With the U.S. Hispanic population now 50 million strong and growing, it is surprising that most over-the-counter health care brand managers, sales managers and prescription pharmaceutical companies still haven’t developed a Hispanic Marketing strategy to increase brand sales to Hispanic consumers. As a result, many national health care brands are only seeing the tip of the iceberg in sales from the Hispanic market.
Missing an opportunity bigger than Canada
Speaking from experience as a former sales manager and a former product manager with a Fortune 100 Company, I know I would have been reprimanded by my CEO if I had ignored such a gigantic market. Yet many companies continue to miss this opportunity because the decision makers are unfamiliar with how Hispanics make purchasing choices. They would rather ignore it or create excuses of “no budget this year” than acknowledge they don’t understand the Hispanic market and are losing gigantic sales.
The opportunities for increasing a brand’s sales are tremendous when you realize that U.S. Hispanic consumers at 50.5 million are a larger group than the population of Canada and many Central and South American Countries. Yes, larger than Canada with a buying power of over a trillion dollars.
Understand healthcare trends among Hispanics
Research shows Hispanic consumers tend to spend more on over-the-counter health care brands than other groups and over-index on self-medication due to the following 6 trends:
A culture where they are used to handling their health care needs primarily at a local drug store.
A culture that in their former country relied on the advice of a pharmacist for health care needs as much as a doctor’s advice.
A lack of knowledge of healthcare issues leaving the door open for a company/ brand that “talks” with them in Spanish and becomes the authority on a segment of health care by being the company/brand that educates them via pamphlets, TV, radio, internet, display materials.
A culture that grew up using natural herbs and vitamins as a first step in personal healthcare.
Lower economic income which translates to avoiding the price of a doctor whenever possible.
A culture that relies on the advice of family members, friends and other influencers first in trying to address a health care need for themselves as well as their children.