Selling to Hispanics
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Transcript of Selling to Hispanics
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How to sell to the Hispanic marketPresented by: Yaziri Orrostieta
+AGENDA
Overview of the Hispanic Market
Insight into the Hispanic purchasing behaviors
Tips on how to engage with the Hispanic consumer
+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.
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Overview of the Market
+OVERVIEW OF THE MARKET
53 million Hispanics in the US
65% of U.S. Hispanics are Millennials, ages 22 to 35
12.7 million Hispanic house holds in the US
1 in every 5 Americans
+MEDIA & THE HISPANIC MARKET
In 2003, U.S. Hispanic media spending totaled $2.8 billion
In 2012, it nearly tripled to $7.9 billion
Hispanic Internet display spending is now at $431 million
Procter & Gamble is the most important U.S. Hispanic advertiser, spending $246.2 million in 2012
The fastest growth in the U.S. Hispanic media spending has shifted from targeting foreign-born immigrants to U.S. born Hispanics
+PURCHASING POWER
$1.2 trillion in purchasing power
The average U.S. Hispanic household income is $52,725
$2.2 billion spent in e-commerce (Q1, 2012)
+DID YOU KNOW?
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Understanding the Buying Behavior
+LATIN CHARACTERISTICS
Family values
Food
Faith
Cultural beliefs and traditions
+CONSIDER THE ENTIRE FAMILY
Shopping and doing business is a family affair
Purchasing 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”
+WHERE THEY SPEND THEIR MONEY
Hispanic house hold spend more money on (than non-Hispanics): Telephone services Men’s and boy’s clothing Children’s clothing Footwear
A higher portion of their money is spent on: Food (groceries and restaurants) Housing Utilities Transportation
+ECONOMIC SECTORS EXPECTED TO BENEFIT FROM THE LATINO DEMOGRAPHIC CHANGE
+HISPANICS & TECHNOLOGY
Hispanics outpace all ethnic groups in mobile data service consumption including music and picture downloads
Approximately 60% of Latino households own at least one video- and Internet- enabled cell phone compared to 43% of the general market
There are 33.5 million Hispanic Internet user
78% use the Internet as their main information source, even more than television
+INTERNET USAGE INFLUENCES PURCHASING DECISIONS
Learn about available brands of products
Learn about features, benefitis, or specific brands
Get advice on which brands to buy
Learn where item is available
Compare prices
Make final decision on brand to buy
77%
75%
70%
72%
72%
68%
64%
69%
63%
74%
70%
63%
59%
61%
56%
64%
59%
51%
2010 2011 2012
+How to Engage with the Hispanic
Consumer
+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 Spanish Telephone system options in Spanish Information on your website in Spanish (even if it’s only one
page) Products that may be right for Hispanic needs and tastes
+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 bilingual Customer service training – smiling, greeting customers in
a welcoming manner, keeping eye contact Accommodating families shopping and making decisions
together - more chairs in the office, small toys for kids Being patient with questions - often, Spanish-speaking
customer will have more questions about a product or service
+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 so
The 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 – money Sporting event: children can participate, a family event,
less serious subject matter -
+TRANSCREATION, not translation
Transcreation, means expressing something in a culturally relevant manner, no simply doing a word-by-word translation
Some expressions may not exist in Spanish
A direct translation may not be culturally relevant
A direct translation may not have a meaningful relevance
+NEW PRODUCTS & HOURS
If possible, modify product offerings to better meet the needs of Hispanic like: Bud Lime beer Minute Made’s Limeade Lay’s limon (lime) potato chips Cinnamon-flavored toothpaste
Consider your hours of operations Sundays is when many Hispanic families will shop Offer extended hours
+CUSTOMER SERVICE, YOUR SECRET WEAPON
*Hispanics are far more forgiving of errors than non-Hispanics
Hispanics are willing to drive greater distances to get personal services
Good customer service is often more important than price, speed, or location for the Hispanic consumer
Hispanics value relationships, pleasing others, and being polite and respectful
*Based on research done by a well-known national fast-food chain
+TIPS FOR E-COMMERCE & MOBILE MARKETING
Appeal to younger shoppers
Advertise in Spanish-language media
Write in Spanish
Optimize your site for smartphones and tablets
Promote higher-end goods
+RECOMMENDATIONS
+ Questions