The buying power of the Hispanic community continues to grow dramatically!
A report by the Latino Donor Collaboration states, Hispanics represent a $2.1 trillion yes, 2.1 TRILLION of Gross Domestic Products. And, who is the gatekeeper to this gigantic percentage of this GDP, LATINAS!
Yes Latinas, control the Hispanic family purse strings.
They make family decisions on:
• The selection of the family health provider
• Selecting the family health facilities
• Which over-the-counter products the family purchases
• Where family grocery purchases are made and which brands
• Which family clothing purchases are made and where
• Their personal care and beauty products purchase and what brands
And even though the (male) Latino is most of the times involved in auto purchases, Latinas are major, major influencers as well as the decision makers in their personal auto purchases.
Latinas are Bilingual, English Dominant, and Spanish Dominant. So, a one language strategy to reach all of them is not enough. And, you need a campaign, whether it be in English or in Spanish that “talks to them and their needs”. It also needs to show them in the marketing communication advertising, so they know the message is for them. The family to Latinas is very important but, a marketer needs to understand that it is important to show Latinas as proud individuals, not just tie them to their family responsibilities. Latinas are very proud of their appearances and spend more than non-Hispanics on personal care and beauty products. And, even if some may have lower incomes, when it comes to their personal appearance they will save the money, or they will put it on a credit card to purchase a specific item they desire. The idea that Latinas do not have enough to purchase certain beauty items is untrue. I personally have seen it when they purchase a $200 hairdryer or a $150 flat iron because they believe in the brand and they want it.
Tv and radio is important but so is digital marketing and social media. Mobile phone usage indexes higher for Latinas and Latinos than for non-Hispanic.
To reach them you need to understand them with facts like these from Nielson:
• 74% of Latinas speak a language other than English at home
• Latinas spend an average of 22 hours weekly watching videos, using apps or the internet on their mobile phones
• Latinas over-index on the purchases of health and beauty products
• 68% of Hispanic women agree they will buy a product if it is made by a company they trust
Since, Latinas will purchase brands they trust, once they get them, they will be loyal to your brand and will give you repeat purchases because of this brand loyalty.
So, if you want to increase your Hispanic sales, remember two key words:
Joe Lopez is a Hispanic consultant to fortune 500 companies and CEO of Lopez PR and Marketing Group.