Multicultural marketing now = long-term success

  As stewards of US Hispanic marketing, we’re always proactive in bringing forth information that educates marketers on the Hispanic market and the business growth opportunity it may represent for their brands.  Lately, though, it feels that our priorities as Hispanic marketers have shifted from bringing forth new business opportunities and/or viability for growth to actually defending Hispanic marketing as a strategic tool.  

 Everyone has been affected by the economic downturn, and Hispanics have been disproportionately so.  They have traditionally been employed in blue-collar jobs such as construction and manufacturing – two of the areas mostly affected by the recent economics.  This downturn has affected the “performance” of the Hispanic market, and as a result, some marketers are beginning to have reservations about supporting the Hispanic market. 

 To them I say “please hold your course”.  Hispanics, in general, are very resilient people.  They are fighters.  Adversity is second nature to them.  They will bounce back…strongly.  This is not the time to pull back on Hispanic efforts.  On the contrary; this is the time to carve out a specific role for this market – to evolve from a tactical approach to full integration. 

 1)  The Hispanic market is growing:  by now, we’re all well aware of the 2010 Census projections as it relates to the US Hispanic market, but just in case anyone has missed it…42% growth since last census; that means 1 out of every 6 US residents will be Hispanic!

 2)  Hispanics are the new baby-boomers (in terms of marketing appeal):  Hispanics will be key to the growth in consumer spending as they are younger and larger (family size) than the average population.  Non-Hispanic segments are aging and their growth rate is significantly less than Hispanics.  As baby-boomers begin to retire in the next few years, Hispanics will replace them and contribute to economic growth. 

 Savvy marketers are bringing Hispanic marketing front and center.  Jeff Bewkes, Time Warner’s chairman-CEO, recently issued an internal memo titled “The Multicultural Key to Our Growth”.  The memo called for a company-wide revamp of its multicultural efforts, stating the obvious growth of multicultural audiences, and how they will become the nation’s new majority. 

 Hispanic marketing is to be integrated into brand marketing strategies to ensure its future growth and success.  Don’t let this bump in the road deter you from cultivating this market, exploring its key insights and its connections to your brand.  Foster your brand’s relationship to the Hispanic consumer now, so you can reap the benefits later.