Does your business market to the lucrative Latino market? Here are some tips for targeting Hispanics without straying far from your local community.
Most of us have witnessed the changing demographic in the United States over the past few years: Hispanics are now the largest minority group in the United States. This phenomenon is not new to border states such as Texas and California, but for those who live in the Midwest, Central United States, or New England, this changing demographic can still seem surprising.
One mistake many businesses make is neglecting this lucrative Latino market segment. Did you know that Spanish-speakers now constitute 15% of the US population? With a buying power of $860 billion in 2007, businesses should be competing aggressively for Latino customers rather than neglecting them. Most companies underestimate or completely ignore Hispanic purchasing power.
The statistics speak for themselves: The Hispanic population is growing nearly twice as fast as the general US population (8.2% versus 4.9%). Also, because of larger family size, Latinos spend more on everything from groceries to clothing. Even better, Hispanics are extremely loyal customers: satisfy one and expect their extensive network of friends and family to buy your product or service as well.
Here are a few tips for those businesses interested in gaining Latino loyalty:
1. Speak their language! Numerous polls have shown that Latinos to make important buying decisions in Spanish. Translate your business’s website and marketing materials. This is extremely affordable and easy. For affordable Spanish translation services, go to www.spanishmatters.com.
2. Most larger newspapers now have a Spanish-speaking section or separate Spanish language publication, and very few businesses advertise there. Imagine if you are a realtor and post an ad in the Spanish section of your local paper. You could be the only realtor listed, instantly gaining a huge minority market. Even better, many times it's cheaper to place an ad in the Spanish section or publication.
3. Learn about Latino culture. Even knowing a few Spanish or “Spanglish” words is not only fun, but helps you relate to your (future) Latino customers.
For more information on affordable, professional English to Spanish translation for your business or nonprofit organization, visit www.spanishmatters.com.
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