The U.S. Hispanic market is growing. The fact that one of the fastest growing markets in the U.S. will be the focus of 2014 marketing tactics means a total market approach. Just as any other market, the U.S. Hispanic market comes with some challenges for marketing, advertising, and media executives to take into account. We should be asking ourselves, “What is driving the growth of the U.S. Hispanic market, and how can we be a part of the fuel that burns the fire?”
Total Market Approach
As opposed to 2013, the marketing shift has gone from learning how to enter the U.S. Hispanic market to building culturally appropriate yet all inclusive messaging in 2014. What do we mean? Carlos Saveedra, director of Multicultural Marketing at Pepsi, and a speaker at last year’s ANA Multicultural Marketing Conference defines these new multicultural marketing objectives: “Cultural Fluency means to market at intersection of interests (e.g. Fashion, Sports etc), rather than to one group in particular. It is about being inclusive about the entire texture of multicultural consumers.”
Digital Approach—Content Marketing for Visibility
Whether these interests are sports or fashion, one thing is for certain: the U.S. Hispanic market is digitally driven. Whether they are tuned into TV or sharing reviews via Twitter, their engagement is active and increasing. Marla Skiko, SVP, Digital Innovation at SMG Multicultural says, “the greatest challenge facing Hispanic media is to power the growth of digital media. As those of us in the Hispanic media space are keenly aware, Hispanic consumers are at the forefront of technology and digital consumption. We need to see growth in scale across channels from video to social to mobile.” To stand out in the wide online space, marketers need to refine their content marketing strategies to integrate paid, owned, and earned media. The moral of the story is to create culturally relevant content and scale it across multiple screens. Visibility is key!
General market Americans tune in to the Super Bowl, an event that skyrockets ad prices to an exorbitant rate. The 2014 World Cup has an equal impact on the U.S. Hispanic population including both English and Spanish speakers. One major difference is the cost of ad-sales. Hispanic media properties are considerably more affordable, giving you the advantage over other brands not utilizing these channels.
Oreo took the social media cake when they immediately jumped on the lights out issue at the 2013 Super Bowl. Just as Oreo quickly leaped on the opportunity to build a conversation around their brand during such a timely affair, the 2013 World Cup should be used as a time to connect with prospective brand ambassadors.
To capitalize on the $1.3 trillion Hispanic market opportunity in 2014, building a total-market strategy is key. Address both mainstream and multicultural audiences and across multiple screens to engage the market that will soon represent the world’s ninth-largest economy.