Latin America comprises a large portion of the population on the Internet. Currently, experts predict that 30 million Latinos will use the internet for shopping, research, or information in 2010. Nearly, 7.6 million Latino users log onto the internet each year to shop online. In 2009, online use in the Latino community grew by 6.9 percent, while other communities remained stagnant. Contrary to popular belief, the Latino community navigates the Internet with ease. Most of the online community is under the age of 35. Fifty-two percent of the individuals shopping online earn less than $60,000 annually. Currently, experts have shown that English marketing campaigns do not translate well into the Hispanic community.
Latinos seem to read online news more as it relates to sports, music, movies, and celebrities. Therefore, newspapers, such as AOL Latino and Yahoo! en Espanol are more popular. For news specific to their local heritage, some may peruse websites from their native countries. The average Latino spends 9.5 hours online per week. This includes their shopping, reading newspapers, applying for contests and other activities. Given this amount of time per week, it is reasonable to assume that individuals could be viewing news an average of once per day.
Currently, there are 25 countries or areas that comprise the Latin American community. Each of those regions possesses an average of 2 newspapers per country. Therefore, consumers may enjoy 25 newspaper websites. Given the number of papers in the Hispanic community, all will not be ranked in this particular article. However, an example will be provided to indicate the ranking of the papers in one of their most popular regions, Rio de Janeiro, Brazil. Rio de Janeiro is the site of an upcoming Olympic Games Ceremony. Individuals seeking to establish businesses in the area for the Olympics will enjoy advertising in the following online newspaper websites:
• Globo.com: Ranking of 103
• O Dia: Ranking of 5,213
• Journal do Brazil: Ranking of 11
These rankings were based upon the area only and obtained from Alexa.com.
Hispanics often visit websites online that relate to sports, movies, music, contests or sweepstakes. Other popular websites geared toward the Hispanic market are AOL Latino, MSN and Yahoo! En Espanol. Each of these sites features information for the Latin American consumer.
Specific newspaper websites that target the Hispanic market vary by region of the country. Rio de Janeiro, Brazil for instance possesses 3 newspapers that are popular with the locals of the region. The three papers are comprised of O Dia, O Globo, and Jornal do Brasil. Columns may relate to sports, travel, current events, jobs, commerce, women’s issues, and other pertinent topics. These papers cover a broad range of news specific to the Brazilian Hispanic community. Other online newspapers may appeal to a more global Latino community.
There are a projected 48 million Hispanics residing currently in the United States. By 2020, that number is expected to grow to 60 million, according to the U.S. Census. There are over 12 million Hispanic households that have wielded purchasing power of a predicted $1.2 trillion by 2011, according to the University of Georgia’s Center for Economic Growth. The growth of Hispanic purchasing power has grown 80% more, from 2000 to 2007, than the rest of the population. Businesses are seeking a way to capitalize on the economic growth of the Hispanic community.
Each year 7.6 million Hispanics purchase items on the web. An average of $1200 is spent per Hispanic shopper on the web each year. The Hispanic community is a frequent user of the internet. Online Hispanic users shop for financial products, share photos, and files, according to Forrester Research. The Hispanic population increased their shopping online by 6.9 percent in 2009. Given these statistics, the Hispanic market is a potential group for growth.
Thirty one states in America do not possess a community with a majority Hispanic population. However, there are some communities in California, Arizona, and Texas that are majority Hispanic. San Antonio, TX is the largest city in the United States with a Hispanic majority. El Paso, Texas has the highest percentage of any major United States city at 76%. The small city of Huron, California is 98.27% Hispanic. Both Los Angeles, California and Houston, Texas have a large Hispanic population. However, neither boasts a majority.
Businesses launching marketing campaigns should be aware of the markets that wield purchasing power and market products to those communities. Targeted marketing allows businesses to maximize their marketing dollars. Marketing to groups that are more likely to purchase will increase a business’s return on investment. Hispanic marketing is wise since this group wields nearly $1.2 trillion collectively.
Hispanics still primarily speak their native language. Nearly 56% of the Hispanic community speaks only Spanish at home. Another 26% speak both Spanish and English at home on an equal basis. Hispanics focus on family and heritage. They also focus on sports, as well as, celebrity figures with charismatic personalities. Therefore, businesses should hire individuals who are bilingual and can relate to the community.
