Archive for May, 2012
CNN Money writes about immigrant entrepreneurs Roger Chinchilla and Grimaldy Dominguez (from Honduras and the Dominican Republic, respectively) who have started Refundo, a mobile banking service for Spanish speakers. Refundo was born from Chinchilla and Dominguez’ frustration at watching Latinos in Queens pay excessive fees to cash paychecks at check cashing outlets. The service, which is used by 50,000 people in several states including California, Florida and Louisiana, was started with a $24,000 microloan.
I wish this service good luck, it’s about time – what a fantastic opportunity to access this perennially underserved market and leverage their extensive use of mobile devices to access the internet. According to The Pew Hispanic Center’s recent report “Digital differences”, 25% of Hispanics check their bank balance or do online banking, compared to 15% of White, non-Hispanics (and 27% for Black Americans). Mobile banking is what, three or four years old? Makes sense that the first Mobile banking service to get a critical mass of Latinos signed up – even for free, as is the case with Refundo – will have a huge opportunity on its hands.
Today I read an article in eMarketer that I thought was very interesting and informative. The article, ‘Women Click on More Facebook Ads‘, is about Facebook ads and who tends to click on them the most. In working in advertising I find this article very useful when scheduling campaigns in Facebook; it helps me to know who I should direct more impressions to.
The articles states that according to an April release by Facebook ad management solutions provider AdParlor, in Q4 2011, American women on Facebook were 12% more likely than men to click on ads, and they tended to also participate in various social media activities on Facebook. AdParlor found that worldwide the average clickthrough rate for men on Facebook ads was 0.066% in Q1 of 2011 and 0.048% in Q2. Women, by contrast, clicked at rates of 0.073% in Q1 and 0.063% in Q2—differences of 10.6% and 31.3%, respectively.
Now that I know this I have a better understanding of what I am playing with when working with Facebook campaigns. This will not just help me get a better CTR but also provide solutions for marketers who want to target women.
Recently, the Arizona Hispanic Chamber of Commerce held a symposium titled, Transforming Arizona’s Economy. The presenting sponsor was Salt River Project. The event was held to honor the increases in Latino buying power, small businesses, registered voters, and the community’s overall influence on the state’s economy. One interesting finding from DATOS: Focus on the Hispanic Market, the report being released in conjunction with the event, is the fact that Latinos now account for the largest number of high school graduates in the state.
What’s more, annual Hispanic buying power in Arizona has reached an estimated $40 billion and could top $50 billion by 2015 (the nationwide figure is $1.2 trillion). Latino-owned businesses in Arizona account for at least $9.75 billion in gross receipts and about 11% of all businesses statewide. A town hall interview with U.S. Senate candidate Richard Carmona was also included. I believe that this all shows that, while headlines have been covering the immigration battle in Arizona for the last few years, Latinos have quietly become a demographic, political, and economic force in the state. Events like this serve to recognize their contributions to Arizona.