Hispanic Digital Marketing IS A VERY Attractive Way To Grow Your Business.
In 2018, consumer spending totaled to $23.28 billion up from $20.88 billion in 2017.
This amount made up 68% of the US economy. Businesses were the greatest beneficiary of the increased expenditure by Americans. However, with the effect of the tariffs on Chinese exports expected to be felt in 2019, companies have to diversify their portfolio.
In the US there is a market segment beaming with opportunity but is severely underserved. This is the Hispanic community. You might be forgiven to assume that a minority group may not be a lucrative market to target, but Hispanic millennial market trends suggest otherwise.
In this article, we shall look at some of the features that make this community an excellent prospect for companies to target, and how the movie industry in particular can reap big from this market.
Why Should Businesses Target Hispanic Communities
The Hispanic community has several attributes that set them apart as a key market to invest in. The following are some of them.
The Hispanic population in the US has been on a constant upward trajectory since the turn of the new millennium. Though the growth rate has reduced in recent years, their population is expected to hit the 130 million mark by 2050.
This will present a considerable leap from the present 50 million in a little over three decades. Despite this growth and the promise of continuation, businesses have yet to exploit the numerous opportunities within this segment fully.
The primary reason for this might be inadequate or inappropriate marketing. In this day and age, consumers respond to marketing campaigns that specifically address their needs.
It is misinformed for institutions to assume that one ad or campaign can cut across all market segments. Therefore, it is essential that institutions incorporate Hispanic marketing to tap into that segment.
The Hispanic community in itself is diverse and has people from different countries and cultures. Advertisers should know which group within this community they’re targeting and use the appropriate tactics to draw attention to their brand.
It is also important to know which language will work best for your campaign. This is because Hispanics are bilingual. Some are more responsive to Spanish whereas the Hispanic millennials may prefer English or a blend of both.
Even though Hispanic households earn 30% less than the national household income average in the US, they spend as much as the rest. In relation to the income and expense ratio, they spend a more significant proportion of their income compared to other households.
Their annual spend on attire and consumer services is much higher than the national average . This is the main reason why Hispanic purchasing power has been tipped to reach the $1.7 trillion mark by 2020.
Hispanics are high consumers of digital content. They are the most active smartphone users across all demographics in the US. With a marketing strategydesigned to capture the Hispanic audience, institutions should leverage their use of mobile phones to initiate a Hispanic digital marketing campaign. Also, data also suggests that they are more likely to follow up on an online ad and share it on their social channels with their network.
How the Movie Industry Can Reap Big From the Hispanic Market
The movie industry is one of the sectors that can benefit from targeting a Hispanic audience. The following are some strategies to adopt.
Increasing the Number of Hispanic Characters in Films
Although the Hispanic community accounts for close to 25% of movie theater ticket sales in the US, they only take up a meager5.3 percent of roles in films.
Ironically, the number of Hispanics assuming leading roles in film today is lower than what it was seventy years ago. Their involvement behind the scenes roles in movie production is even worse. Only 6% of writers, 2.3% of directors and 2% of producers are Hispanics.
The worst thing, however, is the stereotypic roles Hispanics are given in the film industry.
Their characters are often law enforcers, criminals, and cheap labor. The film industry should deliberately allocate more leading roles to them.
Seeing more and more Hispanics playing leading roles in blockbuster movies will attract an even larger Hispanic audience to movie theaters.
Production of Hispanic Related Content
As we discussed earlier, marketing today has to be targeted to specific segments for it to be effective. There is no better way for the film industry to attract larger Hispanic audiences than tapping into their culture and heritage.
Relatable content is more appealing to consumers and Hispanics are no exception.
Based on current statistics, Hispanics love watching movies. By producing content that can be culturally accurate enough for Hispanics to identify with as theirs, more of them will be attracted to cinemas and films.
Are Investments targeting the Hispanic market worth it?
The growing number of Hispanics in the US presents a significant opportunity for companies across all sectors. Though penetrating this market requires investing and paying special attention to their culture, and consumer habits, it is worth every dollar when Hispanic marketing is executed perfectly.