- Hispanic Heritage Month
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Hispanic Heritage Month is celebrated nationwide and begins on September 15, 2010, the anniversary of independence for five Latin American countries – Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.
Mexico achieved independence on September 16th and Chile on September 18th
Hispanics Still Spending and Achieving the American Dream
The U.S. Hispanic market is booming and their increased growth is no longer fueled by the traditional immigration flow from the past but by new births. The US is now the 2nd largest Hispanic population in the world. Their projected totals by 2050 will be over 131 million. According to this number, Hispanics will constitute 30% of the nation’s population by then.
Hispanic households across the United States will sharply increase their economic clout over the next ten years and beyond. The demographic explosion has continued since 1990 and there is no let up. Go to Wal-Mart, Best Buy, Sears, K-Mart, to name a few stores, and you will see many Hispanic families loaded with consumer goods. The fact is, Hispanics love to buy and almost always buy in cash. This is not a debt-ridden community. For years they learned the hard way that to have something, one has to earn it and save. Credit card companies solicit many Hispanic households.
“Our clients come into our office and want to know what to do. We try to explain how the system works and after we are finished, they take the solicitation and throw it in the trash. Being in debt is not honorable, and no one wants to have a bad name. To establish credit history we had to dissuade an individual from paying off immediately his credit card. Keep it for six months or more and pay little, very punctually and you will establish credit. He did and that person now obtained a credit history that allowed him to purchase his own home. Another individual saved up money for three years and went to the bank to pay off the loan. The loan officer’s eyes widened considerably when he saw a check for $30,000. Hard earned savings of a family to purchase a home.” (Wells Fargo Bank)
Hispanics send money to the families they left behind in their country of origin. And it is true that these remittances are billions of dollars. But according to the National Immigration Forum, in addition to consumer spending, “immigrants and their businesses contribute $162 billion dollars in tax revenue to federal, state and local governments.” They work in key sectors, start their own businesses and in general contribute to a thriving economy.
So in order to capture the loyalty of this market segment, marketers have to target this population differently from the “general market.” First, companies have to understand that the U.S. Hispanic market is not homogeneous. It is a market “comprised of subcultures from over 20 countries in Central and South America, the Caribbean and Spain, with the majority (63 percent) of Mexican heritage.” Each group has its own set of values, traditions, beliefs, foods, festivals, and consumer patterns. The U.S. Hispanics are not identical. There are many differences in their countries’ geographies, their indigenous ancestries and their colonial histories. So a marketer has to be creative and know that the unifying factor in this market segment is the Spanish language.
In advertising, Hispanic market research has discovered that of the Hispanics surveyed, they prefer ads to be in Spanish over English, even though the younger group is more comfortable in English. Research also shows that Hispanics like any type of media, but prefer television and radio. It is no wonder that Univision (the top Spanish language networks) ranks 5th in the U.S., behind ABC, NBC, CBS and Fox, and Univision won the #1 Network rating in the country in overall prime time viewer share on three nights of the week among all adults ages 18-34.
Having said this, radio is not far behind. Actually, radio is a very effective medium to reach Hispanics because it has been found that they tend to listen all day.
That leaves print, with a couple minority newspapers that cover news targeting directly to the community. The news covered specifically addresses to the needs and concerns of the Hispanic community. Marketers place ads in these newspapers selling anything from real estate to translation and interpreting services.
Direct response marketing has historically obtained little interest from the Hispanic population. Most have received the mail and trashed it. However, the recent immigrants welcome the mail if for no other reason than to become informed. If most of this direct mail is in English and reaches a large percentage of households that speak and read only Spanish a great opportunity is missed.
Unlike its U.S. counterpart, the Hispanic household is younger, with the head of household anywhere between 25 and 44 years old. Once again, the Conference Board’s Research Center states that the under 44 Hispanic market is going to grow from a purchasing power of $295 billion in 2008 to $397 billion by 2011.
In Closing the Hispanic Market is growing and so is their spending power. All the signs are there and now is the time to start reaching out to Hispanic consumers with messages targeted to their lifestyles and buying habits. They are brand loyal and offer a very high retention rate for future business relationships. At E-Tech the Multicultural Consumer is more than just a number. Our “We Know Who They Are” methodologies will tell you who the Hispanic Individual is, what their Country of Origin is and which language they prefer to be communicated in.
“We Know who They Are” let us show you! Contact Ethnic Technologies for a FREE analytical report by Ethnicity on your database.
Ethnic Technologies will be exhibiting at the DMA National Conference and Exhibition at the Moscone Convention Center in San Francisco CA October 10th to the 12th. Stop by booth number 1809 to learn more about what’s new and how we can help you reach this rapidly growing market.
Ethnic Technologies, LLC – Hispanic Insight
Ethnic Technologies, LLC is the gold standard in multicultural marketing. The result of over 40 years of continuous ethnic, religious and language preference research, E-Tech allows clients to segment their database by ethnicity, religion, language preference and Hispanic country of origin more accurately and comprehensively than any other approach. The EthniCenter® offers an Assimilation Index, which distinguishes Asian individuals based on their ability to speak their Native Language or understand the language of their prevailing culture. E-Tech 7.2 incorporates a unique approach for the different Asian cultures. After identifying their specific names E-Tech 7.2 does a neighborhood analysis using multi-sourced information compiled from our research team here. From that data E-Tech is able to accurately identify the Asian individuals’ ethnicity, language preference and assimilation index. The name John Lee, for example could be Chinese, Korean, African American, or a number of other ethnicities. By using this neighborhood analysis E-Tech can accurately identify his ethnicity from the over 170 different selections available.
About Ethnic Technologies:
Ethnic Technologies, LLC is the platinum standard in multicultural marketing. The result of over 40 years of continuous ethnic, religious and language preference research, E-Tech allows clients to segment their database by ethnicity, religion, language preference and Hispanic country of origin more accurately and comprehensively than any other approach. The EthniCenter® offers an Assimilation Index, which distinguishes Hispanic individuals based on their ability to speak their Native Language or understand the language of their prevailing culture. E-Tech incorporates a unique approach for the different Hispanic Countries of Origin. After identifying their specific names, E-Tech does a neighborhood analysis using multi-sourced information compiled from our research team. From that data, E-Tech is able to accurately identify the Hispanic individuals’ Country of Origin. The incorporation of Enhanced Neighborhood Analytics (ENA) technology in E-Tech Version 7.3 establishes a new and unprecedented level of granularity and completeness in the ethnic marketing industry. Clients also benefit from and acquire ethnic mailing, telemarketing and email lists for both the United States and Canada. The analytics department at E-TECH offers ethnic data appending services and mapping to provide businesses with an overview of new and existing markets.
E-Tech ® and The EthniCenter ® are registered trademarks of Ethnic
Contact Candace M. Kennedy, Sales and Marketing Director at 866-333-8324 ext. 106 or email@example.com. Visit www.ethnictechnologies.comRead More
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