Agencies that possess Hispanic marketing will be more likely to capture the spending power of the Hispanic population. However, despite language barriers Hispanics are still purchasing products. Hispanics are more likely to relate to ads focused on family values. Spokespeople from the Hispanic community may also encourage Hispanics to spend more on various products in the United States. Marketing agencies with a specialization in the Hispanic community will be more likely to encourage Hispanics to spend their money.
Hispanic marketing is a growing business. Businesses market online to obtain access to millions of users worldwide. Since the Hispanic community comprises a large portion of online purchasing, marketing agencies may want to expand to include marketing campaigns that cater to Hispanics.
A small business owner does not have small dreams or small goals, even though he or she may have a small budget for outreach and marketing. Hispanics are part of a rich culture. How would you like to expand your business into your Hispanic community, and cultivate your Hispanic clientele organically, forming lasting relationships with your Hispanic customers?
At the risk of stating the obvious, the first step towards reaching out to Hispanic customers is to identify and familiarize yourself with this client base as it relates to your business. All of mankind is most comfortable in familiar surroundings. Do more than simply translate your English website into Spanish. Create a website that is as comfortable to Latinos as their own home, their own community. As a business owner, you would not conduct business with an organization that you do not trust. Appreciate that the same holds true for your customers, and create an atmosphere of warmth and trust throughout your corporate culture.
Second, ensure that your website is relevant and accessible to your market. No one founds his own business with short-term goals. Growing your business requires that you take the time to cultivate a long-term relationship with your Hispanic customers. This slow, organic growth of your loyal client base is far more profitable for you and for your business than the one-time impulse shopper. Learn about your customers’ needs, preferences, and purchasing trends so that you can strategically situate your company’s information where they are most likely to find it, and find it often.
And finally, as important as your web presence is to the success of your business, never forget that your customers are people. You cannot hide behind a computer screen if you want to organically cultivate long-term relationships with your Hispanic customers. It is human nature to want to put a face with a name. Politicians know this, sales people know this, and successful small and medium sized business owners know this. Time invested in building off-line bridges within the Hispanic community is time well spent. Not only will it give you a greater understanding of your customers; it will ensure that your business is the first thing that comes to mind when they want to research a product, purchase a service, or simply ask a question. Invite your customers and potential customers to make your website their home where they can chat with you or other customers, seek and offer advice, and find promotions on the products they need from a business they trust.
Every business wants to present a positive image to the public, as well as to other businesses. First impressions in the business community make a lasting impression and if that first impression is missing an important ingredient, a second impression may never become a reality. No matter what the product or service, every business needs some guidance from an external source in order to develop a marketing strategy and track the results that compliments their business image and builds a profitable future.
Advertising, public relations, promotions and marketing are important elements that contribute to the success of any business. A business that is dedicated to serving the needs of the Hispanic community, needs a Hispanic marketing agency to develop and implement a business strategy that is focused on that community. Hispanic marketing agencies blend cultural and business knowledge and produce a plan that fits each individual business image as well as its goals. Hispanic marketing agencies develop websites, do graphic design work, create videos and offer translation services so any Hispanic business can have an Internet presence that can put them on top of any search engine’s list.
There are several choices when it comes to Hispanic marketing agencies. A smaller Hispanic marketing agency can offer a business some exciting advantages. The smaller agencies can focus on each individual business and dedicate themselves completely to it. Smaller agencies tend to work on certain segments of the Hispanic market and break them down into economic groups instead of by country. Some of these smaller Hispanic marketing agencies such as Sell it in Spanish are run by women who bring a fresh outlook and attitude to the business scene. Choosing the right Hispanic marketing agency that fits your business needs takes some research and some patience. It’s important to set your criteria for choosing the one you will work with (right size for you, right industry or niche for you, values that fit yours, do you like each other, etc). The Hispanic marketing industry is growing quickly because demand is high for qualified marketing experts who understand all facets of the Hispanic market.
