The Hispanic market represents a wealth of potential for marketers who understand how to reach this burgeoning demographic. Wise brands will recognize its largely untapped audience and avail themselves of the rapidly growing opportunity to connect with them.
Consider how the Hispanic or Latino audience represents a whopping $1.7 trillion in purchasing power, and reflects a sector rising into affluence faster than any other US demographic. The challenge lies in how to devise an advertising campaign that understands their motivations and meets Hispanics where they are.
The importance of diversity is not lost on today’s marketing industry. But the Hispanic community is a diverse audience in itself, coming from varied cultural traditions, countries, and backgrounds. To conceptualize an effective way to reach this community, it’s helpful to look at where their media preferences lie.
Traditional Hispanic newspaper and print media outlets are suffering the same challenges found industry wide, but digital opportunities are plenty. According to an article by Twin Minds Media in PR Daily, Hispanics are more likely to use social media as a source of news and information.
TikTok is among the most popular platforms, with one in five adult TikTok users being Hispanic. Latinos also gravitate toward YouTube, spending 57% more time on the platform than non-Hispanic whites.
Livestreams, podcasts, and influencer collaborations have demonstrated to be highly effective ways to reach the Latino audience. Latino podcast listeners grew 44% between 2020 and 2021. Influencers are another. It’s reported that 59% of Hispanic social media users – one in six – follow influencers and content creators. They’re also more likely to purchase something on account of an influencer than users from the traditional white demographic.
A survey conducted last year showed that 52% of Hispanic adults are interested in using the metaverse. Savvy advertisers who incorporate Web3 into their marketing strategy could get a step ahead in connecting with this audience in emerging ways before the rest of the advertising world catches on.
The potential of the Hispanic target market continues to multiply. The Latino population increased from 16.3% in 2010 to 18.7% of the US population in 2020. With today’s Hispanics representing the youngest and most digitally engaged demographic, shrewd advertisers will do well to take a look and listen.
Will the multicultural trend dominate marketing strategies of the future? What modes will best suit this evolving market base? Go here to read more.