Reaching Multicultural Markets – The Hispanic Market – Part 2

Reaching Multicultural Markets – The Hispanic Market – Part 2

In our last article on multicultural market we highlighted how the Hispanic consumer base is already the largest ethnic group in the USA. Today it generates purchasing power levels north of $1.5 trillion a year.

There is no doubt that Hispanic consumers will gain further cultural and economic prominence in the next few years. But it will not be just about population numbers, but also about technology use. A Nielsen report on online video trends, found that the average Hispanic audience spends more than 8 hours per month which is almost 25% more than the average USA audience.

To properly reach this market, language matters! More than 82% of Hispanics speak Spanish. A Pew Hispanic Center studies show that 95% Hispanics say the Spanish language will remain a key part of future generations. Thus while a significant number of US Hispanics are bilingual (~51%), reaching out to US Hispanics in Spanish is more important than ever.

For example, Best Buy developed a Spanish language version of their site and since then, the electronics giant found realized that users of the Spanish language spent twice as much time on their website as well as twice as much money per visit than users of the English site.

A marketplace of this size needs a targeted approach. But language is not enough. In fact one of the biggest errors that marketers take is the one-size-fits-all approach to the Spanish language. There are many different variations of the language and one needs to carefully understand to whom they are marketing.

To properly tap the Hispanic market businesses must understand their culture. The cultural piece of marketing is always missed! That’s why it is important to partner with professionals who don’t only translate the words but can translate the meaning and connect with the audiences’ culture.

 

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