“Se habla Español!”

You may have heard this before: Hispanic consumer buying power is more than $1.7 Trillion dollars – that’s trillion with a “T.” And that’s just in the U.S.
Hispanics have a lot of disposable income and they are just now flexing their collective buying power. Most Hispanics are “first adopters” – which is to say they love technology and know how to use it.

Wouldn’t you like a slice of that economic pie? And why would you just hand this over to your competitors when it is yours for the taking?
Now before you go and sign-up for that Spanish class, there are quite a few factors to consider first:

  1. The Hispanic population is a remarkably diverse group. No, they do not all come from Mexico and they do not eat the same foods. Spain, Guatemala, Ecuador, Argentina, Cuba, Chile and yes even Brazil make up some of this immense diversity. Never call a Puerto Rican a “Mexican” – You should either run or get ready for a fight.
  2. In this diversity understand that this economic powerhouse does not vote the same way, do not buy the same way, do not get their marketing messages the same way either. Add in the generational gaps and it makes it much more difficult to reach this ever-expanding group.
  3. Now one factor they do have in common is: the vast majority speak Spanish. But which Spanish? There are nuances in culture as well as language – e.g. the Spanish spoken in Honduras is different than that in the Dominican Republic or Colombia. So, if you air a TV ad in Spanish, you must first decide which Spanish.
  4. Then there is the generational gap factor again. An older Hispanic consumer wants to be reached one way, the younger Hispanic, who may be U.S. born and raised, is perfectly happy receiving their promotional messages in English, yet as they grow older, they begin to take pride in the fact that they are bilingual – English and Spanish.

So, while people may be telling you that the wave of the future is to learn Mandarin, the here and now is –  Spanish. If your business wants to take advantage of this ever-expanding economic juggernaut, you must first understand who you are marketing to, how to market to them and why are you marketing to them.

And one more thing … once a Hispanic becomes your customer, they are yours for life – Hispanics, in general, are very brand loyal – with on caveat, unless you or your product break their trust. 

There are other factors to consider, but this is a good introduction. If you have additional ideas or an opinion on this topic, let us know, we would love to hear from you.

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