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Engaging Hispanics to Drive Growth
- 1. © 2015 DIAZ & CO. Hispanic Experts, Inc.
TOTAL MARKET STRATEGY BUILDERS™ EDUCATIONAL SERIES
Engaging Hispanics to Drive Growth
Sandra Diaz, President
www.diazandco.com
info@diazandco.com
(646) 580-5842
- 2. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Leaving Money on the Table?
2
- 3. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Sizeable Market to Impact Business
3
U.S. Hispanic Buying Power = $1.5 Trillion
Huge segment, market as large as Canadian economy
- 4. © 2015 DIAZ & CO. Hispanic Experts, Inc.
• Mainstream initiatives make Hispanics Aware
• Engage Hispanic passion points to Differentiate
• Awareness + Differentiation = Trial
= Sales
Why Hispanic Marketing?
5
- 5. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Can You Afford to Ignore Hispanics?
- 6. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Which to Use – Hispanic or Latino?
(BTW, most prefer Country of Origin)
7
- 7. © 2015 DIAZ & CO. Hispanic Experts, Inc.
How much of your business comes
from “dark green” areas?
8
Quintiles
High
~40% Hispanic
Above Average
~20% Hispanic
Below Average
~9% Hispanic
Low
~5% Hispanic
Very Low
~2% Hispanic
Source: Nielsen Pop-Facts, 2011
- 8. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Rate Your Brand
% of Business from “Green Areas” Score
All in CA, TX, FL, NY, IL, AZ, NJ, CO 3
Don’t Know 2
More than 40% 3
Between 25% and 40% 2
Less than 25% 1
9
- 9. © 2015 DIAZ & CO. Hispanic Experts, Inc.
What % of your Target Market is Hispanic?
Home Depot shoppers
10
40% of Home Depot
stores are “Hispanic”
- 10. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Defining Your Target Market
• Consumers
• Demographics
– Age
– Income
12
- 11. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Hispanics make up a large segment
of U.S. population < 50 years old
13
Source: U.S. Census projections
- 12. © 2015 DIAZ & CO. Hispanic Experts, Inc.
U.S. Hispanics of all generations
actively engage in both cultures
15
Source: AHAA University
(18-29) (30-44) (45-64)(Age Range)
Cultural orientation is the degree to which individuals actively engage in
certain parts of culture (food, music, language, media, celebrations, etc.)
- 13. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Rate Your Brand
Age of Target Consumers Score
0 to 34 years old 2
35 to 49 years old 3
More than 50 years old 1
Don’t Know 2
16
- 14. © 2015 DIAZ & CO. Hispanic Experts, Inc.
A higher % of Hispanic households
have income below $35,000/year
17
Source: U.S. Census data
- 15. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Rate Your Brand
HH Income of Target Consumers Score
Less than $35,000/year 3
$35,000 to $100,000/year 2
More than $100,000 1
Don’t Know 2
19
- 16. © 2015 DIAZ & CO. Hispanic Experts, Inc.
How much do Hispanics spend on your
category vs. Non-Hispanics?
20
Source: Consumer Expenditure Survey
- 17. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Index to Non-Hisp
Brand Category % of Income Spent Score
Chobani Food/Dairy 129 3
Chipotle QSR/Fast Food 123 3
FireTV Subscription TV 108 2
iPad Electronics 108 2
Solar Electronics 108 2
Tesla Automotive 106 2
FitBit Health & Fitness 68 1
21
Source: Consumer Expenditure Survey
Rate Your Brand
- 18. © 2015 DIAZ & CO. Hispanic Experts, Inc.
How much do Your Competitors
spend on Hispanic marketing?
22
2013 U.S. HISPANIC MEASURED MEDIA SPENDING (Millions)
AT&T: 125 T-Mobile: 99 Verizon: 71 Sprint: 69
Source: Advertising Age 2014 Hispanic Fact Pack
- 19. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Rate Your Brand
Brand Category
% Spent on
Hispanic
Media Score
FireTV Subscription TV 17.9% 3
FitBit Health & Fitness 11.3% 3
Chipotle QSR/Fast Food 9.2% 3
Chobani Food/Dairy 4.8% 2
Tesla Automotive 4.4% 2
iPad Electronics 3.5% 1
Solar Electronics 3.5% 1
23
Source: AHAA Study
- 20. © 2015 DIAZ & CO. Hispanic Experts, Inc.
24
Is Brand Sold in Latin America/Caribbean?
- 21. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Rate Your Brand
Latin America/Caribbean Presence Score
Have Manufacturing/Distributors
and Advertising for 5+ Years
2
Present < 5 Years/No Presence 3
Don’t Know 3
25
- 22. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Can You Afford to Ignore Hispanics?
- 23. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Tally Up Your Scores
Grand Total
Score Range Hispanic Importance/Approach
11 or less
Not as Important
Some “Test & Learn” Initiatives
12-14
Important
Add Tactical Initiatives to Main Plan
15 or more
Extremely Important
Plan Upfront & Change Processes
27
- 24. © 2015 DIAZ & CO. Hispanic Experts, Inc.
5 Tips to Win with Hispanics
- 25. © 2015 DIAZ & CO. Hispanic Experts, Inc.
DON’T sterotype
29
DO
Research
Your Target
- 26. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Start with Secondary Sources
30
- 27. © 2015 DIAZ & CO. Hispanic Experts, Inc.
DON’T think you need Hispanic products
31
- 28. © 2015 DIAZ & CO. Hispanic Experts, Inc.
DO feature mainstream items they prefer
and find ways to personalize your offer
32
- 29. © 2015 DIAZ & CO. Hispanic Experts, Inc.
DON’T assume it’s just about Spanish
33
DO
Think About
Cultural
Relevance
- 30. © 2015 DIAZ & CO. Hispanic Experts, Inc.
DON’T rely on Google Translate
or only 1 Spanish-speaking employee
34
Safe translated as Safety Deposit Box Two misspelled words
DO
Engage
Professionals
& Use a Panel
- 31. © 2015 DIAZ & CO. Hispanic Experts, Inc.
DON’T focus only on Hispanic media
35
- 32. © 2015 DIAZ & CO. Hispanic Experts, Inc.
DO advertise in Mainstream media
with high Hispanic appeal
36
- 33. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Key Takeaways
- 34. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Key Takeaways
• You can reach Hispanics in mainstream but must
engage them to differentiate
• Can you afford to ignore Hispanics? Check First!
– Geography
– % Hispanics in Target Market
– Hispanic spending in Category
– Competitive pressure
• DON’T stereotype or engage only in Spanish, in
Hispanic media or with Hispanic-specific offering
– DO research their targeted and mainstream
preferences, be relevant in language and in culture
38
- 35. © 2015 DIAZ & CO. Hispanic Experts, Inc.
Best Approach for Other Brands?
Click Here to Take the Quiz!
info@diazandco.com
(646) 580-5842