Earlier this year, the 2010 Census figures were released. It was reported that the United States is now home to over 50 million Hispanics. That’s a 43 percent increase over the previous ten years. This year has also marked the fact that Latinos now account for $1 trillion in annual spending power. Those are some staggering statistics if you really think about it; I would assume that companies of all shapes and sizes would want to get involved in marketing to the Hispanic community. Yet, more than half of all companies consider this market to be undeserving of their advertising dollar.
You might ask yourself, “How could this be?” California, the state in which I call home, has a population in the range of 37 million people. Would any company in their right mind ignore advertising to the people of California for one reason or another? The answer is obvious. Companies can not assume that they are reaching the Hispanic market solely by advertising to the general market. There are many Hispanics who are educated, high-income earners, whose preference is to watch Spanish language television and browse Hispanic-themed websites. Hispanics have been known to be brand-loyal and companies that are not currently marketing to Hispanics would be wise to acquire their loyalty. It would only make sense that we eventually see this come to fruition, instead of talking about this same issue years down the road.
This post is also available in: Spanish