Posts Tagged ‘Marketing y Medios’

Apparently, there’s no better time to market to Hispanic consumers in the United States than right now. That’s according to a recent article in Adweek’s “Marketing y Medios,” entitled, “The General Market is Tanking? No problema.”

The primary arguments in support of this assertion: The Hispanic population is still growing – projected to reach 43.4 million next year – and the media targeting Hispanics are cheaper than “traditional” outlets.

While many mainstream media outlets – and the economy in general – are conducting massive layoffs due to budget cuts and decreased consumption, Hispanic marketing executives are staying calm because their market is located somewhere outside of the chaos.

According to the article, the categories that are still going strong are primarily nondiscretionary: wireless, food and cars; three things that are of essential value. In fact, the Hispanic car-buying market has grown by 59%, while the non-Hispanic market has decreased by 32%. Those are some pretty telling numbers.

A statistic cited in the article, provided by Nielsen Monitor-Plus, showed that as of June of this year, spending across all Spanish-language media had increased by 1.5% over the same period last year. Now compare that number to a 1.4% decrease for the same period in the general market.

Where many clients – especially domestic automakers and financial institutions – are slashing advertising budgets, others are choosing to invest more in their marketing efforts, essentially balancing the books. However, this doesn’t mean that agencies are immune to the effects of the economy.

But, as with most other markets, it is difficult to project beyond the fourth quarter of this year. Among possible factors contributing to a decline similar to that of the general economy: the results of the election.

According to the article, because budgets at Hispanic marketing agencies are much smaller, the impact of a significant change in the current market will be felt much sooner. However, Hector Orci, CEO of La Agencia de Orci in Los Angeles, said, “ Being Hispanic means you’re optimistic.”

Perhaps the mainstream media can learn a thing or two from this example.

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img_2388.jpgAccording to an article featured in Adweek’s Marketing y Medios, a recent study entitled “U.S. Population Projections: 2005 – 2050,” conducted by the Washington, D.C.-based Pew Research Center, states that the U.S. Latino population will triple to approximately 128 million, or roughly 29 percent of the total population, by the year 2050.

During the same period, the Latino population is expected to account for 60 percent of the nation’s total population growth. In the year 2025, the immigrant population is expected to exceed that of the last great wave of the early 20th century at roughly 19 percent.

This has huge implications for the direction of communications in this country. In another Adweek article, author Mike Valdes-Fauli uses this information to discuss its relevance for crisis communications and the inclusion of Latino audiences. He says that Latinos make up the largest ethnic minority in the U.S., with a younger median age of 27.4 years (compared to 36.4 in the general population).

In response to current efforts to communicate with Latinos being made by CEOs and crisis communications specialists, he writes: “Companies as varied as toy manufacturers and airlines have had recent communications challenges, and most of them successfully executed the bare minimum in communicating with Hispanic consumers: translating releases and statements to reach Latino media outlets. However, so much more could have — and should have — been done.”

To address the particular concerns of cross-cultural communication, Valdes-Fauli outlines the following guidelines:

1) Remember emotion resonates: Present a more heartfelt tone.

2) Adapt, don’t translate: Many nuances get lost or lack clarity in direct translations.

3) Think new consumer, old school tactics: Many Hispanic media have been slow to adopt new technologies.

4) Find the Hispanic angle: Why is the issue relevant to Hispanic audiences?

5) Respect cultural differences: Not everyone who speaks Spanish is from Mexico.

He ends with these words of wisdom: “Even though crisis is spelled the same in English as in Spanish, the word has different implications and attributes in each culture.”

Communications are changing a lot on this country, and it’s important for public relations practitioners and advertisers to educate themselves as to how they can most effectively reach their consumers. Whether it’s a crisis or general day-to-day communications, knowing the best ways to communicate with Latino consumers and having the ability to put that knowledge to use are great skills that every company should have.