Big business reads the marketing trade papers, blogs and Web sites. They know that money invested in marketing to Hispanic buyers is money well spent. Small to mid-sized business owners are usually too busy running their companies to have time to keep up with the latest trends. So, here’s an overview:
- Population of U.S. Hispanics in 2020 reached more than 60,000,000. About 18% of the total U.S. population.
- Hispanics median household income is $56,113 in the U.S. It is above the national average.
- Hispanic spending power by 2023 is estimated to reach over a trillion dollars.
- Currently, 86% of Hispanics are active Internet users.
More statistics supporting your investment in marketing to the Hispanic buyer would seem redundant. However, there is one more compelling trend that would seem to be a clincher. That would be the recession-proof nature of the Hispanic market. Here are a few key reasons this is true:
- According to Experian Consumer Research, Hispanics shy away from the overuse of credit cards, preferring cash for transactions.
- Hispanic households often have multiple income earners and therefore diversified sources of income. This translates to greater and more impact resistant household incomes.
- Where some who speak only Spanish are seen by some to be handicapped by their inability to speak English, since this sector doesn’t depend on the English-speaking media for their information, they are not as likely to be manipulated by it.
Developing Strong Connections with Hispanics
With the “why” firmly settled, it is time to talk about the “how.” If your grasp of Spanish is on par with a native speaker, you have a thorough understanding of how the Hispanic buyer responds to marketing messages, and you have strong connections with the Hispanic media, you probably are already capitalizing on it. Even if you are only one or two or none of these, this market is not out of reach. You just need to find someone whose core skill set is comprised of these things.
Consulting services for Hispanic marketing such as the one offered by Sell it in Spanish ℠ or Hispanic Market Advisors might seem to be an extravagance to a small to medium-sized business. But indeed, it is an investment that will continue to pay dividends. Skilled Hispanic marketing professionals can help you put your products and services in front of Hispanic customers in a way that truly reaches them.
Many business owners don’t necessarily see their products as desired by this market. More times than not, it is a misconception based on a misunderstanding of the culture. Working with Hispanic marketing professionals who are truly bilingual and who understand the Hispanic customer can open up income streams for your business in a time when new income streams are more precious than gold even at today’s prices!
For more information, please complete our Hispanic Market Advisors contact form and we will respond to you promptly.