Many of the savviest marketers are missing out on what is to become the single largest content market in the coming years: Hispanics.
In September 2010, Univision made history when it surpassed English television stations by becoming the most popular television network among the coveted 18-49 demographic. Networks like ABC, NBC and Fox consider this demographic the most important reflection on ratings, more so than overall viewership, because content viewed by this group proves prime real estate for big time advertisers such as major consumer package goods companies. Currently the fourth largest network in the nation, Univision’s youthful demographic is changing the name of the game for marketers and advertisers alike.
First, marketers need to learn how their company and brand is currently perceived across the Spanish-language market. But the next most important piece is to do a deep-dive to learn how cultural differences could impact marketing campaigns. Grocery companies need to know stats like the fact that Hispanic families tend to overspend on groceries as compared to non-Hispanics, and telephony companies need to know that Hispanics spend more on telephony than any other U.S. demographic (Mintel International). The way to succeed alongside Spanish-language content is to appreciate its importance and take the time to understand the market.
Don’t believe these changes in media are a big deal for your company or brand? Well consider this: the U.S. Hispanic population is expected to surpass 50 million people in upcoming census data. The purchasing power among the diverse Hispanic population is valued by Mintel International at approximately $1 trillion—enough for Hispanics to compete as the 14th largest consumer economy in the world if the group was a stand-alone economy. As the size and purchasing power of the U.S. Hispanic population grows, savvy marketers must devote more attention to this market as to not miss out on the huge opportunity to connect with influential consumers and grow their brands.
Not only do marketers need update their business intelligence tools to accommodate Spanish-language content (most systems simply do not have the capability), but marketers must also regularly monitor Hispanic audience perceptions and trends into their research. Campaign results and profitability depend on it.
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