The population of Latinos living here in the United States is expected to have grown after the 2010 Census is taken and it seems the expected growth will come from second-generation Latinos. Now is the best time to tap into the Hispanic market, what are you waiting for ? Right now, their purchasing power is regarded as one of the highest with an annual income estimated at about $863 billion and in this recession, you can expand your market to a more successful and very profitable campaign goal.
Already, Spanish language media cable companies like Telemundo and Univision have controlled the US market and bilingual channels like Mun2 tapped into the younger generation with a mix of Spanish-English music and pop culture.
“We’re seeing a tipping point in Spanish-language media,” says David Lawenda, Univision’s president. “In our recently completed upfront, we saw shares shifting from the general market as we brought in new brands. The implications of the 2010 Census are huge. Marketers don’t necessarily know the spending power of the U.S. Hispanic population. Their purchasing power makes them equivalent to the 15th-largest consumer marketplace in the world.” (via Adweek, Noreen O’Leary)
Of course, you can’t just jump into building campaigns to win their loyalty. Intense research and study must be done before any media and marketing campaign is to take place, which may cost in the millions. Spanish is still the main language spoken in the household but English is spoken as well, particularly by the second-generation Latinos who have grown within the American culture.
If you feel that you and your marketing team are not ready to tap into the Hispanic market, I highly suggest that you get with an advertising or marketing agency that specializes in Hispanic target marketing to get the work done for you. Below are some great sources of Hispanic marketing agencies here in the United States that you can look up.
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