As the Hispanic population grows within the United States, many companies develop concerted marketing campaigns that target US Hispanics, but without a full understanding of the demographic. The 2010 Hispanic Marketing Trends Survey , conducted by Los Angeles-based Hispanic advertising agency Orcí , polled 9,300 senior marketing and advertising executives of top-tiered businesses in the US. It revealed that “while the vast majority of respondents recognize the market’s impact on American culture, there is a lack of understanding of the Hispanic market’s power as a driver of business.”
Other revelations included:
- 51 percent of US businesses do not market to US Hispanics in Spanish
- 31 percent of those businesses claimed that they invest up to 10 percent of their budgets on Spanish-language advertising
- 82 percent have no plans to create or increase the initiatives targeted to Hispanics within the next year
- 74 percent of responders do not know if social media is a viable way to reach Hispanics
- 78 percent said they have not used any social media to engage Hispanics.
Although the study does not provide solid answers to address these gaps, it seeks to initiate a conversation by providing food for thought. How can businesses capitalize on the immense buying power this population has? What do we need to know about them to really tap into this demographic? What are the challenges that prevent us from doing this?
As businesses seek the answers to these and other questions, Marketwire provides its clients with an already established connection to Hispanic media  – in the US and abroad — that gives them maximum exposure to Spanish-speaking consumers. Press release distribution – in English and translated in Spanish – has been highly effective to reach this population.
But, as we continue to delve deeper into this topic and learn more about this demographic, how will you tap into this $1trillion market?