Investing Heavily in Hispanic Marketing Pays Dividends
A recent study by The Association of Hispanic Advertising Agencies (AHAA) found a connection between consistent and significant investment of overall marketing dollars in Hispanic marketing and high levels of overall revenue growth.
For study purposes, the top 500 advertisers were grouped into five classes by the percentage of budget they spent on Hispanic advertising ranging from “leaders” (those who allocated between 6.4% and 14.2% of their total marketing budget to Hispanic advertising) to the “in denial” class (those who spent less than 1% of their total marketing budgets on Hispanic marketing). Those who spent at least 14.2% (the percentage of Hispanic US adults) saw their revenue grow faster than those who don’t.
Unfortunately, only 11% of the top 500 advertisers spend from 6.4% to 14.2% on Hispanic marketing, while 57% of the top advertisers spend less than 1% to target Latinos! With census data revealing that Hispanics are the fastest growing minority group in America, it seems crazy not to dedicate a healthy percentage of overall advertising budget targeting this young and vibrant group.
In addition, Google gives a glimpse into how digital media is a must when targeting Hispanics. According to Google’s Four Truths About US Hispanic Consumers:
- Hispanics are the highest users of text messaging and digital devices.
- Hispanics are active on social media like Facebook and YouTube, but are also on Hispanic social media channels like Que Pasa, MiGente and Bantanga.
- Hispanic mobile websites are a must, as many Hispanics access the Internet on their smartphones.
- Hispanics are more responsive to online advertising, and see it as a form of entertainment
So dedicating a healthy portion of your overall marketing budget to Hispanic advertising and deploying a well-thought out digital strategy with a portion of your Hispanic marketing budget is a formula for success and growth for your bottom line.
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About the Book
If you could grow your business simply by marketing to your existing customers, making money would be a cakewalk. But to generate new revenue, you have to win over the customers you’re not getting. Who are these mystery customers? How are they different from your current clientele? Most importantly, how do you forge a bond with them across these differences?
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