Opinions expressed by Entrepreneur the contributors are theirs.
The holiday season has arrived and shopping is in full swing. Despite the current state of the economy, shoppers are finding ways to keep the holiday spirit going by bargain-hunting and shifting spending to allocate more to gifts. According to research by Deloitte, “Household finances may be at their weakest level in a decade, but spending remains stable as consumers cut out non-essentials for gift giving and socializing.” Additionally, after reducing their spending efforts in 2021, low-income shoppers plan to spend 25% more this year. Although Americans are adjusting their spending strategies due to inflation, businesses need to understand growing consumer segments and champion them by creating genuine, authentic marketing campaigns that make them feel welcome.
For the 2022 holiday season, brands are expected to put more emphasis on their Hispanic holiday marketing efforts. Why? The Hispanic community is the second fastest growing minority market in the United States, growing 212% or $500 billion since 2000. There are more than 60 million Hispanics in the United States, and in 2019, they accounted for over $1.5 trillion in purchasing power.
So here are three ways to properly market to the Hispanic community while potentially creating lifelong customer loyalty:
Related: American Hispanic Consumers: A Demographic Revolution in the Corporate World
1. Show your understanding
It is important to emphasize that the Hispanic community is not a monolith and that this community is very proud of its American culture and the culture of its countries of origin. According to the Pew Research Center, “Black and Hispanic adults were more likely than white adults to say their origins are central to their identity and feel a strong connection to their family’s cultural roots.” Therefore, an organization’s marketing efforts will appear more authentic if they demonstrate an understanding and appreciation of Hispanic culture.
While some may think this festive season is all about Christmas, there are many more days of celebration and reflection on top of that, including the Immaculate Conception of Mary, Las Posadas, Christmas Eve , April Fool’s Day, New Year’s Eve and the Three Kings. Day. Marketers need to fully understand what these special days entail in order to better position themselves when advertising to this community.
A great example of a company that has shown understanding is Publix. On their website, they posted traditional Latin American holiday recipes and included a link to ingredients that customers could find in the store.
2. Incorporate Spanish
Incorporating Spanish into an organization’s marketing efforts will further strengthen the connection between the consumer and the brand. According to the Kantar 2021 US Monitor report, “88% of Hispanic Americans say they appreciate companies that speak to them in Spanish, and 87% believe that companies that make a sincere effort to be part of or invest in their communities deserve their loyalty. With 71% of all Hispanics speaking Spanish at home, either primarily or in combination with English, using Spanish as part of a company’s vacation marketing efforts will empower the organization to forge a deeper connection with its target market.
A good example of this is Disney Animation Studios. The organization incorporated Spanish words into its holiday message and used designs from its award-winning film, Charm.
Related: 6 Reasons American Businesses Are Missing Billions of Hispanic Dollars
3. Focus on building community
While marketers may try to deliver eye-catching advertisements during this time, the main goal they should strive for is to build a community of customers who support them throughout their lives. Building a lifelong relationship requires having a deep understanding of the community, standing with the community in times of crisis, and creating opportunities for the community to thrive. One company that has done a fantastic job in this area is Target. In its latest diversity report, Target shared that nearly 30% of its entire team, more than a fifth of its managers, and 10% of its officers are Hispanic/Latino. Target also has a longstanding partnership with the U.S. Hispanic Chamber of Commerce, offers more than 60 Latino-owned and founded brands, and has invested more than $1.1 billion in vendors, media, efforts localization and Latino-owned community organizations.
As for their marketing efforts, Target launched a multicultural holiday series called “Welcome To”, where they celebrate various holidays throughout the year featuring Target customers from these communities. Additionally, in 2021 Target featured Día de Reyes and highlighted how one of its customers celebrated the day with his family.
Related: 4 Ways Businesses Must Succeed in Adapting to Growing Hispanic Demographics
Like other communities, the holiday season is a time when the Hispanic community gets together with family and friends, hosts big dinner parties, and spends time thinking about the year ahead. If brands are serious about reaching the Hispanic consumer, they must partner by supporting the community, celebrating with the community, and providing opportunities for the community. Finally, when marketing Hispanic, it’s important to incorporate elements of the Spanish language and general culture into campaigns.
#Ways #Market #Hispanic #Consumers #Holiday #Season