and on social media. Due to this, good customer service is vital.
Latino marketing requires long-term strategizing. Much as other consumers, Latinos don’t want to feel like they’re hearing a pitch. Build a connection first and avoid traditional “sales strategies.” In addition, ensure marketing is culturally responsive and avoid simply translating existing campaigns without accounting for culture and localization.
Keep trust and loyalty at the core of Latino marketing strategies for the best results.