By Natalie Judd, principal Big Voice Communications and Horacio Gavilan, executive director, AHAA: The Voice of Hispanic Marketing
For decades, Hispanic marketers have made the case for increased investment targeting the Hispanic market. We’re glad that most major marketers got this message and have moved beyond the days of Hispanic 101 — where creating Spanish-language versions of materials was all the effort put forth. Hispanic marketing is now a strategic imperative for everyone in business today.
In our work with AHAA: The Voice of Hispanic Marketing, we are hearing from C-Suite leaders at the nation’s top companies who unanimously agree that for organizations to grow in this evolving and polycultural marketplace, they must lead with Hispanic insights. Many believe that the term “general market” is a term of the past. The Census Bureau recently revealed that the 2050 tipping point, when the majority would become the minority and non-Hispanic whites would no longer account for more than 50% of U.S. inhabitants, may now occur as early as 2044. Yes, the landscape is shifting quickly and NOW is the time to make sure you’ve done your work to integrate multicultural marketing into your fundraising efforts.
With this increased population also comes growing wealth — Hispanics’ purchasing power is on the rise. By the end of 2015, Hispanics will have $1.5 trillion in buying power. One of the fastest growing segments within the Hispanic market is upscale households – those with incomes over $50,000. These power players represent 29% of the Hispanic market and wield nearly 40% of Hispanic spending power, according to a study co-authored by AHAA and Nielsen.
So how can fundraisers start to tap into this growing market? In our work with AHAA, we’ve been leading the national definition of Total Market and helping organizations answer this question. The first step is discovering universal truths across key target audiences — moms, millennials, environmentalists, college graduates, etc. In other words, harness what unites us versus our inherent differences. But, according to AHAA, this is only a first step, and for organizations to truly be successful, you have to dig deeper to find those cultural nuances and address barriers to help forge a more meaningful engagement and relevant conversation. That is the essence of a true “Total Market” approach and what drives ROI.
Successful fundraisers start with an understanding of their marketplace – is it mostly women, are they college graduates, is there a religious or social connection to the cause? These are the questions that need to be answered before a tailored approach can be mixed in with the overall organization’s message. It’s the same with the Hispanic market. Content that is relevant, touches on cultural touch points and is shareable will engage Hispanics and get them to open their hearts, minds and wallets to your message.
Organizations that are not taking the time to become fully educated and immersed in these polycultural realities and in the growth-fueling Hispanic market in particular will be on the wrong side of the spending curve. And that’s why the 2015 Bridge Conference is addressing this issue head on and providing leading fundraisers with Hispanic market insights to help grow and diversify their donor base.
Do you have the right cultural strategies in place to get a share of the Hispanic market’s $1.5 trillion? If not, perhaps you should consider joining in the Bridge Conference on July 9 and learn how to secure your slice of the pie.
Bio: Natalie Judd is principal of Big Voice Communications a full service PR and marketing agency. Horatio Gavilan is the Executive Director of AHAA and his job is to manage the association activities and the execution of the strategic plan.
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