If Hispanic Americans made up their own country, they’d be the ninth largest economy in the world. That’s an amazing statistic from this week’s Forbes’ cover story on the trillion dollar market that is Hispanic Americans.
Consider these facts:
- There are 52 million Americans of Latin-American descent. By 2050 that number is projected to reach 133 million, nearly one-third of the projected U.S. population.
- Fifty percent of American population growth over the last decade has come from Hispanic Americans.
- The average age of a Hispanic American is 27; the average age of an Anglo American is 42.
- Hispanic Americans have $1 trillion in buying power. By 2015, that’s projected to be $1.5 trillion. Yes, that’s 50 percent growth in three years.
- Comcast/NBC and News Corp. both are diving into this market by launching new television networks.
All of which means that sometime soon your marketing strategy needs to embrace Hispanics. And this applies to B2B firms as well. Most companies – which tend to have middle-aged white people running their marketing (yes, I’m generalizing) – have been very slow to market to the Hispanic market. There seems to be an assumption that ‘they don’t buy our stuff.”
But if you fail to reach out to Hispanics, they may never buy your stuff. Which could become a problem.
So, if you’re not marketing to Hispanics now, you need to gain some understanding and begin to experiment. What are the most effective vehicles? What groups should you join? Where should you advertise? What are the nuances you need to understand? When should you translate your materials to Spanish? How will adding this market segment impact your advertising, public relations, social media and content marketing efforts?
Maybe you don’t need to rush headlong into the Hispanic market, but you’re a fool if you aren’t thinking about it. So let’s get thinking about it.