The top 25 Hispanic Marketing agencies do a lot of business. They have total revenues of almost 2 billion dollars per year. Some of the top Hispanic marketing agencies are: The ViVa Partnership who does over 32 million dollars a year; Machado/Garcia-Serra Publicidad has revenue of over 12 million dollars a year; Lapiz Integrated Hispanic Marketing bills over 180 million dollars a year; Accentmarketing of Coral Gables, Florida has revenue of over 99 million dollars a year. Chicago Tapestry which is the multicultural division of Starcom MediaVest Group does 360 million dollars a year in business.
A Hispanic marketing agency works with several media tools. Television continues to be the number one tool, radio is second, print advertising is third and the Internet is fourth, but that will change because the Internet is becoming a powerful worldwide marketing tool for Hispanic businesses. Other tools used by Hispanic agencies are direct marketing, billboards, specialty promotions and local advertising gimmicks that focus on the Latino market and Spanish speaking consumer. The Hispanic consumer wants to do business with people they understand and trust. The Hispanic marketing agency makes that possible by dedicating themselves to the desires of the Latino community within the U.S. and around the world. Every Latino business needs a marketing strategy; a Hispanic marketing agency can make a difference when it is used effectively.
Currently the largest minority group in the United States, Hispanics account for one of every five new workers in the United States economy. However, to describe them as a single minority group belies a complicated blend of various races, ethnicities, and cultures. Targeting this growing market can be difficult for the company uninitiated in the diverse set of needs and desires of the Latino community. This blog post will prove useful for those interested in finding new avenues of business and new opportunities to provide their product or service to an emerging spectrum of American society.
Providing a small business service, or even setting up a Hispanic online business, can be a daunting task with big rewards for the determined. Targeting Hispanic consumers involves more than the obvious language barrier. Employing a Hispanic market professional or agency, particularly in relation to setting up a Hispanic online business, can help point to those unexploited elements of the market. An easy example is the food market in the United States. Previously the Hispanic community was marginalized and fed mostly from its own secondary market of ethnic foods. However, with the increased influence of Latinos in American life comes a chance to market diverse food products not traditionally considered Hispanic. Additionally, Hispanic and Latino communities are increasingly becoming the object of government-subsidized endeavors. With increased political relevance has begun Spanish-language campaigns from Amtrak, the United States Postal Service and other government subsidiaries and affiliates. If your small business service is involved with government contracts, the expansion of your work into Latino and Hispanic communities can pay big dividends in renewed investment.
Perhaps the biggest factor to take into account when providing a small business service to online Hispanics is the increased disposable capital, as much as $45 billion, in the hands of Latino and Hispanic Americans. With their rise into the middle class has come an attendant desire for goods and services, such as luxury items, vacations, and electronics. Having a strategic partner who understands this factor can enable you to target your small business’ services toward those segments of the minority markets that desire them most.
In some ways Hispanic and Latino communities have been disproportionately harmed by recent economic downward trends. Hispanic and Latino communities were the most likely groups to receive subprime loans. This is seen as partially a symptom of economic disparity between minority and white populations, but also due to predatory lending practices that targeted minorities for high-pressure, high-interest loans. This being the case, future purchasing of financial products by Hispanic and Latino communities is likely to focus on relatively safe investments. That is not to say that financial services products should not be marketed to Hispanic-American communities but that the marketing should be geared toward an emphasis on stability and security, two traits that nervous consumers are likely to appreciate.
Not addressing the emerging Hispanic-American markets would be a grave mistake for any American company, but specifically small businesses looking to build their clientele into the future. While the waters can be complicated, hiring a company who specializes in the Hispanic market can help clear the air and direct marketing strategies. Providing a Hispanic online business is no longer an avenue of small profits and niche products, but an opportunity for mainstream acceptance from an increasingly Latino America. Reaping the growth takes an expert opinion and the willingness to dive in to the emerging Hispanic-American market.
The Hispanic community is one of the largest growing cultural segments in the U.S. This phenomenon affects all regions of the country from the Western U.S. in California, Colorado and Arizona to Midwestern states and the Eastern seaboard. With this trend toward an increase in Spanish speaking consumers, business opportunities that address the needs of the Latino market are thriving.
The need for financial services for US Hispanics has become a current issue that if properly addressed will not only provide necessary solutions for customers but will also become a benefit to service providers. From banking services, loans and credit solutions to investment opportunities, directing specific programs toward the Latin American market can be a profitable enterprise.