Selling to Hispanics

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+ How to sell to the Hispanic market Presented by: Yaziri Orrostieta

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Is one of your business goals to reach the Latino consumer? Last October, I was asked to speak at the BBB Networking Luncheon on this topic. This presentation covers consumer insights as well as quick actionable tactics you can implement today to reach this profitable segment.

Transcript of Selling to Hispanics

  • 1.+How to sell to the Hispanic market Presented by: Yaziri Orrostieta

2. +AGENDA Overview of the Hispanic MarketInsight into the Hispanic purchasing behaviorsTips on how to engage with the Hispanic consumer 3. +LATINO OR HISPANIC? Hispanic: "Hispanic" refers to Spanish speaking people in the Americas.Latino: refers more exclusively to persons or communities of Latin American origin.Specific references like Puerto Rican or Mexican-American or Guatemalan are often best. 4. + Overview of the Market 5. +OVERVIEW OF THE MARKET 53 million Hispanics in the US65% of U.S. Hispanics are Millennials, ages 22 to 3512.7 million Hispanic house holds in the US 6. +MEDIA & THE HISPANIC MARKET In 2003, U.S. Hispanic media spending totaled $2.8 billionIn 2012, it nearly tripled to $7.9 billionHispanic Internet display spending is now at $431 millionProcter & Gamble is the most important U.S. Hispanic advertiser, spending $246.2 million in 2012The fastest growth in the U.S. Hispanic media spending has shifted from targeting foreign-born immigrants to U.S. born Hispanics 7. +PURCHASING POWER$1.2 trillion in purchasing powerThe average U.S. Hispanic household income is $52,725$2.2 billion spent in e-commerce (Q1, 2012) 8. +DID YOU KNOW? 9. +Understanding the Buying Behavior 10. +LATIN CHARACTERISTICS Family valuesFoodFaithCultural beliefs and traditions 11. +CONSIDER THE ENTIRE FAMILY Shopping and doing business is a family affairPurchasing decisions are done as a family even the kids get a vote!Hispanic culture values and respects the elderly and depend on them for wise advise 12. +WHERE THEY SPEND THEIR MONEY Hispanic house hold spend more money on (than nonHispanics): Mens and boys clothingChildrens clothingTelephone servicesFootwearA higher portion of their money is spent on: Food (groceries and restaurants)HousingUtilitiesTransportation 13. + ECONOMIC SECTORS EXPECTED TO BENEFIT FROM THE LATINO DEMOGRAPHIC CHANGE 14. +HISPANICS & TECHNOLOGY Hispanics outpace all ethnic groups in mobile data service consumption including music and picture downloadsApproximately 60% of Latino households own at least one video- and Internet- enabled cell phone compared to 43% of the general marketThere are 33.5 million Hispanic Internet user78% use the Internet as their main information source, even more than television 15. +INTERNET USAGE INFLUENCES PURCHASING DECISIONS 20102011Make final decision on brand to buy Compare prices Learn where item is availableGet advice on which brands to buy Learn about features, benefitis, or specific brands Learn about available brands of products2012 51% 63% 68% 59% 70% 72% 64% 74% 72% 56% 63% 70% 61% 69% 75% 59% 64% 77% 16. +How to Engage with the Hispanic Consumer 17. +BE READY Be Latino-ready, meaning your business infrastructure can support doing business in Spanish Spanish-speaking staff (at least one individual)Have bilingual associates record their voicemail greetings in English and SpanishTelephone system options in SpanishInformation on your website in Spanish (even if its only one page)Products that may be right for Hispanic needs and tastes 18. +BE FRIENDLY Be Latino-friendly, means making sure your business is a place where Hispanic customers are going to feel welcome and appreciated. Cultural sensitivity training for employees - talking louder does not make someone bilingualCustomer service training smiling, greeting customers in a welcoming manner, keeping eye contactAccommodating families shopping and making decisions together more chairs in the office, small toys for kidsBeing patient with questions - often, Spanish-speaking customer will have more questions about a product or service 19. +USE SPANISH IN YOUR MARKETING MESSAGES More than 82% Latino adults say they speak Spanish, and nearly all (95%) say it is important for future generations to continue to do soThe majority of all Latinos say they prefer Spanish, in any situation, business or socially.Think about your product and service and who your primary potential customer is Banking: services are more complex, people have several questions, subject matter is serious moneySporting event: children can participate, a family event, less serious subject matter - 20. +TRANSCREATION, not translation Transcreation, means expressing something in a culturally relevant manner, no simply doing a word-by-word translationSome expressions may not exist in SpanishA direct translation may not be culturally relevantA direct translation may not have a meaningful relevance 21. +NEW PRODUCTS & HOURS If possible, modify product offerings to better meet the needs of Hispanic like: Minute Mades LimeadeLays limon (lime) potato chipsBud Lime beerCinnamon-flavored toothpasteConsider your hours of operations Sundays is when many Hispanic families will shopOffer extended hours 22. +CUSTOMER SERVICE, YOUR SECRET WEAPON *Hispanics are far more forgiving of errors than non-HispanicsHispanics are willing to drive greater distances to get personal servicesGood customer service is often more important than price, speed, or location for the Hispanic consumerHispanics value relationships, pleasing others, and being polite and respectful*Based on research done by a well-known national fast-food chain 23. +TIPS FOR E-COMMERCE & MOBILE MARKETING Appeal to younger shoppersAdvertise in Spanish-language mediaWrite in SpanishOptimize your site for smartphones and tabletsPromote higher-end goods 24. +RECOMMENDATIONS 25. +Questions